Maui Market Report for March 2024

The Maui real estate market maintained its consistency throughout the first quarter of the year as in March, there was a steady increase in single-family home sales activity, while the condo market displayed a mixed environment across the island. Notably, an overall decrease in days on market for both property types, -16% for single-family homes and -9% for condos compared to the same period last year, indicates continued strong buyer demand.

Single-family home sales held steady in March with a totak of 74 sales, a slight increase of 1.4% year-over-year, accompanied by a significant 9% year-over-year rise in tge island-wide median sold price to $1.3M. Buyer activity has picked up in Central Maui and inventory has continued its upward trend throughout the first quarter with a 14% increase in new listings compared to this time last year.

While condominium sales across Maui experienced an overall 23% year-over-year decline in total sales (93), 12 closings in Wailea’s new development La’i Loa contributed to the 63% (YoY) surge of the median sales price that reached $1.3M in March. Excluding the La’i Loa properties with their median sales price of $2,452,275, the remaining 81 condos had a median price of $975,000.

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