County inventory for single-family homes descends to new low
Median sales prices for those homes fell by 1.4 percent; Condo prices drop 5.9 percent
Maui County’s inventory for single-family homes dropped to a new low in November, with 442 properties available for sale in active status at the end of the month, according to the Realtors Association of Maui monthly report.
The total was down 15 percent compared to 520 during the same timeframe last year, and is the lowest since RAM began tracking inventory back around 2010.
Condos, though, dropped 8.9 percent to 500 in November compared to 549 the year before.
Meanwhile, the median sales price for single-family homes dipped 1.4 percent to $730,000. Condos dropped 5.9 percent to $497,550.
Median sales price is the point at which half of sales sold for more and half sold for less, not accounting for seller concessions, in any given month.
November’s closed sales, the count of actual sales that closed in a given month, dipped 6.6 percent to 71 for single-family homes. However, condos saw a 16.7 percent increase to 140.
Buyers found the highest-priced single-family homes in Kaanapali, where the median sales price was $3,250,000. The lowest-ticket home was on Molokai, where the median sales price was $596,000.
The most single-family units sold in Wailuku, with 17 going for a median sales price of $699,000. Also notable was Haiku, where 11 sold for a median sales price of $775,000, and in Kihei, where 10 sold for a median of $922,500.
For condos, the highest-priced units were in Kapalua and Wailea/Makena, where the median in November was $1,075,000. The most affordable units were found on Molokai, where the median was $130,000.
The most units sold were in Kihei, with 56 going for a median price range of $455,000. Also, 26 units sold in Kaanapali at a median of $1,022,500 and 21 sold in Napili/Kahana/Honokowai at a median of $399,000.
The Federal Reserve in November cut its benchmark rate for the third time this year. Overall, mortgage rates remained steady last month and are down more than 1 percent from the same time last year, according to RAM.
Nationally, residential new construction activity was continuing to rise, the report said. The U.S. Commerce Department said that new housing permits rose 5 percent in October to a new 12-year high of 1.46 million units.
* Kehaulani Cerizo can be reached at email@example.com.