Kahului May 2018 Real Estate Update
Single Family Homes
Through May of this year, homes sales in Kahului have been very good. Both the Average and Median Sales Prices are up by double digits. The Average Sales Price through May was $672,305 a 16.6 percent gain over last year for the same period and the Median Sales Price was $679,000 a 18.1 percent increase.
The Inventory of Homes for Sale dropped by -29.2 percent at the end of May with 17 active home listings. The Months Supply of Inventory dropped by -39.1 percent to 1.4 months.
New Listings through May dropped -34.2 percent and Pending Sales dropped -5.3 percent. Closed Sales are up year-to-date wtih 73 closed transactions versus 53 for last year for the same period. Days on Market Until Sale dropped by -8.7 percent to 136 days or 4.5 months reflecting a good Sellerʻs Market.
The sale of condominiums in Kahului have also been extremely strong. Both the Average and Median Sales Prices experienced strong gains in the first five months of the year ending in May. The Average Sales Price was up 25.0 percent to $152,863 and the Median Sales Price was up 27.0 percent to $119,600 versus $94,152 for the same period last year.
The Inventory of Homes for Sale dropped by -33.3 percent at the end of May to 4 active condominium listings in Kahului and the Months Supply of Inventory dropped -58.6 percent to 1.2 months. The inventory of condominiums is very low in Kahului!
New Listings going on market dropped by -10.5 percent through May of this year and Pending Sales dropped by -13.3 percent. There was a 7.1 percent gain in the number of Closed Sales through May. The Days on Market Until Sale dropped by almost half or -44.1 percent from 143 days in 2017 to 80 days through May 2018.