Updated: September 30, 2022
Despite a slowdown in sales, Maui County median sales prices last month hit another all-time high for single-family homes at more than $1.25 million.
Meanwhile, condo median sales prices in June set a new record at $832,500, according to the Realtors Association of Maui report released Wednesday afternoon.
The median sales price for single-family homes sold in June rose to $1,255,000, up 13.6% from the year prior.
It is the fourth month this year to set a record for single-family home median sales prices. Previous records include $1.24 million in April, $1.18 million in March and $1.16 million in January.
In the condominium market, the median sales price was $832,500, up 34.3% from June 2021. Previous records this year include $820,000 in March and $730,500 in February.
Median sales price, the point at which half of the sales sold for more and half sold for less in a given month, dates back to 1993 in RAM archives.
For the third consecutive month, single-family home sales on Maui declined with 85 total closings last month, the lowest number of transactions in one month since May 2020 at the start of the pandemic, according to Coldwell Banker Island Properties.
June’s total sales is a nearly 25% decrease year over year, the RAM report said.
All the while, sellers received 99% of list price.
The number of homes going under contract, or pending, was 86 compared to 100 in June 2021.
Days on the market until sale rose nearly 3% to 111.
New single-family homes entering the market last month were at 147 compared to 145 in June 2021.
The overall inventory of single-family homes for sale ended the month at 269, up 0.7% from June 2021 when there were 267 homes for sale.
For condos, sales totaled 150, a drop of more than 40% from the year prior when 251 sales were reported. Pending sales showed 90 listings going under contract, down 53.6% from the same time last year.
Sellers received 99.8% of list price.
Days on the market until sale dropped more than 42% to 73.
There were 144 new condos listed on the market in June, an 18.6% decrease year over year.
Inventory ticked up 3.2%, from 216 to 223, when compared to the previous year.
For the month of June, the only areas with median sales prices under $1 million for single-family homes were in Sprecklesville/Pāʻia/Kuau, $705,000, Wailuku, $887,300, and Lānaʻi, $652,500.
The areas with the highest median sales prices were Wailea/Mākena, $6.2 million, Kapalua, $4.8 million, and Kaʻanapali, $3.3 million.
Wailuku saw the most units sell at 20, followed by Kīhei at 12.
For condos, the areas with the lowest median sales prices were Kahului, $234,000, Molokaʻi, $305,500, and Wailuku, $357,500.
The areas with the highest median sales prices were Wailea/Mākena, $2.6 million, Kapalua, $1.4 million, and Kaʻanapali, $1.09 million.
Kīhei had the highest number of units sell at 52, then Napili/Kahana/Honokowai, 29, and Kaʻanapali, 18.
Maui’s housing market in the near future may be more of the same.
“Looking ahead, rising mortgage interest rates and wavering consumer sentiment about the economy as a whole will put pressure on the Maui housing market, however, any pullback is anticipated to be modest at this time as demand simply outweighs supply,” Tom Muldoon, Coldwell Banker Island Properties principal broker, said in a news release.
On a national level, rising inflation, soaring home prices and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market, according to the RAM report.
To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three-quarters of a percentage point in June, the largest interest rate hike since 1994.
“Higher prices, coupled with 30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago,” the report said.