Home prices were up but sales were down last month as the median price for a single-family home in Maui County reached $1.056 million in October, up 13.5 percent from the same time last year, while 76 homes were sold, a 31.5 percent decline.
The median price last month was up from $1.025 million in September, when 57 homes were sold, according to the Realtors Association of Maui. Sales in September were down 50.4 percent from the same time in 2021.
Maui County’s home sales trend continued to somewhat mirror the rest of the nation.
“Existing home sales declined nationwide for the eighth consecutive month, falling 1.5 percent as of last measure,” according to the National Association of Realtors, “with sales down nearly 24 percent from the same period last year,” the latest RAM report said. “Pending home sales also declined, dropping 10.9 percent month-to-month, exceeding economists’ expectations.
“Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year,” the report added.
Condominium and land sales are also lagging compared to last year, although median prices for condos are up while median costs for land are down for October.
In October, the median price for a condominium in Maui County was $800,000, up 19 percent from the same time in 2021. But only 89 units were sold, which is down 33.6 percent from 2021. In September, the median price was also at $800,000 and 97 units were sold.
Among land sales, the median price for October was $799,999, which is up from the $620,000 median price in October 2021. Seven land sales were made, which is down from the 25 sold in October 2021.
In September, the median price was $887,500 and 12 land sales were made.
Overall, affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments more than 55 percent higher than a year ago, according to the National Association of Realtors.
Inventory remains lower than normal, and as the market continues to shift, experts project homes will begin to spend more days on the market and price growth will slow in the months ahead, the RAM report said.
In October, there were 271 single-family homes for sale, a 29.7 percent increase over October 2021. However, new listings declined from 98 to 83 (15.3 percent) and pending sales dropped from 103 to 49 (52.4 percent). Homes that sold in October had spent an average of 144 days on the market, a 44 percent increase over the 100-day average in October 2021.
Condos also had more inventory in October at 175, a 7.4 percent increase over October 2021. But the condo market also experienced a drop in new listings from 182 to 91 (50 percent) and pending sales from 161 to 74 (54 percent). Condos sold last month had been on the market an average of 84 days, up 5 percent from the 80-day average in October 2021.
“It seems as if the frenzy of 2021 is behind us, though locations with great views in excellent condition are still commanding the interest of buyers,” the report said. “The South Maui resorts of Wailea and Makena continue to command the highest condominium sales prices, though the Montage Residences, Kapalua Bay are not far behind.”
In the Wailea/Makena area, the median sales price for the six condos sold was $1.5 million, topped only by Kapalua, where two condos sold with a median price of nearly $2.1 million.
According to the report, the area with the most homes sold in October was Wailuku, with 16, which had a median sales price of $945,850.
In October, the most condominiums were sold in Kihei at 27, with a median sales price of $712,500.
* Melissa Tanji can be reached at firstname.lastname@example.org.
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