The median price of a single-family home on Maui was $1.3 million in November, according to a monthly statistical report by the Realtors Association of Maui. That’s $100,000 short of the all-time, $1.4 million record set in September of this year.
But, comparing the November median for housing to the same month last year, the price of a single-family home jumped 16.9%. Sales volume (63 units sold) rose 3.2%. Days on market went up 29.2%, and overall dollar volume of sales went up 35.8%.
From the seller’s vantage point, condo sales in November were bleak. The 49 units sold dropped sales volume 7.5% from November 2023. The median sales price of $715,000 was down 19.7%. Days on market clicked up 1.6%, and overall dollar volume of sales plummeted 52.02%.
Association President Lynette Pendergast called the difference in November single-family home and condominium real estate markets “contrasting trends” that “highlight the ever-present influence of supply and demand.”
“The notable 33% increase in new single-family home listings has provided buyers with more choices, likely driving the uptick in sales,” she said. “However, the significant rise in median sales price to $1.3 million underscores the continued demand for single-family homes, even as supply grows. In the condominium market, a more stable level of new listings coupled with a decline in sales has led to a drop in the median price to $715,000, suggesting a shift in buyer preferences or economic factors at play. These dynamics remind us of the importance of balancing inventory to meet the evolving needs of Maui’s residents and maintaining a healthy housing market.”
The full report for November can be found here.
More information is available at https://www.ramaui.com/. Consumers can browse single-family home and condominium listings available for sale on Maui, Molokaʻi and Lānaʻi. There’s also a comprehensive list of Open Houses. Searches can be done by geographic location, residential type and/or price range.
