Even though there was a slight uptick in the number of single-family homes sold last month, year to date the number of sales for both single-family homes and condos continues to trend down. After three months of an increasing number of new listings, there was a steep decline last month. These factors, along with rising interest rates are causing the real estate market to stabilize.
While prices are not at record-breaking highs anymore, the median sales price for single-family homes and condos remains high. The median sale price for single-family homes in Maui was $1,100,000, which is a slight decrease compared to June when the median sales price was $1,252,500. This represents a 4.8% increase when compared to July 2021. For condos, the median sales price last month dropped slightly from $830,000 in June to $789,500 in July. This represents an increase of 11% when compared to this time last year.
In July, there were 90 single-family homes sold, compared to 86 homes sold in June 2022. Monthly sales have dipped significantly when compared to last summer. In July 2021 there were 18% more sales than there were this past July. Single-family homes stayed on the market for an average of 70 days in July.
There were 99 condos sold last month on Maui, representing a 53% decrease when compared to this time last year. This is also a significant dip when compared to June 2022 when there were 153 condo sales on Maui. The average days on the market for the condos that sold in July was 62 days.