For the first time since 1993 when the Realtors Association of Maui began collecting data, the median sold price for a single family home broke the $800,000 barrier.
In the month of April, the median sale price reached a peak of $819,500, a more than 10% increase from just 1 year ago. Median prices are a better indicator of the market because large transactions cannot skew the data an average sold price would. Just as expected, Maui prices lag a little behind Honolulu who is no stranger to a median sold price of above $800k.
Median sale prices for April reached $819,500 for single-family homes, a 13 percent increase over the same month last year. Gina Duncan, RAM board president, noted that there were no anomalies that could skew median sale prices data, such as homes over $5 million that sold last month.
The increase in price can be attributed to Hawaii’s low unemployment rate over the last few years. We don’t have to look much farther than a recent Maui Chamber of Commerce event. University of Hawaii professor of economics Carl Bonham stated job market bottomed out an unemployment rate of under 3%.
The recent April report by RAM also indicated the resort area of Kapalua was the priciest region to purchase a home in with 1 sale at $3.3 million. In contrast, the island of Lanai saw the lowest median sale price of $288,000. Wailuku was the most active region with 17 homes sold for a median sold price of $702,900.
While the single family home market is sizzling hot, the Maui condo market is not so much. We’ve began to see a slight downward trend for condos since 2016, but April magnified the problem. Median sale prices dropped by 31.1 percent to $440,000 for condos.
Again, Kapalua reigns supreme in terms of the priciest condo with 2 condos sold for just under $3 million. The Kihei condo market saw the most production with 67 units sold for a median sold price of $429,000.
Maui has also seen inventory lag which has played a part in seen prices drive up. Single family homes and condos both saw double digit dips at 11.8% to 477 single family homes for sale and 16.1% to 515 condos for sale, respectively.
New listings dropped around 9% to 115 for single family homes but increased 14.4% to 151 for condos.
With the tide of the market changing, we are always here to help. We love helping our clients find the right property and time to buy. We are in the market everyday and gain valuable insights on how to best navigate its current status.
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Ho’olei villas, we are also currently the in house “Sayles” team at Ho’olei Grand Wailea
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.
Aloha,
Anthony Sayles R(S)
808-280-6532