The number of new listings and the overall months supply remained similar for the second month in a row. The increasing listing prices for single family homes and condos is not deterring buyers enough to steady the prices. However, compared to this time last year, there has been a decrease in the number of sales – due mainly to limited inventory. In March, there were 104 single family homes sold, which is a decrease of 15% when compared to March 2021. This number represents an increase when compared to February 2022 when there were 87 single family homes sold.
The average days on the market for single family homes decreased slightly from 70 days in February to 65 days in March 2022. This represents a 12% decrease in number of days spent on the market for single family homes when compared to March 2021.
The average days on the market for condos sold last month decreased slightly from 61 days in February to 59 days in March, representing a decrease of 44% when compared to this time last year.
The median sales prices for single family homes on Maui continued its upward trend last month, with a median sales price of $1,177,500 in March 2022. This represents an increase of 20% when compared to this time last year.
For condos, the median sales price in March was $820,000 which is up from February when the median sales price was $730,500. This represents an increase of 28% when compared to this time last year. The last time the median sales price on Maui was this high was in January 2009.