Last year was a robust for real estate sales for homes and condominiums.
The number of single-family homes sold on Maui increased 30.1% in 2021 compared to the prior year, according to a recent report from the Realtors Association of Maui.
Year-to-date, 1,378 single-family homes were sold through December, compared to 1,093 in 2020, the monthly market report stated.
In December alone, single-family home sales increased 11.1% December over December, with 120 homes sold last month compared to 108 in December 2020.
Meanwhile, the 2,315 condominiums sold in 2021 were a 70.1% increase over the 1,361 condos sold in 2020. The 174 condo sales that closed last month, however, were only up a marginal 1.4% from the 171 sales closed in December 2020, the report noted.
Additionally, the report found that available single-family home inventory dropped 51.4% December over December, from a 3.5 month supply in 2020 to 1.7 month supply in 2021. The number of homes for sale dropped 40.3%, from 320 in December 2020 to 191 in 2021.
Condo inventory saw an even bigger decline of 88.1%, the report found, from 6.7 months supply of inventory in December 2020 to 0.8 month last month. The number of condominium homes for sale dropped from 714 to 151 for the same time periods.
The median single-family home sale price YTD was $995,000, 25.2% higher than the 2020 median price of $795,000. Meanwhile the median sale price in December was $1,075,000, 26.6% higher than the $849,000 median price observed in December 2020.
The median condo price YTD was $650,000, 12.6% higher than the median price of $577,100 noted in 2020. The median price in December alone was $700,000, an 11.1% increase over the median price of $630,000 in December 2020.
“Looking ahead, experts anticipate many of the housing market trends of 2021 will continue in 2022, albeit at a more moderate level,” the report states. “Strong buyer demand and inventory shortages are likely to persist over the next year. Home sales are projected to remain strong but will be tempered by the limited supply of homes, high sale prices, and rising interest rates, with the Federal Reserve planning multiple rate hikes in the new year. Price growth is expected to slow somewhat, but affordability will likely remain a top constraint for some homebuyers.”