Ladies and gentlemen…Maui Nui did it again!
After a slight—emphasis on slight—drop off in May from the record-high median sales price in April, the numbers for June are coming in hot, and they show Maui County’s median sales price has once again risen to new heights.
Setting a new all-time record of over $1.25 million ($1,255,000, to be precise), June’s median sales price for single-family homes is up over 13% from the median of June 2021, which was over $1.1 million, according to our friends at the REALTORS® Association of Maui (RAM), who have been tracking such things all the way back to 1993.
Meanwhile, the median sales price for condominiums set a brand-new record of their own, reaching a median sales price of $832,500 in June—a 34.3% increase from this same time last year, and over $100,000 higher than the median this past May (when it was $715,000).
Interestingly enough, the number of total sales continued to decline, with nearly 25% less homes selling last month than sold in June of last year (85, down from 113). Condos followed along much the same lines, with the 150 sold last month representing a decline of over 40% from June 2021 (251).
Such trends are certainly in line with things over on the mainland, where the ever-rising costs of inflation (coupled with increasing mortgage interest rates, supply chain issues, et. al) have slowed the growth of the national housing market.
“As existing home sales continue to soften nationwide, housing supply is slowing improving, with inventory up for the second straight month,” according to June’s RAM release. “In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around…[such] prices, coupled with 30-year fixed mortgage rates approaching 6 percent, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.”
When it comes to Maui real estate, you can certainly say that again…albeit with a twist. While total sales have been on the slowdown thus far in 2022 from a volume standpoint, there are still far too many buyers competing for an overall lack of inventory, which continues to drive prices high into the stratosphere. Discerning home shoppers the world over have continued to make their presence known across Maui Nui—which means that if you’re looking to make a big splash in real estate this year on the Valley Isle, you’re going to need to draw upon the expertise of a true professional. The Maui Luxury Real Estate team has helped countless clients to find exactly what they’re looking for here on Maui, and we’d love to do the same for you.
Give us a call today and let’s get started on turning this island paradise into your next home!