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Maui median home sales price stays near record at $1.21M; sales slow

A house is listed for sale recently on Maui. PC: Andrea Wallace

Maui County’s single-family home median sales price at $1.21 million in May hovered just below the record high while sales showed signs of slowing, according to a new report by the Realtors Association of Maui.

The all-time record was set in April $1.25 million, which capped a streak of six months where Maui County’s median was more than $1 million. 

Last month’s median sales price was 19% higher year over year, according to the report released Friday. 

The median sales price for condominium homes last month was up 16.7% year over year to $715,000.

At a national level there are signs that the housing market could be cooling, the report said. High home prices and a surge in mortgage interest rates are slowing buyer activity, and home sales are declining.

For Maui County, the amount of actual sales in May declined year over year for both single-family homes and for condos. It’s the fifth consecutive month of lower sales. 

Single-family home sales dropped 19.7% to 98 units and condos fell 37.6% to 151 compared with the same timeframe last year.  

Pending sales, a count of the properties on which offers have been accepted, also fell last month. Single-family homes declined 26.8% to 82 and condos plummeted 49.8% to 117.

With continually falling inventory, buyers are still paying top dollar for their homes.

Single-family homes saw 99.1% of list price received, a 1.2% increase from the same timeframe last year. Condos saw 100.1% of list price received, a 1.7% bump from last May.

Inventory fell 9.7% to 213 for single-family homes and 30.8% to 175 for condominiums. 

New listings for single-family homes dropped 18% from the same timeframe last year to 113. Days on the market until sale fell 7.4% to 125. 

New listings for condominiums fell nearly 30% to 146. Days on the market until sale dropped about 48% to 76. 

On Maui, the highest medians for single-family homes last month were in Wailea/Mākena, where four homes sold with a median of $15.5 million, Olowalu, where two homes sold with a median of $6.15 million, and Haʻikū, where six homes sold with a median of $2.3 million.

The lowest medians were on Lānaʻi, where one sold for $768,000, Honokohau, where one sold for $792,000 and Wailuku, where 19 sold for $945,000.

When it comes to volume, Wailuku, 19 at $945,000, Kula/Ulupalakua/Kanaio, 12 at $1.6 million, and Kīhei, 10 at $1.3 million, saw the most units move. 

For condos, the highest median sales prices were in Wailea/Mākena, where 11 sold for $1.95 million, Kāʻanapali, where 16 sold for $1.6 million, and Kapalua, where five sold for $1.25 million.

The lowest medians were in Kahului, where seven sold for $175,000, and Molokai, where eight sold for $312,750. 

When it comes to condo sales volume, Kīhei saw the most movement, with 45 selling at $1.25 million, Nāpili/Kahana/Honokōwai, where 37 sold at $725,000, and Kāʻanapali, where 16 sold at $1.6 million.

On a national level, existing home sales were down 2.4% from the previous month, while pending sales fell 3.9%. Economists predict sales will continue to soften in the near future, which may put a downward pressure on home prices, according to the National Association of Realtors.

“The slowdown in sales has provided a much-needed lift to housing supply, with inventory up 10.8% from the previous month, although supply remains down 10.4% compared to this time last year, with only 2.2 months’ supply of homes at the current sales pace,” the report said.

Original source: https://mauinow.com/2022/06/05/maui-median-home-sales-price-stays-near-record-at-1-21m-sales-slow/

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