Inventory of homes, condos lowest in decade in May

Median home price off more than $100K from April

Maui County single-family homes and condos available for sale dropped to their lowest mark in at least a decade in May, according to a monthly report by the Realtors Association of Maui released Wednesday.

Meanwhile, the median sales price for a home last month fell more than $100,000 from a record-breaking April to $705,000. April’s $819,500 median price broke the $800,000 barrier for the first time since RAM record keeping in 1993. The May median price, the middle number in a series, still was 2.2 percent higher than May 2018.

For condos, the May median price was up 9.7 percent from the same month last year to $518,500.

The inventory, the number of properties for sale in active status at the end of a given month, sank to 445 for single-family homes, down 13 percent from last May, and to 487 for condos, down 21.5 percent.

In contrast, single-family homes for sale reached decade highs in early 2010, spiking to 1,059 in April in the wake of the Great Recession of 2008. Condos reached a 10-year high in April 2009, when 1,796 were on the market, according to RAM data.

Accompanying the low inventory were lower new listings. Last month saw an 8.3 percent drop to 111 for single-family homes and a 24 percent decline to 139 for condos, each compared with the prior year.

Buyers headed to Wailuku, Kahului and Kihei to purchase the most single-family homes in May. The report showed 27 units sold in Wailuku with a median price of $655,000; Kahului, 18 units, $652,750; and Kihei, 18 units, $762,500.

For condos, May buyers went to Kihei with 54 units sold and a $437,500 median price; Napili/Kahana/Honokowai, 24 units, $470,000; and Kaanapali, 18 units, $1,003,500.

The priciest homes were sold last month in Wailea/Makena, which logged a $6,575,000 median price; the most affordable were sold on Molokai for $300,000.

Similarly, for condos, the steepest priced units in May were sold in Wailea/Makena with a median price of $1,065,000; the cheapest were on Molokai at $135,000.

“While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies,” the report said.

It added that low unemployment, higher wages and favorable mortgage rates have been “a terrific driver of housing stability in recent years.”

* Kehaulani Cerizo can be reached at kcerizo@mauinews.com.