Maui home prices hit new historic high at $985K

Meanwhile condos in April spike to costliest mark in more than decade

Maui County median sales prices for single-family homes in March hit an all-time high of $985,000, and April fell just shy of the new historic record at $983,500, according to amended Realtors Association of Maui data released late last week.

The year-to-date single-family home median price of $975,000 is a 28 percent increase compared with the same time frame last year. April's single-family home median was up 30 percent year over year.

Also, condominium median sales price in April, $695,000, reached the highest mark in more than a decade. It was a little more than 15 percent increase year over year.

The report called April another "strong month" for home sales, with many "multiple offer situations" pushing sales prices above asking price.

"With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests," it said. "Such markets can create stress and frustration for prospective home buyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase."

With "no signs of easing soon," RAM predicts the strong buyer demand and the limited housing supply will continue through the spring and into summer.

This year marks the first year single-family home median prices passed the $900,000 threshold in nearly three decades since RAM record-keeping began.

Also April is the fourth consecutive month of record-setting or near-record single-family median home prices for Maui County.

January hit $980,000, February reached $895,000 and March was amended from $980,000, which was published in early April, to $985,000, which was released in the report Friday.

Before 2021, the previous record of $867,500 was set in October.

November and December median sales prices were just under that high at $852,500 and $849,000, respectively.

Year to date, condos are up 9.3 percent to $620,000 compared with the same time frame last year.

Prices for condos peaked at $805,000 in January 2009 and surpassed the $500,000 threshold during many months from 2006 to 2008, according to RAM archives.

RAM data for median sales price, the point at which half of the sales sold for more and half sold for less in a given month, dates back to 1993.

Overall, the report said that inventory continued to plummet, with April reaching a new historic low of 208 units for single-family homes. The number is a 54 percent drop year over year.

Likewise, condos also hit a low at 291 units, a nearly 50 percent drop year over year.

RAM data on inventory, the number of properties available for sale in active status at the end of a given month, dates back to 2010.

Inventory, the number of properties available for sale in active status at the end of a given month, has been dwindling month over month since the start of last year. In fact, inventory had already been dropping in 2019 where record low months were in the 400-unit range.

Buyers in April continued to snap up houses quickly. Single-family home sales increased nearly 60 percent year over year to 134. Days on the market until sale decreased 30 percent to 108. Percent of list price received increased 1.8 percent to 98.4 percent.

Condos were also scooped up fast last month. Closed sales spiked nearly 198 percent year over year to 259 and days on the market until sale dropped 26.3 percent to 143. For percent of list price received, sellers saw a roughly 1 percent increase to 98.1 percent year over year.

The biggest-ticket single-family homes in the county sold well over $1 million. Eight units sold for $5.3 million in Kapalua, 10 units with a median price of $4.4 million sold in Wailea/Makena and 10 units with a median price of $2.2 million sold in Kaanapali.

On the lower end, two units sold on Molokai with a median of $735,000, 18 with a median of $772,5000 sold in Wailuku and 15 in Kahului sold with a median of $825,100.

For condos, the highest prices were in Wailea/Makena, where 39 units with a median of $1.4 million were sold; Kapalua, where 22 units with a median of about $1 million were sold; and Kaanapali, where 38 units with a median of $965,000 were sold.

The lower-priced areas were Molokai, where two units sold with a median of $272,750; Kahului, where one sold for $330,000; and Wailuku, where 10 sold with a median of $400,000.

RAM could not immediately respond to the request to clarify recent amendments to median sales prices.

For the full April RAM report, visit www.ramaui.com.

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