Spiked by luxury sales, the median sales price for Maui County condominiums last month set a record high at close to $1 million, a new report said.
Maui County condo prices increased nearly 25% year over year to $908,000, according to a Realtors Association of Maui market activity report released this week. About a third of the condos that sold last month were in luxury areas with medians well over $1 million to $2 million.
Single-family homes, meanwhile, saw a median sales price of $1.07 million, which was again the highest in the state.
Kauaʻi’s median was $1.05 million, Oahu’s was $999,000, and Hawaiʻi island was $459,500, according to Locations Hawai’i. Median sales price is the point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
While the median sales prices stayed high for Maui County, new listings, pending sales and overall sales continued to plummet. The decline in existing home sales has been recorded nationwide over the last 12 months as affordability constraints continue to limit homebuyer activity, national reports said.
Maui County single-family home sales dropped 50% year over year to 44 homes. Pending sales fell nearly 36% to 63 homes. And new listings fell 45% to 70 homes.
Days on the market until sale fell 12% to 102, and percent of list priced received stayed flat at about 97%.
Inventory increased year over year by nearly 22% — to 281 homes.
Condo prices in Maui County have remained in post-pandemic highs of the $800,000 range. The last median sales price record of $850,000 was set in November of last year. Prior to that, the high was $820,000 in April of 2022.
While prices are high, sales took a nosedive last month. Maui County condo sales fell nearly 60% to 66 units last month. Pending sales fell 55% to 82 and new listings fell 56% to 84.