Maui News

Maui Condo Sales Leading Hot Real Estate Market for September 2021

October 7, 2021, 12:18 PM HST
* Updated October 8, 6:24 AM
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The Maui real estate market remained hot for September 2021, with the median sales price for single-family homes at $996,500 (27.3% higher than a year ago) and $729,125 for condominiums (a 46.6% increase from September 2020), according to statistics from the REALTORS® Association of Maui.

For September, the supply of properties also were lower, with faster sales compared to September 2020. The days on the market for single-family homes was 103 (14.9% decrease) and 108 for condos (6.9% decrease). Months supply of inventory decreased 57.1% for single-family homes to 1.8 months and a whopping 90.8% for condos to less than one month.

New listings decreased 9.8% for single-family homes and 29.2% for condos.

Pending sales decreased 4.3% for single-family homes but increased 5.7% for condos.

Chart Courtesy: REALTORS® Association of Maui.

Inventory decreased 44.3% for single-family homes to 205 and 82.3% for condos to 139. In September 2020, there were 784 condos for sale on Maui.

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Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.

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There are signs the national market may be shifting. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be welcome news to homebuyers throughout the country.

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