JUNE 2023

At the midway point of the year, Maui's real estate market continues to hold its pace as all key indicators such as total sales, median price, days on market and new listings have remained relatively stable in recent months. As a consistent lack of inventory for sale and 6.5%+ mortgage interest rates persist, buyers are beginning to normalize to market conditions by making larger down payments and considering different loan options. As such, market activity may begin picking up in the second half of the year.

Single-family home median prices maintained the $1 million mark even as total home sales saw a slight decrease in June. Despite this, demand appears to be on the rise as evidenced by a drop in the number of days on market, reaching a yearly low of 69 days. In addition, one in every five properties sold for above the asking price, a trend most notably observed in Upcountry and the resort areas. With only 3.7 months of inventory remaining, sellers continue to be in control of the market.

The condo market in Maui reached an all-time high, with the median price hitting $994,250 in June 2023. This surge was largely driven by the closed sales of new condos at South Kihei's Paradise Ridge Estate, which accounted for seven transactions at an average sales price of $1.2 million. On the whole, the residential condo market has experienced a slight cooling. However, demand for condos eligible for short-term vacation rentals (STVRs) continues to be robust.

Please don't hesitate to reach out for any information about Maui and Hawaii real estate.  My direct cell is 808.419.1982

Aloha,

Angela


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