Maui housing prices break $1M for 4th month in a row
August single-family sales price hits $1.04M; inventory continues to drop for houses, condos
Maui County single-family home median sales prices breached $1 million for the fourth consecutive month, hitting $1.04 million in August, according to Realtors Association of Maui data released last week.
July’s median was $1.05 million, June was $1.1 million and May was about $1.02 million. May was the first month Maui County’s median breached $1 million since Realtors Association of Maui record-keeping began in 1993. Median is the point at which half of the sales sold for more and half sold for less.
The median for single-family homes last month in Maui County shows a 30 percent increase year over year. August 2020 was $799,000.
While inventory plummeted last month by 45 percent to 2017 units, buyers are moving quickly on what’s available.
Days on the market until sale dropped nearly 12 percent to 114 days; closed sales bumped up 22 percent to 121 units; and pending sales rose 15 percent to 123 units. Purchasers are paying 100 percent of list price, a 3 percent increase from the same time frame last year. New listings were flat at 116.
Oahu, which recently broke the $1 million mark for median sales prices, recorded last month the highest median in the state at $1.05 million. Kauai recorded $912,000 and Hawaii island was $507,500, according to market statistics from Hawaii Information Service and Honolulu Board of Realtors.
The median sales price for Maui County condos last month dropped slightly by 2 percent to $650,000.
Inventory, however, plummeted by nearly 83 percent to 136 units. In August 2020, 785 units were available.
Days on the market until sale dropped nearly 45 percent to 100 days; closed sales spiked nearly 59 percent to 187 units; and pending sales rose nearly 32 percent to 146 units. Buyers are paying nearly 100 percent of list price, a 2.4 percent increase from August last year. New listings fell 48 percent to 143 units.
Two luxury homes with a median of nearly $10 million were sold in Wailea/Makena, one home with a median of $7.05 million was sold in Olowalu, and two with a median of about $3.8 million were sold in Kapalua.
When it comes to volume, Kahului, Wailuku, Kihei and Haiku saw the most units move. Kahului had 21 sell with a median of $855,000; Wailuku had 19 sell with a median of $895,000; Kihei had 17 sell with a median of $1.15 million; and Haiku had 11 sell with a median of $1.5 million.
The lowest single-family prices were in Molokai, where two with a median of $475,000 were sold, and Makawao/Olinda/Haliimaile, where seven were sold with a median of $847,500.
For luxury condos, two with a median of $2.2 million were sold in Sprecklesville/Paia/ Haiku, 15 were sold with a median of nearly $1.7 million in Kaanapali and 21 were sold with a median of about $1.6 million in Wailea/Makena.
When it comes to condominium sales volume, Kihei and Napili/Kahana/Honokowai saw the most units sell, with 62 at a median of $612,125 and 37 at a median of $545,000 purchased in each area, respectively.
The lowest median sales prices were in Molokai, where three sold for $174,500, in Kahului, where two sold for $291,000 and in Wailuku, where 19 sold for $420,000.
Realtors Association of Maui in its August report said that the “booming” housing market on a national scale has impacted the rental market, which is seeing demand for apartment and single-family home rentals “skyrocket” as potential buyers are renting due to the low supply and high sales prices.
Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4 percent in 2021 so far, according to Apartment List, the report said.
It also said new construction is down, with housing starts dropping 7 percent nationwide last month. Single-family home construction dropped 4.5 percent and multifamily home construction, including condos and apartment buildings, fell 13 percent.
Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials, the report said.
* Kehaulani Cerizo can be reached at email@example.com.