There was a slight dip in new listings last month for both single family when compared to January 2022. 12% new listings came on the market last month when compared to this time last year. The inventory remains low at a 1.2 months supply for the second month in a row – 65% lower than when compared to this time last year.
In February, there were 87 single family homes sold, which is a decrease of 13.9% more than those sold last February in 2021. This is a decrease of 5 homes when compared to this January 2022. There were 162 condos sold last month on Maui, representing a 3% increase when compared to this time last year. 22% of these condos were $1,200,000 or more- an increase of 44% in condos sold at this price range when compared to February 2021.
The average days on the market for single family homes decreased slightly from 81 days in January to 70 days in February 2022. This represents a 43.5% decrease in number of days spent on the market for single family homes when compared to February 2021. The average days on the market for condos sold last month decreasing slightly from 67 days in January to 61 days in February, representing a decrease of 16.4% when compared to this time last year.
The median sale prices for single family homes on Maui hovered around the same price for February 2022 decreasing slightly from $1,157,000 to $1,100,000, representing a 35.2% increase when compared to this time last year. For condos, the median sales price in February was $730,500 which is up from January when the median sales price was $713,500. However, compared to last year at this time, there has been a significant increase of 31.2% in the median sales price for condos.