In a continuation of recent trends, Maul’s real estate market is finding its balance as
median sales prices slipped below the $1 million mark for the first time since October
2021. In recent months, buyers have shown signs of being more selective in part to
less competition, more available properties to view, and longer days on market. Those
thinking about selling should price wisely while closely reviewing nearby sales activity
to set realistic expectations.

SINGLE FAMILY HOME TRANSACTIONS:  Across Maui, there were 25% fewer single-family home sales in August 2022 compared to August 2021, with a noticeable slowdown in activity in the luxury markets. While the number of new listings has not increased significantly, months of remaining inventory is trending upwards at 3.1 months, whereas 6 months is considered a balanced market. The residential areas of Wailuku, Kahului, and Pukalanai continue to show strength as median sales prices increased year over year.

CONDO HOME TRANSACTIONS:  While total condo sales on Maui have been cooling throughout the first half of 2022 from the buying frenzy of 2021, sales have noticeably slowed to pre-pandemic levels this past month. Meanwhile, median sales prices continue to climb with a 27% increase compared to August 2021, led by luxury and resort areas of Wailea, Kapalua, Kihei and Lahaina. Interestingly, last month had the lowest number of new condo listings in the last 20 years.

Please contact me for further info on your favorite Maui locations!