Maui Real Estate Market Report: October 2023. Where is the Market?
Maui’s real estate market has continued its soft streak. After the August 8, 2023 fire, the market basically stood still for a few weeks, and understandably so. The community of Maui was solely focused on recovery and assistance. So slowly realtors came back to their business but came back to a market with high interest rates and now even lower inventory. So that pushed the median price as there does seem to be pent-up demand but the low inventory does not help in the amount of sales. You can’t sell what you don’t have. *We shall see if/when the lower interest rates fuel sellers to put their property on the market. If so, I believe the demand will be there. Of course, no crystal ball here but just a professional opinion. But all indicators show a tightening of the market in the coming months ahead.
*Anecdotal evidence: I am posting this on November 17, 2023. I have noticed an uptick in listings, an uptick in inquiries so those are some positive signs of activity. My colleagues in our office have noticed that as well. Stay tuned!
In October of 2023, there were only 48 single-family homes sold in Maui County.
Contrast that to:
October 2022: 79 sold. *Important note that Hawaii Safe Travels for Domestic Vistors ended both its travel quarantine requirements and the Safe Travels program, meaning there will be no COVID-19 vaccination or testing requirements for domestic arrivals on March 26, 2022.
October 2021: 111 sold “pandemic”.
October 2020: 96 sold “pandemic”
October 2019: 104 sold
Year over year, the median sales price for single-family homes increased by 18%, reaching $1,269,025. One in every four homes selling above the List Price.
The concerns over inventory are reflected in the numbers. There were over 2,200 structures destroyed in the Lahaina fires, the majority of which were residential. This may put even more pressure on affordability.
In October of 2023, there were 69 Closed Condominium sales. * 9 sales were La’i Loa at Wailea Condos that went mostly under contract in prior years (2022, 2021, 2020)
Contrast that to:
October 2022: 89 sold
October 2021: 134 sold
October 2020: 96 sold
October 2019: 104
*Important note, a new condo development called La’i Loa in Wailea (75 units in 15 Buildings. You can read about it in my previous blog here.) is now in its closing phase (meaning units are being finished to close on sale and buyers are able to take ownership and move in). So these sales (many of them sold during the Pandemic in 2021) are now closing (9 units in the month of October 2023), therefore these sales will skew the numbers and percentages until all have been recorded. Keep in mind that aggregate numbers in Maui are small so therefore more influenced by anomalies. Hence an experienced real estate agent who works in the area can be truly beneficial! Excluding the sales at La’i Loa, the median price for condos on Maui dipped slightly to $747,500.