COUNTY-WIDE OVERVIEW

A shift in the market is taking shape as evidenced by a decline in total sales activity for the third consecutive month, while the number of new listings continued to increase from the low of August 2023. With this inversion, months of remaining inventory is now at 7.6 months – a shift from a sellers’ market to a buyers’ market. In this new market environment, sellers should be mindful of price, presentation, and time to sale. Buyers on the other hand have the leverage to be more aggressive on concessions and price.

SINGLE-FAMILY HOME TRANSACTIONS

JUNE 2024 VS. PERCENT CHANGE OVER LAST YEAR

Even with a shift in the market, Maui single-family homes set a new record for median sales price, reaching $1,372,500 in June. Leading the way were the market areas of Haiku, Kihei, and Wailuku, which all had double-digit increases in total sales and median prices. These market areas also outpaced the island in speed of sale and properties sold above list price.

CONDOMINIUM TRANSACTIONS

JUNE 2024 VS. PERCENT CHANGE OVER LAST YEAR

Days on market for condos have increased from 55 days in February to 93 days in June as total sales approach recent lows last set in May 2020. Headwinds facing the condo market include the recently proposed Minatoya List legislation, a 25% decline in visitors, and increased insurance premiums. Bright spots for the condo market include Wailuku and Wailea/Makena, where both sales and median prices are up year over year.

LUXURY TRANSACTIONS FOR JUNE 2024

FOR SINGLE-FAMILY HOME SALES OVER $2.5M AND CONDO SALES OVER $1.5M

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Mahalo,

Angela