All-time high for single-family homes set
Report: Median sales prices reach $980,000
Maui County single-family home median sales prices in January reached an all-time high of $980,000, according to Realtors Association of Maui data that goes back to 1993.
January’s single-family median sales price increased 26 percent year-over-year, a RAM report published Monday showed. The previous record of $867,500 was set in October. December and November came just shy at $859,000 and $852,500, respectively.
RAM President Joe Hogin on Monday said low inventory and high competition have continued to drive up prices.
“It’s the same factors we’ve been going through,” he said.
Hogin said median sales prices in expensive areas should also be weighed when considering the median sales price for a month. 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.
One single-family home sold for $8.2 million in Olowalu in January. Other high-priced houses were scooped up, including six Wailea/Makena units with a median price of $4.6 million, four Sprecklesville/Paia/Kuau units with a median of $2.5 million, two Kapalua units with a median of $2.7 million and six Napili/Kahana/Honokowai units, along with seven Haiku units, each area with a median slightly over $1 million.
Closed sales increased 18.8 percent year over year to 101. Pending sales increased 25.8 percent to 122.
With so few houses on the market, the competition is ratcheted up for potential buyers.
Units are “going quick,” Hogin said.
Inventory, the number of properties available for sale in active status at the end of a given month, had been decreasing month over month since the same time last year. January reached a new low of 259, according to data from RAM, which began compiling inventory numbers in 2010. January’s numbers were a 49.3 percent drop from the same month last year. December’s inventory was amended from 285 to 309, the latest RAM report said.
Inventory had already been dropping in 2019 — where record low months were in the 400-unit range.
New listings in January were at 95 — down 34 percent year over year.
Condominium inventory, meanwhile, saw a 9.7 percent increase to 579 in January compared with the same time frame last year. However, there was a 4 percent drop year over year in new listings, which numbered 164.
The median sales price for condos stayed relatively the same as last year, dropping only $2,000 to $560,000.
Closed sales dropped 10.2 percent to 115 but pending sales increased 65 percent to 231.
Highest-priced condos were found in Wailea/Makena, where 11 units with a median sales price of $1.15 million were sold. Other high-priced areas included Kapalua, where five units sold with a $1.14 million median price, and Kaanapali, where 11 units were purchased with a median price of $820,000. On the other end, there were 45 units with a median price of $495,000 that were sold in Kihei, 17 units with a median of $478,500 that were purchased in Napili/Kahana/Honokowai and two units with a median of $159,000 that were sold in Kahului. One unit was sold on Molokai for $168,420.
The RAM report included January information from the Mortgage Bankers Association, which said foreclosures may eventually bring homes online. About 2.7 million homeowners with mortgages were in forbearance plans as of last month.
“Some of these homes may eventually come to market, but given the strong appreciation in most market segments in recent years, these eventual home sales are likely to be mostly traditional sellers,” the report said. “However, a modest increase in short sales and foreclosures at some point this year would not be surprising.”
* Kehaulani Cerizo can be reached at firstname.lastname@example.org.