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% to 72 from 91 in November 2016 as the inventory of homes for sale declined 10.3% to 504, according to a recent report from the Realtors Association of Maui. The months’ supply of inventory fell 17.2% 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% 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% 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% to 5.1 months from 8 months in the year-earlier period.
The median price for condos rose 4.6% 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% and 13.4%, respectively.
Tribune Content Agency