Maui median home sales price stays near record at $1.21M; sales slow

Maui County’s solitary-family home median sales value at $1.21 million in May possibly hovered just underneath the record high while gross sales confirmed indications of slowing, according to a new report by the Realtors Association of Maui.

The all-time record was set in April $1.25 million, which capped a streak of six months where by Maui County’s median was a lot more than $1 million. 

Very last month’s median sales cost was 19% bigger 12 months more than yr, according to the report released Friday. 

The median income cost for condominium households past thirty day period was up 16.7% calendar year more than year to $715,000.

At a national degree there are indicators that the housing industry could be cooling, the report claimed. Substantial residence costs and a surge in mortgage interest fees are slowing consumer exercise, and home profits are declining.

For Maui County, the sum of precise income in Might declined 12 months about yr for both of those single-relatives residences and for condos. It’s the fifth consecutive month of lower income. 

One-household home income dropped 19.7% to 98 models and condos fell 37.6% to 151 as opposed with the same timeframe previous yr.  

Pending income, a depend of the houses on which features have been approved, also fell very last thirty day period. Solitary-spouse and children residences declined 26.8% to 82 and condos plummeted 49.8% to 117.

With continually falling inventory, buyers are continue to spending top dollar for their households.

Single-family members residences saw 99.1% of listing price tag obtained, a 1.2% raise from the very same timeframe final calendar year. Condos saw 100.1% of list selling price obtained, a 1.7% bump from previous Might.

Stock fell 9.7% to 213 for one-household residences and 30.8% to 175 for condominiums. 

New listings for one-spouse and children properties dropped 18% from the same timeframe very last 12 months to 113. Times on the current market until eventually sale fell 7.4% to 125. 

New listings for condominiums fell just about 30% to 146. Days on the sector till sale dropped about 48% to 76. 

On Maui, the best medians for one-spouse and children homes previous thirty day period were being in Wailea/Mākena, exactly where 4 households marketed with a median of $15.5 million, Olowalu, the place two properties marketed with a median of $6.15 million, and Haʻikū, wherever six properties offered with a median of $2.3 million.

The lowest medians were being on Lānaʻi, wherever just one offered for $768,000, Honokohau, the place one particular marketed for $792,000 and Wailuku, exactly where 19 sold for $945,000.

When it arrives to quantity, Wailuku, 19 at $945,000, Kula/Ulupalakua/Kanaio, 12 at $1.6 million, and Kīhei, 10 at $1.3 million, noticed the most models go. 

For condos, the highest median income selling prices had been in Wailea/Mākena, exactly where 11 bought for $1.95 million, Kāʻanapali, where by 16 sold for $1.6 million, and Kapalua, in which five sold for $1.25 million.

The lowest medians were in Kahului, where by seven sold for $175,000, and Molokai, where by 8 offered for $312,750. 

When it comes to rental profits volume, Kīhei observed the most motion, with 45 providing at $1.25 million, Nāpili/Kahana/Honokōwai, in which 37 sold at $725,000, and Kāʻanapali, where by 16 bought at $1.6 million.

On a countrywide degree, existing house profits have been down 2.4% from the previous month, although pending revenue fell 3.9%. Economists forecast product sales will continue to soften in the in the vicinity of long run, which may well set a downward pressure on house rates, in accordance to the National Association of Realtors.

“The slowdown in sales has furnished a a lot-wanted carry to housing source, with stock up 10.8% from the prior thirty day period, despite the fact that source stays down 10.4% in contrast to this time last year, with only 2.2 months’ offer of properties at the latest profits pace,” the report explained.