Although some counties saw a drop in home prices at the start of the new year, Maui County was the only one in the state to exceed a $1 million median for single-family homes.
The median sales price for Maui County single-family homes in January was $1.2 million, a 0.4% increase from the same month last year, according to a recent report by the Realtors Association of Maui.
Meanwhile, Oʻahu’s median sales price decreased nearly 8% to $970,000, Kauaʻi dropped about 14% to $809,500 and Hawaiʻi island ticked up 0.47% to $539,000, data from Hawaiʻi information Service, HiCentral MLS Ltd. and Kaua’i Board of Realtors said.
Maui County median sales prices for condominiums last month decreased nearly 8% to $657,500. Condos in Kauaʻi were the highest in the state at $781,975 – a nearly 60% spike year over year. Hawai’I island increased 25% to $625,250. O’ahu fell about 3% to $495,000.
Median sales price is the point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
Coldwell Banker Island Properties said the Hawai’i real estate market got off to a slow start this year, with trends reflecting total sales decreasing from month to month and median sales prices hovering near recent highs.
For Maui County, January saw fewer sales than the same timeframe last year, according to the Realtors Association of Maui. There were 58 single-family home sales, down 37%, and 54 condo sales, down nearly 66%. Pending sales also dropped 47% for condos and 42% for single-family homes.
When it comes to inventory, single-family homes saw a 36% increase to 289, and condos increased 39% to 234. Days on the market until sale increased 9% to 94 days for condos and stayed flat at 119 days for single-family homes.
Buyers are still paying close to listing price. For single-family homes, people paid 97% of list price, a 3% drop from last January. For condos, buyers dished out 98% of the list price, a 2% reduction.
The National Association of Realtors said that buyers and sellers started off the year by remaining cautious while they wait and see where the market is headed.
“Demand for housing persists, but higher mortgage interest rates have cut into housing affordability,” the association said.