October 2022

 

Maui’s real estate market remains relatively unchanged month over month as buyers and sellers remain at a standstill. Compared to October 2021, total sales have declined 30% for both single-family homes and condos while median sales prices have increased to $1M and $800K respectively. With the number of new listings being flat but with sales activity down, properties are now taking longer to sell as months of remaining inventory crept up to 2.1 months – still a sellers’ market.

 

SINGLE-FAMILY HOME TRANSACTIONS: Demand remains strong for communities comprised heavily of owner-occupied properties as the areas of Wailuku, Kahului, and Pukalani had an increase in sales activity year over year, while the more leisure areas of Kihei, Lahaina, and Kaanapali had declines of 50%. While competition has certainly cooled, properties that present well and are priced appropriately continue to sell for above their asking price.

 

CONDOMINIUM TRANSACTIONS: Even with higher interest rates, the Maui condo market remains relatively competitive amongst buyers. Median sales prices have held the $800k mark in part to an overall lack of inventory for sale. Looking back 20 years, there have never been less than 100 new condo listings for sale in a month until September (69) and October (90) of 2022. The previous low for new listings in a month was September 2012 with 108 condos listed for sale. Until more inventory hits the market, expect the trend to continue through the peak winter sales period.

 

Contact me for more information on your favorite Maui locations!