The sale of single family homes on Maui dropped by -23.2 percent year-to-date and the Inventory of Homes for Sale dropped with only 501 active home listings on the market at the end of February, a -14.2 percent decline versus the 584 active listing at the end of February 2018. The Months Supply of Inventory dropped -9.8 percent with 5.5 months supply. So, although sales have dropped, there is still a pervasive issue with inventory levels.
The Median Sales Price for a single family home rose 9.7 percent through February to $751,425 versus $685,000 at the same time in February 2018. The Average Sales Price was down -10.0 percent from $1,167,064 in February 2018 versus $1,050,116 in 2019.
Condominium Sales are up slightly year-to-date gaining 2.0 percent year-over-year. New Listings dropped -15.2 percent and Pending Sales were down -14.8 percent.
Just like single family homes, the Inventory of Condominiums for Sale continues to drop. At the end of February, the Inventory of Condominiums for Sale was down -21.8 percent and the Months Supply of Inventory was down -20.4 percent to 4.3 months. At the end of February, there were 557 condominiums on the market on Maui versus 712 units for the same time last year.
The Median Sales Price was up 8.3 percent year-to-date at $525,451 which the Average Sales Price down slightly by -1.1 percent at $667,124.