Highlighted News Stories from Mid-July 2023.
Maui County home sales/inventory down, compared to last summer, as prices cool slightly after a $1.27M high.
The housing market in Maui County has experienced record-setting prices in recent months. In May, the median sales price for a single-family home reached $1.27 million, while in June, condos reached a median sales price record high of $984,450. However, there has been a slight cooling in home sale prices, with the single-family home median dropping to $1 million in June, the lowest since August 2022. High home prices and interest rates are affecting buyers’ willingness to invest.
The overall U.S. housing market has been cooler than usual due to low inventory and higher borrowing costs, impacting sales during the summer home-buying season. National existing-home sales have seen a slight increase from the previous month but are down significantly compared to the same time last year due to fluctuating mortgage rates and low inventory.
In June, Maui County saw a decline in new single-family home listings and closed sales compared to the previous year. The busiest market was Kahului, followed by Wailuku and Kihei. Olowalu was the most expensive housing market in June, with a home selling for $7.5 million, followed by Kapalua with a median sales price of $6.04 million for two homes.
Condo sales also experienced a decrease in June, with Kihei leading in the number of condos sold. The Napili/Kahana/Honokowai area and Wailea/Makena area were the second and third highest, respectively, in terms of condo sales.
In June, there was a significant land sale in Kaupo for $21 million, and Kamehameha Schools acquired over 4,500 acres from Kaupo Ranch Ltd. for the same amount.
Overall, single-family home sales and condo sales in most areas of Maui County have decreased in the first six months of the current year compared to the same period in 2022. The only exception is Pukalani, which saw an increase in condo unit sales compared to last year.