Maui Market Report for Sept 2022

 
The most notable observation of Maui’s real estate market activity during September 2022 is the overall lack of new properties listed for sale island-wide, with only 61 single-family homes and 69 condos listed in the last month. Even with a lack of inventory, buyers are showing restraint as days on the market tick slightly higher and total sales activity continues to trend downward. As a means to counteract higher mortgage interest rates which have doubled in the past year, many are turning to adjustable-rate mortgage loans while seller financing is becoming more common.
 
SINGLE FAMILY HOME TRANSACTIONS: Year-over-year, total sales for single-family homes declined nearly 50%, with only 57 properties sold in September. The market areas with the biggest declines in sales activity included Wailuku, Haiku, Kihei, and Lahaina. Even with less inventory, homes are taking 11 days longer to sell than at the same time last year as median sales prices hold steady reclaiming the $1 million mark island-wide.
 
CONDO HOME TRANSACTIONS: Much like single-family homes, condo sales have declined 46% year-over-year, especially in the luxury areas of Wailea, Kaanapali, and Kapalua. While the median sales price for condos increased by 10% to $800K in September, it appears to be leveling off in recent months as affordability becomes more of a concern for prospective buyers. About 1 in 5 condos sold above the asking price, compared to 1 in 3 last year.
 
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