The median sales price on Maui reached a new high again last month at $1,117,500 for single family homes. This price represents a 44.5% increase when compared to June 2020. 60 of the 112 homes sold last month were $1,000,000 or more – a 275% increase from last June.
The median sales price for condos was $625,000 last month, which is up from $612,500 in May. This represents a 24.3% increase when compared to this time last year.
The number of sales remained steady last month, dropping by a few units since May 2021 from 364 to 359 units. This is drastically different than last year at this time, when the real estate market on Maui was just beginning to heat up.
Lack of inventory remains to be a main issue causing imbalance in the market. New condo listings decreased by 17% last month when compared to June 2020. The number of new listings for single family listings shows almost no change when compared with this time last year. However, the drastic increase in number of buyers is why the inventory remains so low.
The average days on the market for single family homes decreased slightly from 80 days in May to 74 days in June. This is a 29.5% decrease when compared to this time last year.
The average days on the market for condos sold last month remained at 94 for the second month in a row. This is a decrease of 20.6% when compared to this time last year.