Median home price climbs to $782,000 in January
Home and condo prices both up about 7 percent over last year
The first month of the new year saw an uptick in median sales prices for both single-family homes and condos in Maui County, according to a recent report.
In January, single-family homes increased 7.2 percent to $782,438, and condos rose 7.7 percent to $569,000 in year-over-year data, Realtors Association of Maui statistics published earlier this month showed. The median sales price is the point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
Meanwhile, inventory was down for both homes and condos last month. Inventory for single-family homes dropped 9.9 percent to 473 and condos fell 20 percent, also to 473, in year-over-year data.
Accordingly, new listings fell 4.9 percent for single-family homes and 18.8 percent for condominium homes.
More single-family home sales were closed in January than in the year prior, with a 33.3 percent increase to 84 properties. Condos had slightly fewer sales, down 2.3 percent to 127.
Pending sales rose 1.9 percent for single-family homes but fell 1.9 percent for condos, the report said.
Buyers last month found the highest priced houses in Kaanapali, where three sold for a median of $2,100,000. On the lower end, two homes were purchased on Lanai for a median of $434,500. Units in the double digits were sold in Wailuku, with 24 going at a median sales price of $735,000 and 12 getting scooped up in Kihei at a median of $880,000.
For condos, units with the highest price tag were found on Lanai, where two sold for a median sales price of $1,279,000. The most affordable condos were in Kahului, with two selling at a median of $133,000. Condos in the double digits were moved in Wailuku, where 10 sold at a median of $362,500; Lahaina, with 11 at $662,190; Kaanapali, with 18 at $871,000; Napili/Kahana/Honokowai, with 24 at $489,500; and Kihei, with 42 at $547,000.
Despite higher prices and lower inventory, the Realtors Association of Maui cited a positive outlook for home prices this year.
“National median home price growth is in no danger of falling due to inventory shortages and will rise by 4 percent,” National Association of Realtors chief economist Lawrence Yun said.
Yun and others would like to see home builders bring more affordable units to market to help ease shortages and slow price gains in that segment, RAM reported.
For the full report, see www.ramaui.com.
* Kehaulani Cerizo can be reached at email@example.com.