Driven by relatively low inventory, Maui County condominiums last month hit an all-time high for median sales price at $856,250.
The staggering median comes as sales continue to slow due to high mortgage rates and out-of-reach home prices, according to the latest report from Realtors Association of Maui.
Median sales price for condos spiked 18% over the same month last year to reach $856,250 in November. The previous record of $820,000 was set in April.
“It looks as though inventory continues to play a big part on the increase in prices,” Keone Ball, Realtors Association of Maui past president, told Maui Now on Friday. “We continue to have very little inventory of condos for sale.”
For single-family homes, the median sales price last month increased 2.5% year over year to $1.02 million. The record of $1.25 million was set in June.
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 Realtors Association of Maui archives.
Maui County for the first time in history broke the $1 million threshold in May 2021 and the median sales price has remained high since then. The median for single-family homes was under $1 million for only one month this year.
While buyers have a little more options from which to choose, soaring borrowing costs have caused monthly payments to increase significantly, according to Realtor.com. Last month the average homebuyer paid 77% more on a monthly loan compared to November 2021.
As a result, November sales continued to slow in Maui County, Realtors Association of Maui data showed.
Closed sales dropped 40% to 63 units for single-family homes; they fell nearly 55% to 70 units for condos. Pending sales dropped about 33% for single-family homes and 63% for condos.
Also, homes are staying on the market longer before they sell. Single-family homes saw a 35% increase from the same time last year to 154 days on the market until sale. Condos jumped 43% to 100 days on the market until sale.
Homebuyers were paying over or close to the listing price last November. However, this November, they payed 97% of list price for single-family homes and nearly 98% of list price for condos.
While new listings were down significantly, inventory of condos and homes were up compared to the same time last year. Single-family homes increased 28% to 264 units and condos rose 35% to 212 units.
For the month of November, the only areas with median sales prices under $1 million for single-family homes were in Kahului, $955,018, Kīhei, $932,500, Makawao/Olinda/Hāliʻimaile, $975,000, and Molokaʻi, $347,500.
The areas with the highest median sales prices were Lānaʻi, $3,675,000, Nāpili/Kahana/Honokōwai, $1,725,000, and Lahaina, $1,532,500.
Wailuku saw the most units sell at 15, followed by Kahului, 12, and Kīhei, eight.
For condos, the areas with the lowest median sales prices were Kahului, $270,000, Wailuku, $515,000, and Māʻalaea $710,000.
The highest median sales prices were in Wailea/Mākena, $1.7 million, Kapalua, $1.37 million, and Kāʻanapali, $1,135,000.
Kīhei had the highest number of units to sell at 29, followed by Nāpili/Kahana/Honokōwai, 11, and Kāʻanapali, eight.
Overall, existing and pending home sales are slowing down as the nation heads into winter.
“Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property,” the report said.