Home prices cool slightly after hitting $1.27M high

Maui County home sales and inventory are down compared to last summer

The last two months in Maui County's housing market were record setting -- in May, the median sales price for a single-family home hit an all-time high of $1.27 million, and in June, condominiums hit a median sales price record high of $984,450, according to Realtors Association of Maui data.

But amid the records came a slight cooling in home sale prices, as the median rate for a single-family home dropped back down to $1 million in June, the lowest median sales price since August 2022, when it was at $983,575.

Condominium prices, meanwhile, have been at or above $800,000 nine times over the past 12 months; in May, the median sales prices for condos was $835,000.

The high prices of homes and interest rates are continuing to impact buyers' willingness to invest.

"Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season," a Realtors Association of Maui report said earlier this month.

According to data from the National Association of Realtors, national existing-home sales climbed 0.2 percent from the previous month but were down 20.4 percent compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.

Maui County in June saw 84 new single-family home listings, down 46.2 percent from 156 in June 2022, and 70 closed sales, a decline of 18.6 percent from 86 in June 2022. There were 257 homes for sale in the inventory, which was 14.6 percent less than the 301 homes at the same time last year.

The busiest market in Maui County last month was Kahului, where 15 single-family homes sold with a median sales price of $935,000. Second was Wailuku, where 10 single-family homes sold with a median sales price of $957,500. Third was Kihei with eight single-family homes sold with a median sales price of nearly $1.23 million.

The most expensive housing market in June was in Olowalu, where one home sold for $7.5 million. Coming in close was Kapalua, where the median sales price of two homes sold there in June was $6.04 million.

Meanwhile, new listings for condos totaled 111 in June, down 25.5 percent from 149 in June 2022, while closed sales totaled 92, a 40.3 percent decrease from 154 in June 2022. The inventory of 222 condos for sale was 8.6 percent less than 243 last year.

Kihei saw the most condos sold in June with 40, at a median sales price of $810,000. The second-highest total of condominiums sold in June was in the Napili/Kahana/Honokowai area with 16, with a median price of $936,000. The third-highest total was in the Wailea/Makena area with 13 units sold with a median sales price of just under $2 million.

In June, there was a land sale in Kaupo with a dollar volume of $21 million, statistics show.

Earlier this month, Kamehameha Schools announced its acquisition of more than 4,500 acres from Kaupo Ranch Ltd. for approximately $21 million.

Overall, in the first six moths of this year, the number of single-family home sales in nearly all areas of Maui County are down compared to the same time in 2022.

Condominium units share similar results, with most sales in various parts of the county down compared to the first six months of 2022.

The only area to see more condominium unit sales in the first six months of this year compared to 2022 is Pukalani, where three units have been sold so far this year compared with one the same time last year.

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