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Maui’s housing market set price records last year amid an economic downturn and reduced sale volume.
The Realtors Association of Maui recently published data showing that median sale prices rose to $795,575 for single-family homes and $570,000 for condos last year.
The figure for single- family homes was up 7% from the prior record of $741,178 in 2019.
For condos the figure was up 10% from $516,000 in 2019 and broke the more than decade-old record of $550,000 set in 2007 at the end of a housing market boom that was followed by the Great Recession.
Sale volume, however, was depressed for housing on the Valley Isle.
There were 1,055 single- family homes sold last year, down 6% from 1,120 the year before.
Condo sales plunged 17% to 1,336 last year from 1,609 the year before.
Maui’s full-year results were capped by an unusual flurry of activity in December despite the last month of the year typically being one of the slower months for real estate.
There were 105 single- family home sales last month, which was up 8% from 97 sales a year earlier and was the second-highest level for any month last year after 107 sales in September.
Condo sales in December surged 35% to 169 from 125 a year earlier and topped the volume of all other months last year.
December median sale prices jumped 17% to $865,000 from $740,000 a year earlier for single-family homes, and 22% to $629,000 from $514,120 for condos.
The trade association said in a report that it expects strong buyer demand and low mortgage interest rates will extend a trend of generally lower sales and higher prices seen during the second half of last year into the early part of this year.
“Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market,” the report said.
Inventory of homes listed for sale on Maui was down 17% last year for single-family homes. But for condos, inventory ballooned 22%.
Local economists have noted that Hawaii’s condo market has been weak because such units make up more of the rental market, and landlords have been challenged with prohibitions on vacation rentals and a moratorium on evicting tenants who don’t pay rent during the coronavirus pandemic.
HOME SALES
The number of homes sold on Maui in December with the median price and percentage change from the same month last year:
HOMES
SALES MEDIAN PRICE
December 2020 105 $865,000
December 2019 97 $740,000
Change 8.2% 16.9%
CONDOS
SALES MEDIAN PRICE
December 2020 169 $629,000
December 2019 125 $514,120
Change 35.2% 22.3%
Source: Realtors Association of Maui
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