Home News Maui median home prices drop under $1 million for first time this year

Maui median home prices drop under $1 million for first time this year

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A home was put up for sale in Upcountry earlier this year. PC: Keaulani Serizo

The median single-family home sales price fell below $1 million for the first time this year, at $983,575.

But Maui County’s median condo sales price surged to a record $820,000 last month, driven by luxury condo sales in Wailea/Makena, Kapalua and Kaanapali.

According to the Maui Real Estate Association’s latest report, the median condo sales price in August was up nearly 27% compared to the same period last year.Before $730,500 record set in February.

Overall, the local property market, like the domestic market, continues to soften due to rising interest rates, inflation and concerns about a recession, the report said.

The median single-family home sales price in August was down 5.9% from the same period last year.

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Buyers have found no reprieve in previous months as single-family home prices hit records four times this year. June hits all-time high of $1.25 million.

Maui County home sales fell nearly 29% to 87 units last month, and condo sales fell about 46% to 103 units.

Pending sales fell about 45% to 70 units for single-family homes and about 31% to 104 condos. Single-family homes were down about 27% to 99 and condominiums to 97, down about 40%.

Our inventory increased last month. Single-family homes increased by nearly 19% to 279 units, and condominiums increased by 33% to 213 units.

Days on the market for single-family homes increased by more than 4%, while for-sale homes decreased by about 22%.

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As of August, neighborhoods with median single-family home sales below $1 million were Kahului at $899,000, Makawao/Olinda/Harimaile at $730,000, Wailuku at $941,600, Lanai at $705,000 and Molokai at $512,500. was a dollar.

The regions with the highest median sales prices were Kapalua at $7.9 million, Wailea/Makena at $4.7 million, and Hana at $4.3 million.

Wailuku was the best seller with 25 units, followed by Lahaina with 9 units and Kula/Ulpalakua/Kanaio with 8 units.

For condos, the regions with the lowest median sales prices were Kahului at $184,250, Maalaea at $400,000, Molokai at $500,000, Wailuku at $512,500, and Kihei at $679,000.

The regions with the highest median sales were Wailea/Makena at $3.2 million, Kapalua at $1.9 million, and Kaanapali at $1.1 million.

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Kihei had the most sales with 34, followed by Napili/Kahana/Honokowai with 23 and Kaanapali with 9.

The National Association of Realtors said this summer will be a season of change for the real estate market.

“Pre-owned home sales continue to soften nationally amid 33-year lows in house prices, down 5.9% month-over-month and 20.9% year-over-year at the last reading. There are,” the report said.

Fears of inflation, rising interest rates and a possible recession have hit buyers and sellers this summer, with many sitting on the sidelines to see what happens in the market.

Some experts, including the association’s chief economist Lawrence Yun, think the worst of inflation may be over.

“Sales prices have continued to rise since this time last year, but we expect price gains to slow in the coming months as the market continues to shift in a more buyer-friendly direction,” the national report said. said.

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