Maui Home Prices Soar Over Historic $1 Million Mark in May, Up 30% from Year Ago
In May 2021, with inventory low and buyer demand high, the median sales price for single family homes in Maui County increased to an historic high of $1,039,000 — a 30% increase from one year ago, according to data from the Realtors Association of Maui.
But for condominiums, the median sales price (the figure where half the homes sold for more and half the holds sold for less in the time period) was $615,000, a nearly 10% decrease from a year ago.
“As the weather warms and pandemic restrictions ease across much of the country, the US housing market shows little sign of cooling,” the May report stated. “Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result.”
That definitely has been the case with Maui single family homes.
In May, inventory of homes for sale in Maui County was 203, which was down nearly 54% from May of 2020 when 440 homes were available. The months supply of inventory was 1.8 for May 2021, down 66% from the 5.3 months that was available a year ago.
While homes were on the market about the same time (136 days in May 2020 compared to 135 days in May 2021), the average sales price skyrocketed to $1.74 million, up from $1.29 million in May 2021.
New listings did increase for single family homes with 129 in May 2021, compared to 101 in May 2020, when the COVID-19 pandemic was in its early stages.
Condominium inventory also is low, with 224 units for sale in May 2021, which is down 62% from the 593 available units for sale in May 2020. And while the median sales price of condos was down from a year ago, the average sales price went from $759,440 in May 2020 to $1,003,263 in May 2021 (a 32% increase).
“With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand,” the report said. “However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers.
“And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.”
To see the full report, click here.