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Sales of single-family homes in Maui County plunged last month amid dwindling inventory while the median price increased.
The number of homes sold fell 20.9 percent to 72 from 91 in November 2016 as the inventory of homes for sale declined 10.3 percent to 504, according to a recent report from the Realtors Association of Maui. The months’ supply of inventory fell 17.2 percent to 5.3 months from 6.4 months in the same month last year.
Fewer homes available to purchase pushed up the median price by 8.5 percent to $689,000 from $635,000. The increase in the median price was helped by four homes in the Wailea/Makena area that sold for a median of more than $4.5 million, a home in Hana that sold for $2.85 million, one in Kapalua that fetched $2.4 million and two in the Napili/Kahana/Honokowai area that sold for a median of nearly $2.1 million.
The most single-family sales occurred in Kihei, where 19 homes sold for a median of $640,000.
Despite lower inventory, condominiums experienced a 12.5 percent increase in sales to 126 from 112 in November 2016. The inventory of condos for sale dropped 29.6 percent to 627 while the months’ supply of inventory plummeted 36.3 percent to 5.1 months from 8 months in the year-earlier period.
The median price for condos rose 4.6 percent to $400,000 from $382,500. On the high side, five condos in Kapalua sold for a median of $4.15 million. Kihei saw 62 sales that more than tripled the number of sales in the next closest area, but the median price of those condo sales was just $367,500.
With single-family homes and condos in demand, the days on the market for single-family homes and condos declined by 20.4 percent and 13.4 percent, respectively.
HOME SALES
The number of homes sold on Maui in November with the median price and percentage change from the same month last year:
HOMES
SALES | MEDIAN | PRICE
November 2017 | 72 | $689,000
November 2016 | 91 | $635,000
Change | -20.9% | 8.5%
CONDOS
SALES | MEDIAN | PRICE
November 2017 | 126 | $400,000
November 2016 | 112 | $382,500
Change | 12.5% | 4.6%
Source: Realtors Association of Maui
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