New listings are plunging and homes are staying on the market longer as both buyers and sellers in Maui County contend with median sales prices over $1 million and costly borrowing rates.

Homes that sold in November had been on the market an average of 154 days, or a little more than five months, which is a 35.1 percent increase over the 114-day average in November 2021 and the longest time spent on the market since January 2021 when the average was 164 days, according to data from the Realtors Association of Maui.

“Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year,” the report said. “Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property.

“As a result, existing-home and pending home sales have continued to slow as we move into winter.”

The median price of a single-family home in Maui County remained high at $1.025 million in November, a 2.5 percent increase over the $1 million median price in November 2021.

The market overall reflected the trend of hesitant buyers and sellers, as new listings tumbled from 118 in November 2021 to 78 in November of this year, a 33.9 percent decline, while pending sales dropped from 95 to 64, down 32.6 percent, and closed sales fell from 105 to 63, down 40 percent.

Condos, meanwhile, reached a record-high median sales price of $856,250, the highest since the association started keeping track in 1993, and an 18.1 percent increase over the $725,000 median price in November 2021.

New listings declined from 193 in November 2021 to 109 in November of this year, down 43.5 percent, while pending sales plummeted 63.3 percent from 180 to 66 and closed sales slid 54.5 percent from 154 to 70.

Like single-family homes, condos are staying on the market much longer — condos that sold in November had been on the market an average of 100 days, more than three months, which is a 42.9 percent increase over the 70-day average in November 2021.

Central Maui continues to be the busiest market for single-family homes and is typically one of the more affordable regions. However, the 15 homes that sold in Wailuku in November had a median sales price of just over $1 million, while the 12 homes that sold in Kahului had a median sales price of $955,018. Another eight homes sold in Kihei with a median sales price of $932,500, while six sold in the Napili-Kahana-Honokowai area with a median price of $1.7 million.

Molokai was the most affordable market, with two homes selling with a median price of $347,500.

Kihei was again the hottest market for condos, with 29 selling in the area in November with a median sales price of $862,500. Another 11 sold in the Napili-Kahana-Honokowai area with a median sales price of $760,000. Eight apiece sold in Wailea-Makena and in Kaanapali, with median sales prices of $1.7 million and $1.1 million, respectively.

The most affordable area was Kahului, where five condos sold with a median sales price of $270,000.

With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from the same time last year, according to the report, which cited the National Association of Realtors.

“Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77 percent more on their loan per month compared to the same period a year ago, according to Realtor.com,” the report said.

* Colleen Uechi can be reached at cuechi@mauinews.com.