Maui home prices break record at $1.2 million; inventory hits new low

A single family home is for sale in Kahului. PC: Kehaulani Cerizo

As the third month this year to set a record for Maui County’s median single-family home sale price, April marked a new all-time high at more than $1.2 million.

Meanwhile, inventory last month hit a new low and existing units are selling “fairly quickly,” according to the Maui Association of Realtors report released Wednesday.

Maui County’s median single-family home sale price in April rose 27.4% from a year earlier to $1,242,500. Prior to the new record, the median high was set in March at $1.18 million. Before that, January marked an all-time high at $1.16 million.

For condominiums, median sale price records have been broken twice this year, but last month was not one.

The median condo sale price in April was $815,000, an 18% year-over-year increase. The all-time high remains at $820,000, which was set in March. Prior to that, the high was $730,500 set in February.

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The median sale price, the point at which half of the sales sell for more and half sell for less in a given month, dates back to 1993 in the RAM archives.

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As prices continued to soar, inventories of single-family homes and condos remained on a downward trend.

For single-family homes, inventories hit a record low of 176 units in April, down about 25% from the same time last year. Prior to April, the record inventory level was 188 units, set in March.

For condominiums, inventory fell 50% year-over-year to 158 units in April. Before that, the low of 154 units was set in September.

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Still, Maui County’s high prices and lack of choice didn’t deter buyers last month, according to RAM.

“With the average market close time of 107 days for single-family homes and 65 days for condominiums, existing inventory is selling quite quickly,” the report said. “The current shortage of inventory gives existing buyers limited choices.”

Days on market to sell held steady at 107 for single-family homes and was down nearly 55% year-over-year to 65 for condos.

New listings fell 25% to 88 for single-family homes and 23% to 148 for condos.

There were 106 single-family home sales, down 21.5% from last year, and 176 condo sales, down 33% from last year.

Single-family homes received 98.8% of the list price, which is comparable to the same period last year, and condos received 100.4% of the list price, a 2.3% year-over-year increase on the other.

Maui crossed the million dollar threshold for the first time in history in May 2021 and has remained above that mark for many months. All counties except Hawaii County were well over $1 million for median sales prices for single-family homes last month.

In Maui, the highest medians for single-family homes last month were found in Kapalua, where two homes sold with a median of $6,175,000, Lahaina, where five homes sold with a median of $5,000 $000, and Spreckelsville/Pāʻia/Kuau, where three homes sold with a median of $4,895,000.

The lowest medians were on Molokaʻi, where five homes sold with a median of $688,000, and Wailuku, where 23 homes sold with a median of $887,000.

When it comes to volume, Wailuku, Kīhei, and Kahului saw the most units move. Kīhei saw 14 units sell with a median of $1,547,500, and Kahului had 12 units sold with a median of $950,000.

For condos, the highest median sale prices were in Wailea/Mākena, where 19 homes sold with a median of $1,795,000, Kā’anapali, where 16 sold for $1,532,500, and Kapalua , where five sold for $1,215,000.

The lowest medians were in Kahului, where four sold for $189,000, Molokaʻi, where nine sold for $219,000, and Wailuku, where seven sold for $585,000.

In terms of condo sales volume, Kīhei saw the most movement, with 60 sales at a median of $742,500, Nāpili/Kahana/Honokōwai had 32 at $740,000, and Wailea/Mākena 19 at 1. $795,000.

Coldwell Banker Island Properties principal broker Tom Muldoon said in a press release today that many expected rising mortgage interest rates to soften the housing market, but no change in price or demand has occurred.

Mortgage interest rates are now above 5%, the highest since 2009.

“Although housing is more expensive today for those who are financing – especially first-time buyers – demand remains strong in one of the most desirable places to own a property,” he said. “Until the market sees more inventory, expect home prices to stay near current highs.”