The number of closed sales decreased slightly for single-family homes last month with 94 sales, but for condos the number of units sold saw a significant increase with 121 sales. While the number of condo sales is not quite at pre-pandemic levels, the increasing number of sales is a promising recovery sign for the condo market. For single family homes, the decrease in number of sales last month represents the first decrease since May when there was a record low of just 42 homes sold.
Last month, the median sales price for single family homes increased significantly to $880,000, which is up from $785,000 in September and represents a 20% increase when compared to this time last year.
For condos, the median sales price was also on the rise last month, increasing from $495,000 in September to $587,800 in October. This is a 12.7% increase in median sales price when compared to this time last year. Numbers show that the median sales price for this past month is indicative of the spike in the number of condos that sold at $1,000,000 or more. This number nearly doubled when compared to September.
Inventory remains low and overall properties for sale on Maui has decreased this past month for the third month in a row. The number of new listings also dropped last month by 12% last month when compared to September. With 262 new listings in October, this remains lower when compared to this time last year. The low inventory and low interest rates continues to increase buyer competition.