Kahului April 2018 Real Estate Update
Single Family Homes
The Kahului real estate market for homes has been very good this year with both the median and average sales prices climbing through April 2018. The median sales price of a single family home at the end of April was $677,500 a 17.8 percent increase versus last year for the same period. The average sales price was up by 16.2 percent at $673,712.
New listings going on market dropped by -31.3 percent through April 2018 with 44 new listings going on the market versus 64 at the same time last year. Pending sales rose by 12.5 percent and closed sales rose by 31.0 percent with 55 closed sales though April. The days on market until sale dropped by -9.4 percent to 144 days or 4.8 months.
As of April, the inventory of homes for sale was down -32.3 percent to 21 active properties on market. The months supply of inventory was down by -44.8 percent to 1.6 months.
There is a major shortage of inventory for condominiums in Kahului. Inventory of homes for sale dropped -50.0 percent as of the end of April with 3 active condos on the Maui MLS in Kahului. The months supply of inventory was down to 0.9 months, a -67.9 percent drop versus the same period last year.
Both the median and average sales prices of condominiums in Kahului rose through the first four months of 2018 ending in April. The median sales price was up 15.8 percent at $110,000 and the average sales price was up 5.1 percent at $133,782.
New listings of condominiums going on market in Kahului dropped in the first four months by -7.1 percent. Pending sales also dropped by -23.1 percent and closed sales were down by -8.3 percent.
The average days on market until sale dropped by -45.9 percent from 157 days at the end of April in 2017 to 85 days this year. With such a shortage of condominiums on market, prices should continue to see gains in the Kahului market.