The price of a single-family home in Maui County soared to $1.35 million in June, up 30.8% over the same month last year, the Realtors Association of Maui reports. Meanwhile, condos remained virtually unchanged at $980,000.
Sales volume showed some volatility, with condo resales dropping 36.6% from 93 in June 2023 to 59 last month, the association said. For single-family homes, sales volume went down 9.7% (72 to 65 units) for the same time period.
“Maui’s housing market presented a mixed bag of trends in June,” RAM President Steve Baker said. “While we observed a slight decline in single-family home sales, the median sales price for these homes experienced a significant surge, indicating a strong demand for single-family homes on the island. In contrast, condo sales decreased by 36.6%, highlighting the dynamic nature of our housing market, influenced by various factors including economic conditions and buyer preferences. As we move forward, our focus remains on providing valuable insights and support to our members and the community at large.”
The association said that new listings increased 17% for single-family homes and 9.8% for condominium homes. Pending sales decreased 25.4% for single-family homes and 40.4% for condominium homes. Inventory increased 25.8% for single-family homes and 198.2% for condominium homes.
Days on market increased 4.4% for single-family homes but decreased 6.3% for condominium homes, the association reported. Months supply of inventory increased 33.3% for single-family homes and 259.3% for condominium homes.
The association’s metric for housing affordability sunk to an index figure of 29 for single-family homes in Maui County, falling 25.6% from June 2023 and matching the lowest index point hit in October 2023. For condos, the index was 40 in June, down 2.4% from the same month last year and off five index points for the 12-month average of the year.
The index figures show housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
Looking at single-family home sales by region in June, the highest volume was reported in Wailuku with 85 sales (up 13.3% from June 2023), followed by 61 in Kīhei (up 5.2%), 47 in Makawao-Ulupalakua-Hāliʻimaile (up 104.3%), 37 in Kahului (down 33.9%) and 34 in Ha‘ikū (up 25.9%).
The highest median sales prices were $4.85 million in Wailea-Makena (down 16.4% from June 2023), followed by $4.75 million in Kapalua (up 8%), $2.93 million in Ma‘alaea, $2.76 million in Maui Meadows (down 1.1%), $2.73 million in Kā‘anapali (down 22.1%), $2.49 million in Spreckelsville-Pāʻia-Kūʻau (up 24.6%) and $2.34 million in Lahaina (up 16.8%).
The lowest median sales prices for single-family homes were $510,000 on Molokaʻi (up 27.5%) and $697,500 on Lānaʻi (down 2.8%). Median prices in all other areas are well in excess of $1 million. For example, Wailuku prices rose 24.4% to $1.26 million, and median prices in Pukalani went up 16.3% to $1.25 million.
Condominium values were generally lower, although luxury, resort area units commanded sales prices than rivaled single-family homes. The highest values were in Wailea-Mākena where 86 units sold for a median price of $2.71 million (up 35.9%), followed by Lānaʻi where three units sold for a median of $2.4 million (up 45.5%) and Kapalua where 15 units sold for a median price of $2.35 million (up 40.3%). The lowest prices for condos were in Kahului ($250,500, down 9.4%) and Molokaʻi ($275,000, down 11.9%).
The association collects its sales and other data from its multiple listing service system.
For more information, click the market statistics tab at www.ramaui.com.
Website visitors can to browse single-family home and condominium listings available for sale on Maui, Molokaʻi and Lānaʻi, and to see a comprehensive list of open houses. Searches can be done by geographic location, residential type and/or price range.
