Overall, the Maui real estate market remained competitive in September, even as the median sales price for a single family homes dipped below $1 million for the first int he last four months to $985,000. Meanwhile, the median price for condos increased island-wide, up 12% from last month to $728,125. Demand indicators remain strong as a result of limited inventory and low interest rates. Leading market areas include South Maui, West Maui and the North shore.
Single-Family Home Transactions
September 2021 vs. Percent Change Over Last Year
Compared to one year ago, the median single-family home price on Maui increased 25.9% while the number of sales and new listings remained flat island-wide in September 2021. Over one-third of hokes sold above asking price and collectively across Maui, there are only 2.48 months of remaining inventory, and indicator of a seller’s market. Days on market was a brisk 108 days in September, a 10% decline from the same period last year and 6 days faster than last month.
Condo Transactions
September 2021 vs. Percent Change Over Last Year
Historically the condo market has lagged behind the single-family home market, As buyers being to feel priced out of homes, they turn to condos and as a result, it is expected to see increases in condo demand and pricing. We experienced just this in September as there were double the amount of condo sales (107%) and a 48.8% increase in median sales priced when compared to September 2020. Month over month, the median condo sales price increased by $78,125.
Luxury Market Update
September Takeaways
There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.
Contact A Maui Real Estate Specialist
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.
We are also on-site real estate team at the Ho’olei villas, we are open from 9AM-5PM daily, so feel free to stop by anytime. Also, see a full list of Wailea condos for sale and Makena condos for sale.
Aloha,
Anthony Sayles R(S)
Anthony@Danosayles.com
808-280-6532