Median prices of condos rocket up in Nov.
Supply issues a factor in increase in values
The Maui News
Median prices for condos in November jumped by nearly a third compared to last year to $528,650 with supply issues playing into the price leap, according to the Realtors Association of Maui monthly report.
The median price for a condo this November was 32.3 percent higher than the $399,500 in 2017.
New condo listings (154) were off 16.8 percent and the overall inventory for condos (507) was down 23.6 percent for November, the report said. Days on the market until sales for condos 135 days also were down 4.3 percent.
The November affordability index for condos plummeted 29.2 percent to 63, which means that a median household income is only 63 percent of what is needed to qualify for a loan. It was at nearly 90 percent last November.
Single-family median prices rose as well, 7.6 percent to $740,398 in November with inventory of 493 down 12.3 percent.
The affordability index for single-family homes dipped 13.5 percent to 45 in November, meaning a median income would not even be half the funds necessary to qualify for a home. It had been 52 in 2017 and 61 in 2016.
Median prices for homes and condos have been on the rise since 2011-12.
With one month left, the 11-month data for condos show a 12.1 percent increase in the median price to $500,000, up from $446,000 in 2017 and $415,000 in 2016. For single-family homes, the median price was up 2.4 percent to $712,000, up from $695,000 in 2017 and $635,000 in 2016.
Sellers for both homes and condos were receiving about 97 percent of their list price for the 11-month period.
The complete report can be found at www.ramaui.com/wp-content/uploads/2018/12/RAM-Stats-November-2018.pdf.