Real estate
Home sales hold as condos drop
Home sales and median price held steady in July while condo sales plummeted 44 percent and the median price rose slightly compared to 2019, Realtors Association of Maui data showed.
Inventory of homes fell 15 percent to 399 units; condo inventory went in the other direction with 141 more units on the market, up 27 percent to 656 units.
For homes, there were 86 sales in July, one less than in July 2019. The median sales price was $777,595, down 1.3 percent from $788,000.
The number of days homes were on the market increased 13 percent to 148 days. The percent of list price was down 1.7 percentage points to a still healthy 95.2 percent.
Condo sales fell 44 percent in July to 91 units, down 71 units. The median sales price was $502,530, up 1.5 percent. There was little change in the percent of list price received, 97.4 percent.
By region, the largest number of home sales was in Wailuku, 25, nearly double the total from a year earlier. The median sales price was $736,600, up 12 percent. The second highest region by sales was Haiku with 10 ($792,500 median price) and Kihei, 9 ($817,000).
On the high end, the median price for two sales in the Napili/Kahana/Honokowai region was $7.7 million and in Wailea with four sales, $2.9 million.
The largest number of condo sales by region remained Kihei but only 28 units, down from 79 a year ago. The median price was $425,000. Lahaina had 18 sales ($542,500 median price) and Kaanapali, 14 ($1,347,500).
There were four condo sales in the Wailea/Makena area with a median price of $1.4 million.
Looking at the first seven months, the number of home sales was down 13.4 percent to 542 with a median price of $766,925, up 2.9 percent.
Condo sales were down by a quarter for the January-to-July period, from 973 in 2019 to 721 this year. The median price, though, was up 9.1 percent to $565,000.
The report can be found at www.ramaui.com/wp-content /uploads/2020/08/RAMStats-July-2020.pdf.