A dwelling is outlined for sale not long ago on Maui. Computer system: Andrea Wallace

Maui County’s one-spouse and children property median revenue price at $1.21 million in May possibly hovered just down below the history substantial when product sales showed indicators of slowing, in accordance to a new report by the Realtors Affiliation of Maui.

The all-time report was set in April $1.25 million, which capped a streak of 6 months where Maui County’s median was extra than $1 million. 

Past month’s median gross sales value was 19% larger 12 months above 12 months, according to the report introduced Friday. 

The median product sales cost for condominium houses last thirty day period was up 16.7% year in excess of yr to $715,000.

At a national stage there are signals that the housing marketplace could be cooling, the report explained. Large dwelling prices and a surge in property finance loan desire rates are slowing purchaser exercise, and residence profits are declining.

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For Maui County, the volume of precise revenue in May perhaps declined 12 months in excess of year for both equally solitary-household properties and for condos. It’s the fifth consecutive month of reduced gross sales. 

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Single-relatives residence revenue dropped 19.7% to 98 models and condos fell 37.6% to 151 when compared with the similar timeframe last yr.  

Pending sales, a rely of the homes on which delivers have been acknowledged, also fell very last thirty day period. One-relatives houses declined 26.8% to 82 and condos plummeted 49.8% to 117.

With frequently slipping stock, prospective buyers are nevertheless paying top rated greenback for their households.

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One-family properties observed 99.1% of record selling price obtained, a 1.2% improve from the exact timeframe previous calendar year. Condos saw 100.1% of record cost gained, a 1.7% bump from last May possibly.

Stock fell 9.7% to 213 for one-family members homes and 30.8% to 175 for condominiums. 

New listings for solitary-household residences dropped 18% from the exact timeframe very last year to 113. Days on the marketplace until eventually sale fell 7.4% to 125. 

New listings for condominiums fell practically 30% to 146. Times on the marketplace till sale dropped about 48% to 76. 

On Maui, the best medians for solitary-family houses very last thirty day period have been in Wailea/Mākena, where by four homes offered with a median of $15.5 million, Olowalu, in which two residences sold with a median of $6.15 million, and Haʻikū, exactly where 6 houses offered with a median of $2.3 million.

The least expensive medians were being on Lānaʻi, in which a single sold for $768,000, Honokohau, in which one bought for $792,000 and Wailuku, where 19 offered for $945,000.

When it comes to volume, Wailuku, 19 at $945,000, Kula/Ulupalakua/Kanaio, 12 at $1.6 million, and Kīhei, 10 at $1.3 million, noticed the most units shift. 

For condos, the greatest median sales selling prices were being in Wailea/Mākena, wherever 11 marketed for $1.95 million, Kāʻanapali, in which 16 offered for $1.6 million, and Kapalua, wherever five offered for $1.25 million.

The cheapest medians had been in Kahului, exactly where 7 bought for $175,000, and Molokai, the place eight bought for $312,750. 

When it arrives to rental income volume, Kīhei noticed the most motion, with 45 marketing at $1.25 million, Nāpili/Kahana/Honokōwai, in which 37 sold at $725,000, and Kāʻanapali, where by 16 bought at $1.6 million.

On a national degree, existing residence product sales were down 2.4% from the earlier month, when pending gross sales fell 3.9%. Economists predict sales will proceed to soften in the in close proximity to potential, which may well place a downward stress on property charges, according to the National Association of Realtors.

“The slowdown in sales has offered a a lot-necessary elevate to housing offer, with inventory up 10.8% from the former thirty day period, although source remains down 10.4% compared to this time very last year, with only 2.2 months’ provide of residences at the present revenue tempo,” the report explained.