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Maui County Housing Prices Soar to Record Highs as Sales Volume Declines
MAUI COUNTY HOUSING PRICES SOAR TO RECORD HIGHS AS SALES VOLUME DECLINES
As the real estate landscape in Maui County continues to evolve, September 2023 marked a significant milestone with housing prices reaching an all-time high. According to the Realtors Association of Maui (RAM), the median price for single-family homes surged past $1.4 million, while sales volumes saw a notable decline.
WAILUKU LEADS THE PACK
Wailuku emerged as a standout area, recording 17 sales of single-family homes in September, matching the same number as the previous year. Despite the flat sales volume, Wailuku's median home price saw a remarkable increase of 17.3%, climbing to $1.32 million. This trend illustrates a complex interplay between demand and supply in a market where prices continue to rise.
OVERVALL TRENDS IN SALES AND PRICES
In broader terms, Maui County experienced a 22.7% drop in the number of single-family homes sold, totaling 51 transactions. Despite this decrease, the median price for these homes rose by 8.8%, landing at $1,408,287. The condominium market reflected a similar pattern, with sales down 25.4% to 50 units sold, yet prices skyrocketed by 27.1%, reaching a median of $990,000.
The association's affordability index, which serves as a gauge for regional housing accessibility, remained steady for single-family homes at an index of 30, up from a low of 28 earlier this year. For condos, the index dipped to 43, marking a 12.2% decline from the previous year. Higher index numbers indicate better affordability; for context, an index of 120 signifies that a household's income is 120% of what is necessary to qualify for the median-priced home.
EXTENDED DAYS ON MARKET
While prices continue to climb, the time it takes to close deals is lengthening. The average number of days on the market for single-family homes increased by 12.4%, now averaging 118 days, while condos saw a staggering 31% rise, averaging 135 days. This slowdown in the transaction pace suggests that both buyers and sellers are becoming more deliberate in their decision-making processes.
Additionally, the number of new listings has declined: single-family home listings dropped by 17.5%, and condo listings decreased by 6.7% compared to the previous year. The median days on the market for properties overall reached 127 days.
MARKET OUTLOOK
“The decline in sales is a reflection of the current market dynamics, but the increase in median home prices demonstrates that demand remains strong,” noted RAM President Lynette Pendergast. This observation underscores a resilient demand for real estate in Maui, even as transaction volumes wane.
For those looking to navigate the shifting market, RAM offers valuable resources to assist both buyers and sellers. Interested individuals can visit [RAM’s website](https://www.ramaui.com/) to explore listings across Maui, Molokaʻi, and Lānaʻi, as well as find Open House opportunities. The site provides detailed search options by geographic location, residential type, and price range, along with essential information about buying and selling real estate in Hawaiʻi.
As Maui County's housing market continues to adapt, staying informed is key for anyone looking to make a move in this vibrant community.
The full September real estate report can be found here