Typically a quieter time of the year for Maui’s real estate market, October shook off historical expectations with a productive month. Buyers are remaining active with limited supply across all segments. Properties are continuing to receive competitive multiple offer situations.
- Change in number of closed sales: -2.8%
- Change in median sales price: +11.3%
- Change in number of total properties sales: +2.2%
New single family home listings decreased by 29.4% from the previous year with 101 new listings coming to market. Buyer activity increased with 99 homes entering escrow, a 13.8% increase from the same time last year. Closings fell by 7.7% to 96 homes sold. Days on market average came down 2% to just over 4 months. Median sales price for a home increased by 18.5% to $867,500.
New condos listed in October were on par with the same time last year at 168. 121 condos entered escrow, a 3.3% increase from the previous year. Condos sold figures were also down to 121 condos sold, a whopping 18.5% decrease from last year. Days on market average fell 18.5% to 123 days. Median sold price for a condo increased 12.7% to $587,800.
October Maui Real Estate Key Takeaways
- New record lows for Mortgage rates are helping offset the increase in sales price
- Red hot demand is signaling to continue into winter
- Canadian visitors are slated to be welcomed back in December
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market.
Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.
Anthony Sayles R(S)