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Real Estate

Maui median home sales price stays near record at $1.21M; sales slow

By Kehaulani Cerizo
June 5, 2022 · 5:57 PM UTC
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A house is listed for sale recently on Maui. PC: Andrea Wallace

Maui County’s single-family home median sales price at $1.21 million in May hovered just below the record high while sales showed signs of slowing, according to a new report by the Realtors Association of Maui.

The all-time record was set in April $1.25 million, which capped a streak of six months where Maui County’s median was more than $1 million. 

Last month’s median sales price was 19% higher year over year, according to the report released Friday. 

The median sales price for condominium homes last month was up 16.7% year over year to $715,000.

At a national level there are signs that the housing market could be cooling, the report said. High home prices and a surge in mortgage interest rates are slowing buyer activity, and home sales are declining.

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For Maui County, the amount of actual sales in May declined year over year for both single-family homes and for condos. It’s the fifth consecutive month of lower sales. 

Single-family home sales dropped 19.7% to 98 units and condos fell 37.6% to 151 compared with the same timeframe last year.  

Pending sales, a count of the properties on which offers have been accepted, also fell last month. Single-family homes declined 26.8% to 82 and condos plummeted 49.8% to 117.

With continually falling inventory, buyers are still paying top dollar for their homes.

Single-family homes saw 99.1% of list price received, a 1.2% increase from the same timeframe last year. Condos saw 100.1% of list price received, a 1.7% bump from last May.

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Inventory fell 9.7% to 213 for single-family homes and 30.8% to 175 for condominiums. 

New listings for single-family homes dropped 18% from the same timeframe last year to 113. Days on the market until sale fell 7.4% to 125. 

New listings for condominiums fell nearly 30% to 146. Days on the market until sale dropped about 48% to 76. 

On Maui, the highest medians for single-family homes last month were in Wailea/Mākena, where four homes sold with a median of $15.5 million, Olowalu, where two homes sold with a median of $6.15 million, and Haʻikū, where six homes sold with a median of $2.3 million.

The lowest medians were on Lānaʻi, where one sold for $768,000, Honokohau, where one sold for $792,000 and Wailuku, where 19 sold for $945,000.

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When it comes to volume, Wailuku, 19 at $945,000, Kula/Ulupalakua/Kanaio, 12 at $1.6 million, and Kīhei, 10 at $1.3 million, saw the most units move. 

For condos, the highest median sales prices were in Wailea/Mākena, where 11 sold for $1.95 million, Kāʻanapali, where 16 sold for $1.6 million, and Kapalua, where five sold for $1.25 million.

The lowest medians were in Kahului, where seven sold for $175,000, and Molokai, where eight sold for $312,750. 

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When it comes to condo sales volume, Kīhei saw the most movement, with 45 selling at $1.25 million, Nāpili/Kahana/Honokōwai, where 37 sold at $725,000, and Kāʻanapali, where 16 sold at $1.6 million.

On a national level, existing home sales were down 2.4% from the previous month, while pending sales fell 3.9%. Economists predict sales will continue to soften in the near future, which may put a downward pressure on home prices, according to the National Association of Realtors.

“The slowdown in sales has provided a much-needed lift to housing supply, with inventory up 10.8% from the previous month, although supply remains down 10.4% compared to this time last year, with only 2.2 months’ supply of homes at the current sales pace,” the report said.

Kehaulani Cerizo

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