Report: Maui homes snapped up last month
Median hits $800K or more for fourth time this year
High-priced Maui single-family homes were snapped up faster in November than in any month over the past two years, according to a report by Realtors Association of Maui.
Published Dec. 8, the report said strong buyer demand is likely to continue.
Days on the market until sale — the average number of days between when a property is listed and when it closed in a given month — was just under two months in November at 111 days. The last time single-family homes sold that quickly was in October of 2018.
Low inventory and historically low mortgage rates may have contributed to the fast turnover.
However, the median price range for single-family homes last month increased 16.8 percent year over year to $852,500. November was the fourth time this year that the median for single-family homes hit a threshold of $800,000 or more.
RAM data shows that 97.7 percent of list price was received in November, the percentage found when dividing a property’s sales price by its most recent list price then taking the average for all properties sold in a given month (not accounting for seller concessions).
In October, Maui County median sales prices for single-family homes set a new record high at $867,500, according to RAM data that goes back to 1993.
Inventory of homes for sale, the number of properties available for sale in active status at the end of a given month, reached 330 in November — the lowest mark of the year for single-family homes. Homes for sale were down 31.5 percent from the same timeframe last year.
New listings dropped 24 percent to 95.
Meanwhile, median sales prices and inventory for condominium homes were up in November.
Median sales price ticked up 3.9 percent year over year to $518,520, with 97.8 percent of list price received, a slight increase.
Inventory spiked 33.5 percent over the same timeframe last year to 713.
Condos had 122 days on the market until sale, down 33.7 percent from the year prior.
New listings dropped 32.1 percent to 144.
Highest-priced units for single-family homes were in Kapalua, where four sold for a median sales price of $3,098,000 each.
The most affordable homes on Maui were in Makawao/Olinda/Haliimaile, where four sold for $687,500 each; Molokai had three sell for $600,000 each; and Lanai had one that went for $485,000.
The majority of units were sold in Wailuku, with 16 selling for $742,000 each, along with Kihei, which had 15 going for $820,000 each.
A dozen each in Haiku and in Lahaina sold for medians over $1 million per unit.
Highest-priced units for condominium homes were in Wailea/Makena, where 17 sold for a median sales price of $1.3 million each.
The most affordable on Maui were three in Kahului that sold for $150,000 each. Molokai had one sell for $110,000.
Kihei saw the most volume of sales with 48 units going for $425,000 each. Napili/Kahana/Honokowai had 19 sell for $654,900 each.
RAM said the Dow Jones Industrial Average topped 30,000 for the first time in November while mortgage rates reached new record lows.
“These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month,” according to the report.
Also, showing activity was higher in November than in the same timeframe last year across the country, signaling that “strong buyer demand” is likely to continue into what is typically the “slowest time of the year.”
“With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions,” the report said.
* Kehaulani Cerizo can be reached at firstname.lastname@example.org.