April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase. New Listings increased 33.8 percent for Single Family homes and 33.9 percent for Condominium homes. Pending Sales increased 144.4 percent for Single Family homes and 536.4 percent for Condominium homes. Inventory decreased 54.0 percent for Single Family homes and 49.8 percent for Condominium homes.
Median Sales Price increased 30.3 percent to $983,500 for Single Family homes and 15.4 percent to $695,000 for Condominium homes. Days on Market decreased 30.3 percent for Single Family homes and 26.3 percent for Condominium homes. Months Supply of Inventory decreased 64.2 percent for Single Family homes and 62.0 percent for Condominium homes. In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.
Source: Realtors Association of Maui Website.
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