The Maui real estate market held strong in July 2021, as all key market indicators remained relatively unchanged from previous months’ reporting. The data is part of a Maui Market report compiled by Coldwell Banker Island Properties.
The median sales price for single-family homes remained over $1 million in July at $1.05M, down only slightly from an island-wide record high of June 2021 ($1,117,500). At a regional level, the median price of single-family homes in South Maui continued to soar with a 151% increase compared to July 2020 and in West Maui, homes sales spiked with a 283% increase of total homes sold compared to the previous year.
Maui’s luxury market continues its hot streak with 10 homes selling for over $5 million, including the sale of a single-family home on Keawakapu Beach for $45 million.
“Overall, inventory remains the biggest factor weighing on the market as there are only 2.3 months of remaining inventory for single-family homes and less than one month for condos, according to the report.
While the median price for condos broke $700,000 in July, a 41% increase from July 2020, sales have slowed from the previous month with 40 fewer transactions and an additional 35 more days on the market when compared to June 2021.
In speaking about the market, Coldwell Banker Island Properties principal broker Tom Muldoon said, “It is important to note that the market varies greatly from neighborhood to neighborhood, so buyers should not be discouraged by a single number or metric.”