Kihei Single Family Homes
Inventory continues to drop for single family homes in Kihei. Inventory dropped -26.8 percent at the end of September to 52 listings versus 71 last year at the same time. The Months Supply of Inventory dropped by -23.9 percent to 3.5 months.
In addition to the drop in inventory, New Listings going on market this year have dropped by -21.1 percent and Pending Sales are now down by -9.6 percent. Closed Sales are also down by -2.9 percent as buyers search for the right house.
The Average Sales Price of a single family home in Kihei is up by 5.3 percent year-to-date at $989,564. Last year for the same time period, the Average Sales Price was $939,504.
Inventory is also an issue for the condominium market in Kihei. The Inventory of Condominiums for Sale dropped -39.3 percent at the end of September with 111 active condo listings. The Months Supply of Inventory is now down to 2.1 months at the end of September, a -44.7 percent decline versus the same time last year.
New Listings dropped year-to-date by -6.2 percent, but unlike the single family home market, Pending Sales are up by 7.4 percent year-to-date and Closed Sales are up by 16.8 percent with 472 closed condominium sales through September. The Days On Market Until Sale also continues to drop for condominium sales in Kihei with a -7.8 percent decline or 130 days.
The Average Sales Price of a Kihei condominium is up by 2.7 percent to $484,145 and the Median Sales Price is up by 7.4 percent to $407,000.