HONOLULU (AP) — Figures from a realtor organization show Maui's housing market set price records in 2020 despite an economic downturn and reduced sale volume.
The Realtors Association of Maui recently published data showing median sale prices rose to $795,575 for single-family homes and $570,000 for condominiums last year, the Honolulu Star-Advertiser reported Tuesday.
The price for single-family homes increased 7% from the previous record of $741,178 in 2019.
The record condo price increased 10% from $516,000 in 2019 and surpassed the previous high mark of $550,000 set in 2007, which came at the end of a housing market boom that was followed by the Great Recession from 2007 to 2009.
Yet sale volume was depressed for Maui housing in 2020, the association's data showed.
There were 1,055 single-family homes sold last year, down 6% from 1,120 the year before. Condo sales fell 17% to 1,336 last year from 1,609 the previous year.
Maui’s full-year results were capped by an unusual flurry of activity in December, despite the last month of the year typically being slow for real estate sales.
There were 105 single-family home sales last month, an 8% increase from 97 sales a year earlier. The figure represented the second-highest level for any month last year after 107 sales in September.
December condominium sales increased 35% to 169 from 125 a year earlier, topping the volume of all other months in 2020.
Median sale prices for single-family homes in December rose 17% to $865,000 from $740,000 a year earlier. The December price mark for condos increased 22% to $629,000 from $514,120.
The realtors association predicted strong buyer demand and low mortgage interest rates will extend a trend of lower sales and higher prices, seen during the second half of last year, into the early part of 2021.
The inventory of Maui homes listed for sale decreased 17% last year for single-family homes, but condo inventory grew 22%.
“Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market,” the association report said.