Maui’s Million-Dollar Question this November: Did the Median Sales Price Remain in the Seven Digits?

Aloha!

The calendar year 2022 is almost at an end, and what a wild ride it’s been:

The highest of highs to begin the year, with record-low interest rates and sales figures the likes of which have scarcely been seen
The local and national markets shifting and giving way to higher interest rates, inflation, and supply chain issues
Median sales prices remaining robust and healthy, even as total sales correct to a slower rate of growth

As 2022 rounds into its final month, the November stats have been compiled and released per usual, courtesy of our good friends at the REALTORS® Association of Maui. With so many questions to be answered as to how the Valley Isle (and our island neighbors!) will end the year, one question seems to loom largest: will our run of million-dollar median sales prices for single-family homes hold up in the face of slowing sales numbers?

The answer is yes!

For the month of November, Maui Nui saw a median price for single-family homes coming in at $1.025 million, a 2.5% growth year-over-year from November of 2021. In the year to date, Maui has seen a typical median sales price of over $1.1 million, which represents a nearly-14% growth from this same time last year ($983k).

And let’s not forget the condo market! November saw condominiums sport a median sales price of $856,250, a massive 21.8% increase from last year’s figure in November. The typical median for condos across Maui this year has been coming in at $777,500, which is quite a nice rate of growth from last year’s figures as well ($650k).

Having said all that, Maui and our island neighbors also saw a continued slowing to the total number of sales, very much in line with the trends from April of this year onward. Closed sales for both single-family homes (63) and condos (70) were down 40% and 54.5%, respectively, from this same time last year, really demonstrating the return to a more-gradual rate of growth from the sales bonanza of these past few years. Affordability continues to be a major stumbling block for buyers in both Hawai’i and across the nation, combining with the still rather-high mortgage rates to discourage or otherwise delay scores of first-time buyers and sellers looking to capitalize on their homes.

The good news in this regard, however, is that the nationwide housing inventory has been able to increase during such a slowdown, rising up to 3.3 months total, up from 2.4 months at this same time last year. While there’s still a long way to go to correct the scarcity of units—which dates back to the housing crash of 2008—it’s nevertheless a promising sign of things yet to come.

Are you lost, confused, or otherwise bamboozled by the ever-changing marketplace? Then let the certified pros at Maui International help you to buy or sell your way to the next home of your dreams today!