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Condo sales were down last month, while single family homes remained strong. There were 101 single family homes sold last month on Maui, which is 18.8% more homes sold than one year ago at this time. For condos, there has been a 10.2% decrease in the number of sales when compared to this time last year. Last month was the first dip in condo sales since September 2020.
The average days on the market for single family homes increased from 95 days in December to 97 days, while condos increased from 108 days in December to 117 days in January. For condos, this represents a 30% increase in the average days on the market when compared to January 2020.
In December, the median sales price for single-family homes jumped drastically to $980,000 last month, up from $859,000. This is 26% higher than the median sales price when compared to this time last year. Important to note, there were more homes sold at $1,000,000 or more than there has been in over three years on Maui.The median sales price for condos decreased from $629,000 in December 2020 to $560,000 last month. The median sales price in January is down just 0.4% when compared to this time last year.
The number of new listings remained nearly unchanged last month when compared to December, but the number of condo listings increased while the number of single family home listings decreased. Condos represented 63% of all new listings in January, with the majority of those listings hitting the market between $500,000 – $999,999.