Maui median home price below $1M as homebuyers hit pause – Honolulu, Hawaii

Honolulu, Hawaii 2021-10-13 21:45:00 –

Wailuku >> The average selling price of a Maui single-family home fell below $ 1 million last month as market-priced people chose to suspend home purchases.

Maui News reported On Monday, the average selling price for single-family homes in the county was $ 996,500 in September. This is an increase of 27.3% from the same month last year. However, it is below the May-August level, where the median has exceeded $ 1 million for the fourth straight month.

Average home prices in Kauai and Honolulu County also exceeded $ 1 million this year.

A September report from the Maui Real Estate Agents Association said lower affordable prices had a “significant impact” on market-priced homebuyers.

Association president Keoneball said on Sunday that he believed prices would recover.

“The problem is volume, you know, not enough for sale,” he said.

Low inventory and high demand for affordable homes are also a national problem, he said. According to the US Open, existing home sales across the country fell slightly in August, rising 2% after rising for the second straight month.

“We’re just not building well, that’s what economists have said for years. We’re decades behind, not building enough,” Ball added. ..

Pending sales of single-family homes in Maui County fell 4.3%, while condominium sales increased 5.7%.

Mr Ball said the resolution of the COVID-19 pandemic could have boosted investment in condominiums. Affordable prices and condos are the “only options”.

Average selling prices for condominiums increased 46.6% to $ 729,125.

Maui median home price below $1M as homebuyers hit pause Source link Maui median home price below $1M as homebuyers hit pause

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