In Maui, the number of single family homes increased slightly from 110 home sales to 122 sales in August. This represents a 23% increase in the number of sales when compared to this time last year.
The average days on the market for single family homes increased slightly this past month from 69 days in July to 76 days in August. Compared to last August, single family homes have sold 17.4% quicker this July
The downward trend for average days on the market for condos continued last month decreasing from 74 days in July to 67 days in August. This represents a 29.5% decrease when compared to this time last year.
While still over one million dollars, the median sales price for single-family homes remained steady and remained over the one million dollar mark in August with a median sales price of $1,045,000. This price represents a 30.8% increase when compared to August 2020.
The median sales price for condos was $650,000 last month. Surprisingly, this represents a 2% decrease when compared to this time last year. However, important to note that last August there was a steep price spike.
The market still is experiencing low inventory and a limited number of new listings. There were only 145 new condos listed last month, which is 47.3% less than the number of new condo listings in August of 2020. There was no change in new listings for single family homes last month, however since there are currently more buyers than there were last year at this time, causing a limited supply of inventory.