Single-family Home Prices Almost at Record Level
Maui County single-family home prices in December came just shy of the all-time record set in October as demand stayed strong despite a surge in COVID-19 cases and a typically slow month.
The median price for a single-family home in December was $865,000, a little under the $867,500 in October that marked a new record high since tracking began in 1993.
December's home prices were a 16.9% increase over the median price of $740,000 at the same time the previous year. Pending sales increased 60.3% from 78 in December 2019 to 125 last month, while closed sales went up 8.2% from 97 to 105.
"December is normally one of the slowest months of the year, but strong buyer demand across most segments of the market, buoyed by near-record low-interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market."
While prices and sales went up, new listings of single-family homes declined 18.9% year over year, from 132 to 107. Housing inventory also dropped 42.2% from 495 to 286. Homes were on the market for 129 days when they sold in December, slightly longer than the 125 days recorded the same time the previous year.
The condo market saw growth in nearly all categories in December. Inventory was higher at 685, an increase of 29.5% over the 529 available at the same time the previous year.
Pending sales went up 23% from 113 to 139, while closed sales grew 35.2% from 125 to 169 and new listings were up just slightly, from 145 to 146. The number of days that condos were on the market when they sold rose 6.3% from 128 to 136 year over year.
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