Housing inventory low, with less time on market
Prices for homes up 4%, down by same amount for condos
Realtors Association of Maui real estate data for home and condominium sales for July highlighted supply issues with inventories down double digits, and units on the market for a quarter fewer days in both sectors compared to 2018.
The inventory of homes for sale at the end of July was 441 units, down 17.4 percent, and for condos 481, down 20.4 percent, the report released Wednesday showed. New listings were off 11 percent to 130 homes and off 4.3 percent to 154 for condos.
The number of days on the market until sale plummeted 29.5 percent in July for homes, from 190 days to 134, and for condos 22.2 percent, from 176 days to 137.
Despite the pressures of low supply and quicker sales, median prices for condos fell 3.9 percent to $493,000 in July compared to 2018. Homes prices rose 3.9 percent in July to $794,500 — the highest monthly price in a year except for April’s $819,500, which was the highest price ever recorded in the survey dating back to 1993. (Median prices are the middle number in a series and often better reflect the market than averages that could be swayed by large sales.)
Other data in the report showed closed sales down 26.3 percent for homes to 84 in July. Closed sales for condos fared better, up 15.2 percent to 159.
By region for homes, Haiku surpassed the usual leaders, Kahului and Wailuku, in sales with 15 units with a median price of $762,998 in July compared to two units in 2018. Wailuku logged 12 sales for $634,500 compared to 28 a year earlier. Kahului and Kihei each had 11 sales with median prices of $745,000 and $755,000, respectively.
For condos, Kihei continued to dominate the market with 78 sales in July with a $446,050 median price; 52 units were sold in 2018. The next highest was Napili/Kahana/Honokowai with 23 sales with a $520,000 median price.
The ritzy Wailea/Makena region logged 11 condo sales with a median sales price of $1,280,000 — the highest regional condo median price in the county.
The affordability index declined 4.5 percent for homes in July with median-income households possessing only 42 percent of the necessary funds to qualify for a median-priced home. It was among the lower indexes in the past year.
For condos, the index rose 4.6 percent with median-income households having 68 percent of the resources needed to qualify for a median-priced unit.
For the first seven months of the year, closed sales were down 10 percent to 622 residential home units with the median sales price rising 7.2 percent to $750,000. For condos, sales were down 4 percent to 969 units with the median sales price up 4.4 percent to $518,000.
The July report can be found at www.ramaui.com/wp-content/uploads/2019/08/RAM-Stats-July-2019.pdf.
* Lee Imada can be reached at firstname.lastname@example.org.