MAY 2023

 

Those waiting for Maui home prices to drop will be disappointed to learn that the median sales price of single-family homes established a new all-time high in May, reaching $1,271,500, while median prices for condos continued to hold the $800K mark. Even though total sales are down year-over-year, a similar decline in new listings continues to put pressure on the Maui real estate market, which favors sellers due to such limited inventory for sale. Higher mortgage interest rates are having little impact on Maui, as 45% of sales were in cash. The average cash purchase amount was $2.94 million for single-family homes and $1.15 million for condos.

Collectively, Maui's single-family home market is showing signs of heating up. Since February of this year when sales activity hit a 15-year low, sales have increased by 65%. Year over year, the median sales price for a single-family home has increased by 4%, in line with pre-pandemic appreciation. Last month, the average price for a three-bedroom home (29 sales) was $1.223 million, and for a four-bedroom (26 sales), it was $2.593 million.

Maui's condo market has remained relatively unchanged in recent months. A lack of inventory continues to keep prices near all-time highs, as condos sell in just 62 days. Highlights of the condo market include Mahana, with three sales averaging $1.8 million, Hale Kamaole with two sales and an average of 43 days on the market, and the Montage Residences Kapalua Bay, which had the highest condo sale in May at $4,450,000.

 


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