Maui Home Prices Rise to $689K in November
There were 72 homes sold in November for a median price of $689K. In October, 112 homes sold for a median price of $668,675.
The greatest activity was in Kīhei where 19 homes sold for a median price of $640,000. In October, 12 homes sold in Kīhei for a median price of $800,000.
Seventeen homes sold in Wailuku in November for a median price of $600,000, followed by Pukalani with six homes sold for a median price of $680,500.
There were 126 condominium units sold on Maui for a median price of $400K, down from the 135 condos sold from the month before and down from the median price of $517,500.
There were 62 sold in Kīhei for a median price of $367,500, up from the month before when 49 were sold for a median price of $357,500, followed by Nāpili/Kahana/Honokōwai with 20 sold at a median price of $445K, down from the 22 sold in October for a median price of $412,500.
New listings decreased 0.7% for single family homes and 40.1% for condominiums in November. RAM states that in year-over-year comparisons, the number of homes for sale has been fewer in most locales, and homes have been selling in fewer days for higher prices. RAM says that fact hasn’t always been true, but it has been a common enough storyline to make it an overarching trend for the year.
Pending sales increased 20.8% for single family homes and 7.3% for condominium homes in November with inventory decreasing 10.3% for single family homes and 29.6% for condominium homes.
Days on Market decreased 20.4% for single family homes and 13.4% for condominium homes.
So far this year, up to the end of November, 1,010 single family homes have sold on Maui compared to the 978 that were sold at the same time last year, a difference of +3.3%; for an average sales price of $1,028,786 compared to $955,412 from the same time last year, a difference of $73,373 and +7.7%.
The YTD median sales price on Maui as of Nov. 30, 2017 is $695K, up $60,000 from the November 2016 YTD median price of $635K, a 9.4% increase.
RAM also stated that a new tax legislation could have ramifications on housing. According to RAM, The White House believes that the tax reform bill will have a small impact on home prices, lowering them by less than 4%, and could conceivably boost home ownership. The National Association of REALTORS® has stated that eliminating the mortgage interest deduction could hurt housing, as the doubled standard deduction would reduce the desire to take out a mortgage and itemize the interest associated with it, thus reducing demand.