Condo listings, prices jump in August
Single-family home inventory and costs decline from 2019
New listings for condominium units on Maui last month skyrocketed 97 percent in year-over-year data, according to the latest Realtors Association of Maui report.
New condos for sale jumped to 262 in August, compared with 133 during the same timeframe last year. The inventory increased 53.9 percent to 754, and the median sales price bumped up 18.9 percent to $591,000 in August.
Meanwhile, the number of new listings and the amount of inventory for single-family homes fell in August. New listings dropped 4.4 percent to 108 and inventory fell 25.9 percent to 349. The median sales price dipped by 3.2 percent to $799,000.
August sales for single-family homes fell only 1 percent to 99; condos decreased 7.7 percent to 108.
Days on market decreased 5.1 percent for single-family homes but increased 45 percent for condominiums.
The most popular areas to purchase condos last month were Kihei, with 32 units selling at a $500,000 median sales price; Kaanapali, with 21 selling at a $2,150,000 median; and Napili-Kahana-Honokowai, with 13 selling at a median of $355,000. Highest-ticket units were in Kapalua, where three sold at a median of $4,159,000 and lower-end units were on Molokai, with two selling at a median of $134,000.
Kihei, Wailuku and Kahului were the busiest for single-family home sales, with 18 units in Kihei going for a median of $825,000, 18 in Wailuku selling for a median of $719,963 and 14 purchased in Kahului for a median of $697,500. The highest-priced units were in Wailea-Makena, where six sold for a median of $6,580,518, and the lowest-priced home was in Molokai, where one sold at a median of $207,000.
RAM said that showings and pending sales remained at strong levels despite limited housing inventory, “continuing the competitive bidding market we have seen in recent months.”
The association added that with the stock indexes at or near record highs and mortgage rates near record lows, the housing market may be busy this fall, which is abnormal for the back-to-school season.
“We normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal,” the report said. “While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.”
* Kehaulani Cerizo can be reached at email@example.com.