How high can the Maui real estate market go? Last month was another record for the Valley Isle as the median sales prices reach new highs for both single-family homes and condos. While the number of total sales remained steady, the declining number of new listings continues to put pressure on an already tight housing market. Even with mortgage interest rates above 5%, demand remains strong among buyers.
- Change in number of closed sales: -30.9%
- Change in median sales price: +17.6%
- Change in number of total properties sales: -41.4%
Since April 2021, the median sales price of single-family homes has increased by $259,000 (26%), while total sales were down 19% year over year. Demand remains strongest in the notable residential areas of Haiku, Kihei, and Wailuku. With 21 more sales than new listings, months of remaining inventory slipped to an all-time low of 1.9 months as homes are currently selling just 65 days across the island.
Compared to this time last year, total condo sales declined by 33% from 258 to 177 in April 2022. With limited supply, condos set a record high for the second month in a row as median sales prices reached $820,000 led by the luxury condo markets of Kapalua, Kaanapali, and Wailea. With lower price points than single-family homes and backed by a strong demand for vacation rentals, expected the trend to continue.
March Maui Real Estate Key Takeaways
- Affordability challenges are limiting buyer activity with early signs of a cooling market
- Nationally, home sales are down 2.7%
- Inventory continues to remain low with only 2 months worth of supply
- However, homes are still selling quickly with multiple offers for niche markets
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)