Condo sales increased to 167 from 115 last month, while single family homes remained at 101 for the second month in a row. For condos, this is a significant increase of 24.6% in the number of sales when compared to this time last year. The number of sales for single family homes has increased by 21.7% when compared to this time last year.
The average days on the market for single family homes decreased from 97 days in January to 85 days in February. This is a slight increase of 1.2% when compared to this time last year. The average days on the market for condos dropped from 117 days in January down to 108 days in February. This is an increase of 14.9% when compared to this time last year. One main factor contributing to the decrease in DOM is the limited inventory, which is creating steep competition for buyers. There was a decrease in the number of new listings for single family homes last month when compared to January and a slight increase in the number of new listings for condos last month.
The median sales price for single-family homes dropped to a more normal median price to $895,000 last month, down from $980,000. This is 19.8% higher than the median sales price when compared to this time last year. The median sales price for condos last month was $556,990, which is only an increase of 0.6% when compared to last year at this time. If you have any questions about the Maui market or would like to talk more about buying or selling your home, contact your LUVA Realtor today!