The median price for a single-family home on Maui experienced a double-digit increase, up 12.4% to $700,000 from last year, according to new data released by the Realtors Association of Maui.

Maui home prices up 12% ytd in May to $700,000. PC: Maui Now graphic.

The RAM attributes the jump to low housing inventory, which was up during the high season from December to March, but is now declining. According to the RAM report, housing inventory decreased 12.1% for single family homes and 21.5% for condominiums.

While home prices were up in May from year before levels, the RAM reports that sales dropped 12% year-to-date to 528 units from 601 units over the same period last year.

As for condominiums, prices were up 13.5% to $479,000 with 129 units sold, an increase of 10 units from the same time last year. When compared to month before levels, prices were down 2.24% from $490,000 in April.

The greatest number of homes sold in May was in Central Maui where 25 homes sold for a median price of $607,000, followed by Kīhei where 17 homes sold for a median of $700,000, according to RAM data.

The greatest number of condos sold in May was in Kīhei where 55 condos sold for a median price of $400,000, followed by Nāpili/Kahana/Honokōwai where 23 condos sold for a median of $475,000, according to RAM data.

According to the RAM report, “Home prices across the US are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly 10 years ago. Yet, as we glance across the state of residential real estate, what is clear compared to the last extended run of price increases is that lending standards are now much stronger than they were before.”