Closing out the year, Maui’s real estate market held its recent pace as both sales and median prices stayed within the range of previous months. While it may feel that the market has lost its feverous pace due to increasing mortgage rates and waning consumer confidence, the market is still up from the same period last year. Looking ahead, we anticipate more of the same in 2023 as a general lack of inventory will continue to support current median sales prices.

Single-Family Home Transactions
Across the island, December 2022 was a mixed bag for sales activity when compared to the same month last year. The market showed strength in residential areas that feature more owner-occupied properties, while the leisure and second-home markets showed signs of slowing. Collectively, residential sales were down 40%, while median prices increased 3%.

Condominium Transactions
Last month there were only 67 condo sales, down -66% from 176 sales last year. While it is easy to think buyers aren’t interested in condos that is simply not true. The root of the limited sales activity lies in the lack of inventory for sale. With 50% less listings this December than last buyers remain active as median sales prices increased 11% year over year and days on market remained near record lows.

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