The median sales price of a single-family home in Maui County spiked to $1,342,581 in January, the highest cost for island homeownership in at least a year, according to statistics reported monthly by the Realtors Association of Maui. Median condominium prices increased more, by percentage, up 20.9% to $795,000.
And hot prices in a seller’s market show no signs of cooling. The percentage of listing prices received for homes rose 2.3% in January from 96.3% to 98.5%. For condos, the percentage dropped 0.5% from 98.3% to 97.8%. In other words, almost all sellers of Maui homes and condos are getting what they’re asking for.
That’s because supply is low and demand is high, especially for single-family homes In January, the inventory of homes for sale dropped 18.2% to 242. For condos, the inventory of available units went up 58.8% to 389.
In January, sales volume of single-family homes slipped 9.8% from 61 units last year to 55 this year in Maui County. Wailuku and Kīhei both had the most home sales, 11 each. The median price of a home in Wailuku was $1,301,000 last month, while in Kīhei it was $1,350,000.
Single-family sales generated a dollar volume of $86.9 million, according to the Realtors’ association.
From a sales volume perspective, the picture was rosier in January for Maui condominiums. The number of units sold for the month rose 70.3% from 54 last year to 92 last month. Kīhei led the way with 33 units sold with a median price of $780,000. The Nāpili-Kahana-Honokōwai area had the second-most sales, 19, with a median price of $629,000. Wailea-Mākena had 12 sales (median price of $2,669,275), and Kāʻana-pali had 11 sales (median price of $1,575,000).
Condo sales in January brought in $108.8 million for sellers, the association reported.
“In January, we experienced a notable increase in condominium sales, particularly concentrated in South Maui, Kāʻanapali and Kīhei,” said association President Steve Baker. “The increase in new listings suggests heightened activity and interest within the housing market, possibly spurred by the drop in mortgage rates from their peak last fall. No matter the market trends, we remain committed to providing whatever assistance we can to those displaced by the wildfires in Kula and Lāhainā.”
Looking at sales by region, the lowest price for single-family homes was on Molokaʻi where there was a single sale for $375,000. In Pukalani, there were three sales for a median sales price of $905,000, and in Makawao-Olinda-Hāliʻimaile there were four homes sold for a median price of $947,500.
The highest priced home was in Kula-ʻUlupalakua-Kanaio where a single home sold for $3.3 million. In Māʻalaea, a home sold for $2.9 million, and in Maui Meadows a home went for $2.76 million.
For condominiums sold in January, the association reported Wailuku recorded six sales at a median price of $422,500. In Nāpili-Kahana-Honokōwai, 19 condo units sold for a median of $629,000, and in Kīhei 33 units sold for a median of $780,000.
Maui’s housing affordable index fell to 28 in January, meaning the vast majority of island households would not qualify for a mortgage loan on a typical single-family home. The affordability of Maui condominiums is better, at 47.
The index measures housing affordability in Maui County. A higher number means greater affordability. For example, an index of 120 means the median household income for a region is 120% of what is necessary to qualify for a median-priced home under prevailing interest rates. The formula assumes a 20% down payment on the home’s purchase price.
While the high cost of buying Maui homes isn’t new, the affordability figures provide a measure of how far away most island families are from the dream of homeownership.
For more monthly housing statistics, visit www.ramaui.com/. The full report can be found at https://growthzonesitesprod.azureedge.net/wp-content/uploads/sites/1901/2024/02/January-2024-Statistics.pdf
