Wailuku Highlands homes are shown here freshly constructed November 2019. “The ongoing increase in median prices for both single-family homes and condominiums indicates a sustained demand, fostering a favorable environment for both buyers and sellers,” says RAM President Steve Baker. The Maui News file / MATTHEW THAYER photo

The Maui News

Maui’s housing market experienced notable increases in March to single-family home sales and average prices, according to the latest figures from the Realtors Association of Maui (RAM).

While the median sales price for single-family homes increased by 9.46 percent compared to March of 2023, reaching $1,303,692, condominium sales experienced a decline of 23.77 percent in comparison, alongside a substantial rise in the median price now to $1,300,000, marking a 62.9 percent increase.

In March, 75 single-family homes were sold on Maui, compared to 74 in March, 2024. Which is a 1.47 percent increase over last year’s sales. The average cost of a single-family home increased significantly compared to last year. The average cost of a single-family home in March of this year was $1,303,692 compared to $1,190,000 in March, 2023. That’s good for a 9.5 percent increase in price from last year.

The total number of sales for condos decreased in March of this year compared to March, 2024. The total number of condo sales last month totaled 93, compared to the 122 that sold in March, 2023. That’s good for a 23.8 percent decrease in sales compared to last year. The average cost of those condominiums, however, rose by 62.9 percent over the course of a year. The average sale price of a condo last month was $1,300,000, compared to $798,250 in March, 2023.

The number of new listings for single-family homes increased by almost 20 percent compared to the previous year, while new listings for condos rose by 46.5 percent. Additionally, the median days on the market for both single-family homes and condominiums was 106 days.

“The Maui real estate market continues to display resilience,” RAM President Steve Baker, said of the figures in a press release. “The ongoing increase in median prices for both single-family homes and condominiums indicates a sustained demand, fostering a favorable environment for both buyers and sellers.”