RAM: Maui’s Median Single Family Home Price was $932,500 in October
* Updated November 10, 4:59 AM
The median price of a single family home on Maui in October was $932,500, up +7.5% from the same time last year. The median price for a condominium home was $672,500, up +13.2% over the same period.
The data was compiled by the REALTORS® Association of Maui as part of its real estate statistics for the month of October 2021.
Other highlights of the report include:
- New listings decreased -13.2% for single family homes and -8.2% for condominium homes.
- Pending sales increased +11.7% for single family homes and +17.8% for condominium homes.
- Inventory decreased -48.6% for single family homes and -81.5% for condominium homes.
- Days on market decreased -25.4% for single family homes and -37.6% for condominium homes.
- Months supply of Inventory decreased -61.9% for single family homes and -90.7% for condominium homes.
In October, there were 22 homes that sold in Kīhei, 15 in Wailuku and 12 in Kahului. As for condos, there were 35 condominium homes sold in Kīhei, 26 in Nāpili/Kahana/Honokōwai, and 18 in Wailea/Mākena.
“The US housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the US Department of Housing and Urban Development,” the RAM reports.
“As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates,” according to the RAM report.