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Maui Home Prices Rise 16.9 Percent in December as Inventory Drops

Homes in Lahaina on Maui, where the County Council may soften its affordable housing requirements. Photo: Flickr

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.

New Listings decreased 18.9 percent for Single Family homes but increased 0.7 percent for Condominium homes. Pending Sales increased 60.3 percent for Single Family homes and 23.0 percent for Condominium homes. Inventory decreased 42.2 percent for Single Family homes but increased 29.5 percent for Condominium homes.

Median Sales Price increased 16.9 percent to $865,000 for Single Family homes and 22.3 percent to $629,000 for Condominium homes. Days on Market increased 3.2 percent for Single Family homes and 6.3 percent for Condominium homes. Months Supply of Inventory decreased 39.2 percent for Single Family homes but increased 67.5 percent for Condominium homes.

With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. 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.

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