October’s single-family median sales price increased 18.5 percent year-over-year, said a RAM report published Tuesday. It was the third time this year that the median hit a threshold of $800,000 or more.

“The real estate market here on Maui, despite what’s going on with the rest of the world, has remained strong,” RAM president Joe Hogin said Tuesday about the record prices. “You are seeing more people returning home to be closer to family and you also are seeing others moving to Maui to get away from all the stress they are having in their part of the world.”

Hogin said he doesn’t have data available about out-of-state buyers. He also didn’t know of any anomalies in October that could have contributed to the record.

In April 2019, median sales prices for the first time in RAM history broke the $800,000 mark, reaching $819,500. 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.

Since then, the median rose to $825,250 in August 2019, along with $835,000 in March and $800,000 in May of this year.

With a $1 million-plus price tag now commonplace for homes, several in that range were scooped up around the island in October.

Single-family homes with a median sales price between $1 million to $2 million purchased in October include eight in Haiku, three in Kaanapali, 10 in Kula-Ulupalakua-Kanaio, three in Lahaina, three in Maui Meadows, one in Napili-Kahana-Honokowai, two in Pukalani and four in Wailea-Makena.

The home with the highest median sales price was in Kapalua, where one unit at $3,326,000 was sold.

The lowest were on Molokai, where three homes sold with a median price of $245,000; in Makawao-Olinda-Haliimaile, where nine sold with a median of $708,000; and in Wailuku, where 16 sold with a median of $769,800.

Inventory in October dropped 30.7 percent from the same time last year to 338 units, the lowest this year, for single-family homes. Likewise, new listings fell 29.4 percent to 101.

Meanwhile, inventory bumped up 49.2 percent to 758 for condominiums, and new listings rose 0.6 percent to 168 in October. Inventory for condos has seen double-digit percentage increases for the last six months.

Condo median sales prices in October increased 12.7 percent over last year to $587,800.

The highest-ticket units were in Kapalua, where five sold with a median of $2,300,000, and in Wailea/Makena, where 19 sold with a median of $1,525,000.

Lower prices were in Kahului, where three sold at a median of $155,000; Molokai, where two sold at a median of $165,000; and Maalaea, where two sold at a median of $305,500.

Pending sales increased 13.8 percent for single-family homes and 3.3 percent for condominium homes.

Days on the market decreased 2.9 percent for single-family homes and 18.5 percent for condos.

RAM’s report said mortgage rates dropped to new record lows again in October, helping offset the monthly mortgage payment increases caused by a rise in home prices seen in many segments of the market across the country.

“October continued to be busier than the calendar normally suggests,” the report said. “Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.”

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