Maui Condo Sales Leading Hot Real Estate Market for September 2021
* Updated October 8, 6:24 AM
The Maui real estate market remained hot for September 2021, with the median sales price for single-family homes at $996,500 (27.3% higher than a year ago) and $729,125 for condominiums (a 46.6% increase from September 2020), according to statistics from the REALTORS® Association of Maui.
For September, the supply of properties also were lower, with faster sales compared to September 2020. The days on the market for single-family homes was 103 (14.9% decrease) and 108 for condos (6.9% decrease). Months supply of inventory decreased 57.1% for single-family homes to 1.8 months and a whopping 90.8% for condos to less than one month.
New listings decreased 9.8% for single-family homes and 29.2% for condos.
Pending sales decreased 4.3% for single-family homes but increased 5.7% for condos.
Inventory decreased 44.3% for single-family homes to 205 and 82.3% for condos to 139. In September 2020, there were 784 condos for sale on Maui.
Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.
There are signs the national market may be shifting. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be welcome news to homebuyers throughout the country.