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.
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.
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.
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.