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Inventory Continues to Decrease on Maui in February

Single family home sales on Maui increased 51% from this time last year and 10% from month before levels, according to new data released by the Realtors Association of Maui.

There were 121 new listings for single family homes in February, a decrease of 10% from the month before and an 8.3% decrease from the year before. There were 159 new condo listings in February, a 20% decrease from the month before and a 6.5% from the year before.

Inventory continues to decrease on both ends, with 521 single family homes available in February, a 4% decrease from January and -13.5% from the same time last year. There were 654 condos available in February, a decrease of 3% from the month before and down 26% from the year before.

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“The three most prominent national market trends for residential real estate are the ongoing lack of abundant inventory, the steadily upward movement of home prices and year-over-year declines in home sales,” RAM says. “Sales declines are a natural result of there being fewer homes for sale, but higher prices often indicate higher demand leading to competitive bidding.”

There were 95 homes sold in February for a median price of $685,000, a $20K decrease from January when 87 homes were sold for a median price of $705K.

The greatest activity was in Kahului where 21 homes sold for a median price of $688K. In January, 16 homes sold for a median price of $659,500.

There were 20 homes sold in Wailuku last month for a median sales price of $624,872, a slight increase from January when 16 homes sold in the area for a median price of $610K.

In Kīhei, 17 homes sold for a median price of $685,000; an 89% increase in sales from January when only nine homes sold for a median price of $673K.

There were 122 condominium units sold on Maui for a median price of $472,500, a slight increase from the 120 condos sold from the month before but down from the January median price of $505,563.

There were 46 sold in Kīhei for a median price of $452,500, down from the month before when 36 condos were sold but up $56,500 from the January median sales price of $396,000. Condo sales from February 2017 remained the same at 46, but increased $44,300 from the previous year’s median sales price of $408,200.

There were 20 condos sold in the Nāpili/Kahana/Honokōwai area for a median price of $383,500, up from the 18 sold in January and down from the median sales price of $460K.

Kāʻanapali saw a major increase in sales and price in February with 18 condos sold for a median price of $1,057,500. In January, there were 10 condos sold in the area for a median sales price of $773,500. In February of last year, eight condos sold in the area for a median sales price of $635K.

RAM also states that markets are poised for increased supply, so there is hope that more sellers will take advantage of what appears to be a ready and willing buyer base.

In February, prevailing mortgage rates continued to rise. “This has a notable impact on housing affordability and can leave consumers choosing between higher payments or lower-priced homes,” RAM says. According to the Mortgage Bankers Association, the average rate for 30-year fixed-rate mortgages with a 20% down payment that qualify for backing by Fannie Mae and Freddie Mac rose to its highest level since January 2014.