September 2021 Market Update

Dated: October 28 2021

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How's the Market?

Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year.

Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.

  • New Listings down 9.8% for homes and 29.2% for condos

  • Pending Sales down 4.3% for homes but up 5.7% for condos

  • Inventory down 44.3% for homes and 82.3% for condos

  • Median Sales Price up 27.3% to $996,500 for homes and 46.6% to $729,125 for condos

  • Days on Market down 14.9% for homes and 6.9% for condos

  • Months Supply of Inventory down 57.1% for homes and 90.8% for condos

There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.

Click here to view the full 22-page report for September 2021 Year-to-Date. 

Have further questions? 

I love to talk Maui real estate! Contact me at 808-281-4711 or diane@dianebercik.com.

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Diane Bercik

Diane Bercik specializes in residential property sales on Maui. She serves as Broker-in-Charge for Maui Paradise Properties (MPP). Diane has worked on transactions all over the island and has a partic....

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