M
aui's latest real estate statistics reveal a mixed bag for the local economy. According to the Realtors Association of Maui, December saw a decline in single-family home sales, but a significant increase in median prices.

    The median sales price for a single-family home rose 14.5% year-over-year to $1,374,238, while condominium sales plummeted by 43.6%. However, condo median prices increased by about 1.2% to $860,000.

    Michelle Del Rosario of Maui & Co. Real Estate attributes the market disruption to various factors, including people leaving Maui and Hawaii altogether due to unaffordable wages. She emphasizes that a stronger economy is needed to help families save for mortgages, rent, and other expenses.

    Del Rosario notes that buyers are taking their time, with longer days on the market and a need for more affordable housing options. "The more workforce housing built, the more opportunities there will be," she said.

    Statistics show that single-family home sales decreased by one to 56 in December, while condominium resales dropped from 93 to 53. New listings for single-family homes increased by 13.4%, but condo listings declined by 7.7%. The median days on the market for both types of properties was 123 days.

    RAM President Lynette Pendergast highlights the need for a sustainable housing market that supports Maui's residents and adapts to the island's evolving needs. She emphasizes the importance of increasing inventory, addressing affordability, and supporting smart growth initiatives that align with Maui's unique character.