April 2023

 

The recent uptick in Maui sales activity was short-lived as there were 52 fewer sales in April than in March 2023. Year over year, total sales are down 46%. While sales activity has slowed, median sales prices are holding strong at $1,112,500 for single-family homes and $877,000 for condos. Combined, all property types are selling in 75 days as overall demand has stabilized in today’s higher mortgage interest rate market. Looking ahead to the summer months, expect current market conditions of tight inventory levels and moderate sales activity to continue.

 

Don’t be fooled by the lower number of sales of Maui single-family homes, as demand remains strong across the island. In April, median sales prices are holding steady above $1.1 million, as one in every five properties continues to sell above the asking price. Now more than ever, pricing a property is critical. Of all properties sold in April, 25% had a price reduction, with those properties having an average of 184 days on the market compared to 85 days on the market for sold properties with no price reduction.

 

Maui’s condo market remains competitive across the island as an overall lack of inventory continues to create unique opportunities for sellers. In total, there were 65 condo complexes with sales in April, of those, 47 complexes (72%) only had 1 sale. With limited listings and median sales prices holding just below all-time highs, if you have been thinking of selling or diversifying your real estate portfolio, now may be an opportune time. For more information about your favorite Maui destination, please don’t hesitate to contact me.

Aloha.