December home prices higher than November
Median sales price for single family homes hover around $1M for majority of 2022
Median sales price for a single family home on Maui in December was at $1.08 million, slightly higher than November’s price of $1.025 million, according to a recent report by the Realtors Association of Maui earlier this month.
There was only one month last year in which the median sales price did not hit a million dollars, which was in August, when the median sales price for a single family home was at $983,575. In 2022, the highest median sales price was in June at $1.25 million.
While the report says that prices may fall this year, many prospective buyers will find it difficult to afford a home “as higher rates have diminished purchasing power, adding hundreds of dollars to monthly mortgage payments.”
“Economists predict sales will continue to slow and housing prices will soften in many markets over the next 12 months, with larger price declines projected in more expensive areas,” the report said.
But it adds that national inventory shortages will likely keep prices from dropping too much, as buyer demand continues to outpace supply, which remains limited to 3.3 months, according to the National Association of Realtors.
In December, there were 287 single family homes for sale in Maui, which was up 31.7 percent over December 2021, but slightly lower than the 322 available for sale in December 2020.
In total, there were 66 single family homes sold in Maui County for December. It is down from the 120 sold in December 2021.
There were 219 condominiums for sale in December, which was up 29.6 percent from December 2021. But, the 219 for sale last month was well below the 714 condominiums for sale in December 2020.
Last month, the median sales price for condominiums was at $773,500, which was down from
the $850,000 median sales price in November.
In 2022, median sale prices for condominiums ranged from a low of $713,750 in January to a high of $850,000 in November.
In December, there were 68 condominium units sold in Maui County. It is down from the 176 sold in December 2021.
The report called 2022 a “turbulent year” for the U.S. housing market “as inflation, soaring interest rates, and elevated sales prices continued to cause a slowdown nationwide.”
Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home, the report added.
For single family homes in December, the most that was sold was in Kahului, with a total of 15, with a median sales price of $930,000. The second highest number of single family homes sold on Maui was in Wailuku, with nine, in which the median sales price was $910,300.
Both Haiku and Kihei saw eight single family homes each sold in December.
The median sales price in Haiku was $1.39 million and in Kihei it was $1.25 million.
For condominiums, the most sold in December was in Kihei with 25 units sold for a median sales price of $720,000.
The next highest total of condominiums sold was in the Napili, Kahana and Honokowai area, with 10 units sold. Median sales price for this area was $735,000.
The Wailea/Makena area along with Wailuku, each saw seven condominium units sold in December. Median sales prices in Wailea/Makena were $1.795 million. Wailuku’s median sales price was at $690,000.