Maui’s housing market experienced significant increases in single-family home sales and median price in February according to resales figures released today by the Realtors Association of Maui. The median price for a single-family home on Maui in February 2024 was $1,250,760, up 15.9% from the same time last year.
The greatest number of home sales was in Wailuku in February, where 12 homes sold for a median price of $1,292,000, followed by Makawao/Olinda/Hāliʻimaile where 10 homes sold for a median of $994,000.
Despite a decline in median sales price, condo sales remained steady when compared to the same month last year. The median price for a condo was $744,500, down 18.6% from the same time last year. The analysis conducted by the Association using data collected from its computerized Multiple Listing Service (MLS) system show the following statistics:
During February 2024, the median price paid for single-family homes increased more than 16% from the same month last year to $1,250,760. The median price paid for condos decreased to $744,500, down 18.63%, while condominium sales remained relatively flat from February 2023, according to the report.
New listings of single-family homes increased by 2.4%, while new listings of condominiums increased by 52.1% over last February. According to the Days on Market indicator, the median days for both single-family homes and condominiums was 96 days.
“As the local real estate market continues to evolve, these latest statistics paint a nuanced picture of trends impacting both homebuyers and sellers,” said President Steve Baker. “The notable increase in median prices for single-family homes underscores sustained demand in our area, despite a contrasting decrease in condominium prices. With a surge in new listings across both property types, coupled with stable median days on market, our market reflects resilience amidst changing dynamics.”
The full report is available online at https://growthzonesitesprod.azureedge.net/wp-content/uploads/sites/1901/2024/03/2024-February-Statistics.pdf
