The median price for a single family home on Maui increased 1.9% to $1,200,000. Days on market and Months Supply of Inventory were both up double digits, up +34.3% and +77.3% respectively, according to the Realtors Association of Maui.
The last time Maui’s median was above $1.2 million was in June of 2022 when the median was $1.242M.
The 12 month median from April 2022 through March 2023 was $1.1M, according to RAM.
RAM reports new listings were down -40.9%, pending sales decreased -29.8%, and inventory increased +15.3%.
As for condominiums, the median in March was $797,500, down -1.5% with days on the market up +92.8% and Months Supply of Inventory up +150%. New listing for condos was down -46.2%, pending sales were down -49.7%, and inventory was up +28.6%, according to the report.
“Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020,” according to the National Association of REALTORS.
According to RAM, the sudden “uptick in sales activity” stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity.
Pending sales have continued to improve heading into spring , increasing for the third consecutive month, according to NAR.
“Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market,” according to the RAM report.
“Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases,” the RAM reports.
Original source: https://mauinow.com/2023/04/24/maui-median-home-price-is-1-2m-up-1-9-in-march-2023/