No slowdowns in sight for Maui’s ongoing real estate bonanza!
The Maui median sales price for single-family homes remained high in the month of May, coming in at $1.21 million, just below April’s all-time record high of $1.25 million—even as sales declined 19.7% when compared to last year.
Even still, last month’s median was 19% higher than the median of May 2021, despite the total number of homes being sold declining for the fifth consecutive month (all of 2022 thus far), according to the latest report released by the REALTORS® Association of Maui.
Meanwhile, the median for condominium sales remained strong as well, checking in at $715,000 last month, a 16.7% increase from this same time last year.
While total sales numbers may be down, the ongoing paucity of available units has ensured buyers are still willing to pay a premium for homes on the Valley Isle. Single-family units sold last month saw over 99% of listings receive their total asking price, and condos received 100%.
The declining number of total sales tracks with nationwide trends in the real estate market, as the increase in mortgage rates and ongoing, rising home prices have contributed to a 2.4% decline nationally in home sales. Economists are predicting that sales are likely to continue slowing in the near future, according to the National Association of Realtors and as reported in Maui Now.
“The slowdown in sales has provided a much-needed lift to housing supply, with inventory up 10.8% from the previous month, although supply remains down 10.4% compared to this time last year, with only 2.2 months’ supply of homes at the current sales pace,” the report said.
Friends Helping Friends with Feed My Sheep in Lahaina Town
This past month our team was honored to serve our community through the Feed My Sheep program, a unique volunteer network that distributes food to neighborhoods in need. Our realtors lent a helping hand for RED Day, Keller Williams’ annual day of service, to prepare bags of canned goods, fresh veggies, chicken, pasta, and milk to families struggling with food insecurity. As you can see, we had a lot of fun as well!
Feed My Sheep provides over 69,000 half-pound meals per month to Maui Nui, helping 3,200 individuals over the past year alone. Offering emotional support as well as mobile food distribution, their mission to bring the community together through nourishing the hungry in mind, body, and spirit is one that Keller Williams and the Maui Luxury Real Estate Team are proud to support.
Below are their regularly scheduled distribution dates and locations:
- Lahaina: weekly on Thursdays, 10:30 to 11:30 AM, Lahaina United Methodist Church
- Wailuku: weekly on Fridays, 10:30 to 11:30 AM, Living Way Church parking lot
- Kahului: weekly on Saturdays, 9:30 to 12:00 PM, 150 S. Puunene Ave next to the Post Office
- Kihei: weekly on Saturdays, 10:30 to 12:00 PM, Hope Chapel
- Hana: on the last Wednesday of each month, 4:30 to 5:30 PM, Wananalua Congregational Church