Inventory decreased 6% for single family homes and 27% for condominium homes from last year numbers, according to data released by the Realtors Assoication of Maui. The inventory is the lowest it’s been since data was recorded in 2010 by RAM.
Year-to-date numbers show that new listings increased 9% in 2017 for single family homes but decreased 9% for condominium homes. In total, there were 1,673 new single family home listings in 2017 and 1,994 new condo listings.
The median sales price for a single family home increased in 2017 to $695,000, up 9% from the $639,000 median in 2016. The median sales price for condos also increased in 2017 to $445,000, up 7% from the $415,000 price tag in 2016.
The average sales price for a home in Maui County in 2017 was $1,024,271, up 6% from the 2016 price of $968,411. The average condo sales price increased as well to $681,957, up 10% from the 2016 price of $617,654.
In December 2017, the months supply of inventory decreased 15% for single family homes and 36% for condominium homes. One graph shows that in the middle of 2010, there were around 1,700 condos for sale in Maui County. At the end of 2017, there were 638 condos for sale.
A total of 1,451 condos sold in 2017 throughout Maui County, up 11% from the year before when 1,310 were sold. The YTD average sales price for a condo in 2017 was $681,957, up 10% from the $617,654 price in 2016. The median sales price for condos was $445K, up 7% from 2016. In all, the total dollar volume of condos sold in 2017 was $989,519,439, a 22% increase from 2016.
RAM states that the number of homes for sale, days on market, and months of supply were all down in year-over-year comparisons in a majority of the country for the entirety of 2017, as was housing affordability. And although total sales volumes were mixed, prices were consistently up in most markets.
“Buyers may not benefit from higher prices, but sellers do, and there should be more listing activity by more confident sellers in 2018,” RAM says.
A total of 1,099 single family homes sold in Maui County in 2017, an increase of 2% from the 1,076 homes sold in 2016.
The total dollar volume in 2017 was $1,125,673,930, up 8% (+$84,032,420) from 2016 when the total dollar volume was $1,041,641,510.
Single Family Homes
The most single family homes were sold in Haʻikū, Kahului, Kīhei, Kula/ʻUlupalakua/Kanaio, and Wailuku.
Wailuku had the most homes sold in 2017 with 215, up nearly 10% from 2016 when 196 homes sold. The average sales price in Wailuku was $648,875, up 9% from 2016 when the price was $593,445. The median sales price in 2017 was $617,435, up 9% from the $564,500 in 2016.
There were 190 homes sold in Kīhei in 2017, up 8% from 2016 when 176 homes sold. The average sales price in Kīhei was $920,979, up 1.3% from the 2016 average price of $909,221. The median sales price in 2017 was $702K, up 12% from 2016 when the median price was $625K.
A total of 147 single family homes sold in Kahului in 2017, down 4.5% from 2016 when 154 homes sold. The average sales price for a home in Kahului was $614,371, up nearly 8% from 2016 when the average price was $571,015. The median sales price in Kahului was $600K up nearly 9% from 2016 when the median price was $553,588.
There were 85 single family homes sold in Haʻikū in 2017, up 31% from 2016, when 65 homes sold. The average sales price was $885,623, down 4.4% from the average price of $926,204 in 2016. The median sales price in Haʻikū in 2017 was $753,500, down 11% from 2016 when the median sales price was $848,000.
There were 79 homes that sold in 2017 in the Kula/ʻUlupalakua/Kanaio area, up 23% from the 64 homes sold in 2016. The average price in this area was $1,013,718, down 10.6% from the average price of $1,133,309 in 2016. The median sales price in this area for 2017 was $849K, only $250 more than the median price in 2016.
The most condominium homes sold in 2017 were in Kīhei, Nāpili/Kahana/Honokōwai, Wailea/Mākena, Wailuku and Kāʻanapali. The five locations made up 83% of condo sales across Maui County in 2017.
Nearly 40% of condos sold in Maui County in 2017 were in Kīhei with 580 sales, up 19% from 2016 when 488 condos sold in the area. The median sales price in the area in 2017 was $375,050, up 10% from the year before when the median price was $340K. The average sales price for a condo in Kīhei was $460,611, an increase of nearly 9% when the average price was $423,910 in 2016.
Nāpili/Kahana/Honokōwai saw a slight decrease in condo sales in 2017 when 222 were sold, down 14 units from 2016. However, both the average sales price and median sales price in the area increased. The average sales price in the area was $464,651 in 2017, up 12% from the year before when the price was $414,466. The median sales price was $417,500 in 2017, up 5% from the $398,250 median price the year before.
Wailea/Mākena saw a 34% increase in sales in 2017 with 141, up 36 units from the 105 sold the year before. The average sales price also increased to $1,695,956, up 21% from the 2016 average sales price of $1,397,156. The median sales price was $1,150,000, up $75,000 from the year before price. Condo sales in Wailea/Mākena brought it 24% of the total revenue of condo sales in 2017, with a total dollar volume of $239,129,828.
Wailuku had a decrease in sales in 2017 with 133, down 9.5% from the 147 sales the year before. The average sales price for a condo in Wailuku was $381,114, down 4.5% from the 2016 average of $399,280. The median sales price in the area was $407K, up 8.5% from the $375K price in 2016.
There were 129 condos sold in Kāʻanapali in 2017, down 13% from the 149 condos sold the year before. The year-to-date average for a condo in the area in 2017 was $1,068,258, down 3.5% from the 2016 average of $1,107,440. The median condo sale in Kāʻanapali in 2017 was $780,000, down 11% (-$95,000) from 2016.
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