Real estate

Homes selling at near record prices

Maui County single-family home prices in December came just shy of the all-time record set in October as demand stayed strong despite a surge in COVID-19 cases and a typically slow month, according to the latest report from the Realtors Association of Maui.

The median price for a single-family home in December was $865,000, a little under the $867,500 in October that marked a new record high since the association began tracking housing prices in 1993.

December’s home prices were a 16.9 percent increase over the median price of $740,000 at the same time the previous year. Pending sales increased 60.3 percent from 78 in December 2019 to 125 last month, while closed sales went up 8.2 percent from 97 to 105.

According to the report released Friday, “December is normally one of the slowest months of the year, but strong buyer demand across most segments of the market, buoyed by near-record low-interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.”

While prices and sales went up, new listings of single-family homes declined 18.9 percent year over year, from 132 to 107. Housing inventory also dropped 42.2 percent from 495 to 286. Homes were on the market for 129 days when they sold in December, slightly longer than the 125 days recorded at the same time the previous year.

Median home prices in Maui County surpassed $800,000 for the first time in April 2019 and again in August 2019, according to RAM data. The median sales price has hit $800,000 five times in 2020 — March, May and October through December.

Most single-family homes were sold in Kihei, where 21 units sold with a median price of $839,000; Wailuku, where 17 units sold with a median price of $750,601 and Haiku, where 11 units sold with a median price of $950,000. Eight homes were also sold in Kahului ($740,000), Pukalani ($845,000) and Napili-Kahana-Honokowai ($927,500). The most expensive houses were in Kapalua, where five units sold with a median price of $4,450,000; Wailea-Makena, where three units sold with a median of $3,800,000 and Kaanapali, where the four homes sold had a median price of $3,400,000.

One home was purchased on Molokai for $436,000, while none sold on Lanai.

Meanwhile, condominium prices in Maui County also rose, going from $514,120 in December 2019 to $629,000 last month, an increase of 22.3 percent. It was the secondhighest mark last year after condo prices also reached $680,000 in May.

The condo market saw growth in nearly all categories in December. Inventory was higher at 685, an increase of 29.5 percent over the 529 available at the same time the previous year.

Pending sales went up 23 percent from 113 to 139, while closed sales grew 35.2 percent from 125 to 169 and new listings were up just slightly, from 145 to 146. The number of days that condos were on the market when they sold rose 6.3 percent from 128 to 136 year over year.

As with single-family homes, Kihei was the hottest market for condos, where 54 sold with a median price of $532,000. Another 27 sold in Wailea-Makena with a median price of $1,498,000, the highest countywide. Other busy markets included Napili-Kahana-Honokowai, where 24 units sold with a median price of $474,000; Lahaina, where 17 sold with a median of $536,990; Kapalua, where 13 sold with a median of $1,250,000; and Kaanapali, where another 13 sold with a median of $950,000.

Four condos sold on Molokai with a median price of $129,500, while none sold on Lanai.