The median sales price for single-family homes dropped below $1 million — to $983,575 — for the first time this year.
However, the median sales price for Maui County condominiums spiked last month to a new record high of $820,000, partly driven by luxury condo sales in Wailea/Mākena, Kapalua and Kāʻanapali.
August’s median sales price for condos rose nearly 27% compared with the same timeframe last year, according to Realtors Association of Maui’s most recent report. The previous record of $730,500 was set in February.
Overall, the local real estate market, like the national market, continues to soften due to higher interest rates, inflation and recession fears, the report said.
August’s single-family home median sales price was a 5.9% decline compared to the same time last year.
Buyers have not found reprieve in previous months as single-family home prices set records four times this year. June reached an all-time high of $1.25 million.
Maui County’s home sales last month fell nearly 29% to 87 units for single-family homes and about 46% to 103 units for condominiums.
Pending sales tumbled about 45% to 70 for single-family homes and fell about 31% to 104 for condos. New listings were down nearly 27% to 99 for single-family homes and they dropped about 40% to 97 for condos.
Inventory ticked up last month. For single-family homes, it increased nearly 19% to 279 units and it rose 33% to 213 for condos.
Days on the market increased more than 4% for single-family homes but decreased about 22% for condominium homes.
For the month of August, the only areas with median sales prices under $1 million for single-family homes were in Kahului, $899,000, Makawao/Olinda/Hāliʻimaile, $730,000, Wailuku, $941,600, Lānaʻi, $705,000, and Molokaʻi, $512,500.
The areas with the highest median sales prices were Kapalua, $7.9 million, Wailea/Mākena, $4.7 million, Hāna, $4.3 million.
Wailuku saw the most units sell at 25, followed by Lahaina, nine, and Kula/ʻUlupalakua/Kanaio, eight.
For condos, the areas with the lowest median sales prices were Kahului, $184,250, Māʻalaea, $400,000, Molokaʻi, $500,000, and Wailuku, $512,500, and Kīhei, $679,000.
The areas with the highest median sales prices were Wailea/Mākena, $3.2 million, Kapalua, $1.9 million and Kāʻanapali, $1.1 million.
Kīhei had the highest number of units to sell at 34, followed by Nāpili/Kahana/Honokōwai, 23, and Kāʻanapali, nine.
The National Association of Realtors said that this summer has been a season of change for the real estate market.
“With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last measure,” the report said.
Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market.
Some experts believe the worst of inflation may be over, including the association’s chief economist, Lawrence Yun.
“Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction,” the national report said.