Fueled by dwindling inventory, Maui County last month set historic highs for both residential single-family and condominium home median sales prices, according to data released today by Realtors Association of Maui.
Single-family home median sales price rose 19.5% year over year to $1,177,500. The previous record was set in January at $1.16 million.
One anomaly that could have contributed to last month’s median was an $18.5 million home sale in South Maui, according to RAM President Keone Ball.
For condos, the median sales price shot up nearly 28% year over year to $820,000. The previous record was $730,500 set in February.
Median sales price, the point at which half of the sales sold for more and half sold for less in a given month, dates back to 1993 in RAM archives.
The record-high prices are partially spurred by record-low inventory, the number of properties available for sale in active status at the end of a given month.
Last month, single-family home inventory fell to 188 units — a nearly 26% drop year over year — and the lowest on record for RAM data. Condo inventory fell 60% year over year to 153 units.
New listings decreased 27.8% for single-family homes and 7.7% for condominium homes.
The low inventory didn’t stop buyers, though, with more than 100% of list price received for single-family and condo units.
Homes moved quickly off the market, dropping 11% year over year to 103 days for single-family homes and 53% year over year to 53 days for condos.
Overall, sales last month fell 17% year over year to 102 single-family homes. For condos, sales dropped nearly 24% to 177 units.
Inventory has been drying up month over month for some time, as prices continue to climb.
Maui for the first time in history broke the $1 million threshold in May last year and has remained above that mark over many months.
The highest medians for single-family homes last month were found in Kapalua, where two homes with a median of $4.3 million sold, and Wailea/Mākena, where five homes with a median of $3.29 million were sold.
The lowest medians were on Lānaʻi, where two homes sold with a median of $667,500, and Makawao/Olinda/Hāliʻimaile, where eight homes sold with a median of $805,000.
When it comes to volume, Wailuku, Kīhei and Haʻikū saw the most units move. Wailuku had 17 sell with a median of $949,000; Haʻikū had 16 sell with a median of $1.31 million; and Kīhei had 16 sell with a median of $1.285 million.
For condos, the highest median sales prices were in Kā’anapali, Wailea/Mākena and Kapalua. Kāʻanapali had 18 units sell with a median of $1.7 million; Wailea/Mākena had 19 units sell with a median of $1.575 million; and Kapalua had five units sell with a median of $1.4 million.
The lowest medians were in Kahului, where three sold for $220,000; Molokaʻi, where three sold for $275,000; and Wailuku, where 12 sold for $427,500.
When it comes to condo sales volume, Kihei saw the most movement, with 68 selling at a median of $768,500. Nāpili/Kahana/Honokōwai had 35 sell at $655,000.
Realtors Association of Maui said in its March report that higher construction costs and increasing sales prices are hampering sales nationwide.
Also across the country, consumers are facing inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4% since January and the highest rate in more than three years.
“Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low,” the report said.