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Single-family house prices just shy of record

admin Comments 0 March 7, 2021

Single-family house prices just shy of record

Median cost strikes $865,000 in December

Colleen Uechi

Maui County single-family home rates in December came just timid associated with the all-time record emerge October as need remained strong despite a rise in instances and a typically slow month, in line with the report that is latest through the Realtors Association of Maui.

The median cost for a single-family home in December had been $865,000, just a little underneath the $867,500 in October that marked a brand new record high because the relationship started monitoring housing costs in 1993.

December’s house rates had been a 16.9 per cent enhance on the median cost of $740,000 in addition the year that is previous. Pending product product sales increased 60.3 % from 78 in December 2019 to 125 month that is last while shut sales went up 8.2 per cent from 97 to 105.

In accordance with the report released Friday, “December is usually one of many slowest months of the season, but strong customer demand across many portions for the market, buoyed by near-record low-interest prices, continue to drive a healthy and balanced product product sales speed when confronted with a fresh wave of infections and a softening jobs market.”

While costs and product product sales went up, brand brand brand new listings of single-family houses declined 18.9 % year over 12 months, from 132 to 107. Housing inventory also dropped 42.2 per cent from 495 to 286. Domiciles had been in the marketplace for 129 times when they offered in December, slightly more compared to 125 days recorded in addition the previous 12 months.

Median house costs in Maui County exceeded $800,000 when it comes to very first time in April 2019 and once more in August 2019, based on RAM information. The median product product product sales cost has hit $800,000 five times in 2020 — March, might and October through December.

Many single-family houses had been sold in Kihei, where 21 units offered by having a price that is median of839,000; Wailuku, where 17 devices offered with a median cost of $750,601 and Haiku, where 11 devices sold having a median cost of $950,000. Eight houses had the once been additionally sold in Kahului ($740,000), Pukalani ($845,000) and Napili-Kahana-Honokowai ($927,500). The most costly homes had been in Kapalua, where five devices sold with a price that is median of4,450,000; Wailea-Makena, where three devices offered with a median of $3,800,000 and Kaanapali, where in fact the four domiciles offered possessed a median cost of $3,400,000.

One house ended up being bought on Molokai for $436,000, while none in love with Lanai.

Meanwhile, condominium costs in Maui County additionally rose, going from $514,120 in December 2019 to $629,000 month that is last a growth of 22.3 %. It absolutely was the second-highest mark a year ago after condo rates additionally reached $680,000 in might.

The condo market saw development in the majority of groups in December. Stock ended up being greater at 685, a rise of 29.5 % within the 529 offered by the same time frame the previous 12 months.

Pending product sales went up 23 % from 113 to 139, while shut product product sales expanded 35.2 percent from 125 to 169 and brand new listings had been up just somewhat, from 145 to 146. How many times that condos had been in the marketplace when they offered rose 6.3 % from 128 to 136 12 months over year.

Much like single-family houses, Kihei had been the market that is hottest for condos, where 54 offered by having a median cost of $532,000. Another 27 sold in Wailea-Makena by having a median cost of $1,498,000, the greatest countywide. Other busy areas included Napili-Kahana-Honokowai, where 24 devices offered having a price that is median of474,000; Lahaina, where 17 offered having a median of $536,990; Kapalua, where 13 offered with a median of $1,250,000; and Kaanapali, where another 13 offered having a median of $950,000.

Four condos in love with Molokai having a price that is median of129,500, while none obsessed about Lanai.

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