Closing out the first quarter of the year, the trend continues for the Maui real estate market. With record-low inventory, prices for single-family homes and condos continue to set new records are one in every three properties are sold for above asking price. Even as interest rates climb above 4.5%, buyer demand remains strong especially for condos.
- Change in number of closed sales: -23.0%
- Change in median sales price: +15.3%
- Change in number of total properties sales: -48.1%
There were 40 less homes listed for sale in March 2022 (117) than in March 2021 (157), resulting in 16% less total sales while median family home prices increased by 18% year over year. Key market areas with the strongest demand were the residential communities of Kahului, Wailuku, and Makawao. Across the island, sellers continue to have the upper hand but should remain caution of being too greedy as buyers are showing discipline noted by more frequent price reductions.
The Maui condo market is red hot as more buyers look to condos for greater availability and more accessible price points. Compared to the same month last year, median prices rose 26.1% while days on market were 46 days faster, led by the vacation friendly areas of South and West Maui.
March Maui Real Estate Key Takeaways
- Consumers across the nation are feeling the bite of inflation and surging mortgage interest rates
- Interest rates are up 1.4 percent since January
- Would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low
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)