Single-family home prices back up to $1.2 million

The median sales price for a single-family home in Maui County rose back up to $1.2 million in March after eight months of hovering just below the mark. 

The last time prices reached $1.2 million was in June, when the median sales price for a single-family home reached $1.25 million, according to statistics from the Realtors Association of Maui. 

In February, the median sales price for a single-family home was nearly at $1.08 million. 

As single-family home prices climbed, the median sales price for a condominium in Maui County plunged to $797,500 in March, after hitting an all-time high of $915,000 in February. 

Nationally, existing home sales jumped 14.5 percent month-over-month as of last measure, the first monthly gain in 12 months, representing the largest monthly increase since July 2020, according to the National Association of Realtors. 

The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6 percent range, causing a surge in homebuyer activity. 

But in Maui County, closed sales of 73 single-family homes in March were down nearly 30 percent from the 104 sales in March 2022.

However, the March totals this year were better than the month before, beating out February when 44 single-family home sales closed. 

Condominium sales were also down compared to the previous year. In March, 121 units were sold, down nearly 35 percent from March 2022 when 186 units were sold. 

As with home sales, last month's total of 121 condo units sold was well over the 67 units hat were sold in February. 

The area where the most single-family homes sold last month was Kihei, with 19 sold, beating out the usually higher-volume areas of Wailuku, where 13 single-family homes sold, and Kahului, where six sold. 

The median sale price in Kihei for a single-family home in March was at $1.07 million. In Wailuku it was $1.01 million and in Kahului it was $975,000.  

Lahaina, along with the Kula-Ulupalakua-Kanaio area, saw seven single-family home sales each for March. The median price was $3.9 million for Lahaina and $1.2 million for Kula-Ulupalakua-Kanaio. 

The priciest single-family home sold last month in Maui County was in Kaanapali at $20.75 million. 

Kihei was also the hot spot for condominium sales last month with 56 sold and a median sales price of $795,000. 

The second-most popular area was Napili-Kahana-Honokowai, where 16 condos sold with a median sales price of $770,000. 

The Wailea-Makena area had nine condo sales that were some of the priciest last month, with a median sales price of $2.36 million.

* Staff Writer Melissa Tanji can be reached at mtanji@mauinews.com.