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Median Sales Price for Maui Condos Increases 29% to $725,000 in November

The Maui real estate market remains strong heading into the holiday season, with the median sales price for condominiums up 29% to $725,000 and single family homes up 16% to $989,000 for November 2021, according to statistics released by the REALTORS Association of Maui.

“Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory,” the report said.

Here are some of the report’s findings:

  • New listings increased 2.9% for single family homes and 9% for condos.
  • Pending Sales increased 14% for single family homes and 18% for condos.
  • Inventory decreased 51% for single family homes and 81% for condos.
  • Days on Market increased 3.6% for single family homes but decreased 42% for condos.
  • Months Supply of Inventory decreased 63% for single family homes and 90% for Condominium homes.
November 2021. Chart: REALTORS Association of Maui

To access the full Maui County report, click here.

The most recent data from the National Association of REALTORS reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing double-digit price growth.

In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.

Original source: https://mauinow.com/2021/12/10/median-sales-price-for-maui-condos-increases-29-to-725000-in-november/

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