The Maui real estate market in December 2022 remained active, with similar levels of sales and median prices as seen in previous months. This suggests that the market has maintained its steady pace, despite some challenges such as rising mortgage rates and a decline in consumer confidence.
However, it’s worth noting that the median sales prices are still nearly equal or performing better than they were during the same period in the previous year.
Looking forward, we anticipate that the market will continue to be similar in 2023, with a shortage of available properties likely to keep median sales prices stable. This lack of inventory could make it difficult for buyers to find properties that meet their needs and preferences, which might lead to increased competition for the limited number of homes on the market.
December 2022 Maui Single Family Home Transactions
Across the island, December 2022 was a mixed bag for sales activity when compared to the same month last year. The market showed strength in residential areas that feature more owner-occupied properties, while the leisure and second home markets showed signs of slowing.
Collectively residential sales were down 40%, while median sales prices increased by 3%
December 2022 Maui Condominium Transactions
Last month, there were only 67 total condominium sales, down 66% from 176 sales in December 2021. While it is easy to think buyers currently aren’t interested in condos, that is simply not true. The root of the limited sales activity lies in the lack of inventory for sale.
Even, with 50% fewer listings this December compared to last, buyers remain active. This is mostly reflected by the fact that median sales prices increased 11% year over year and overall days on the market remained near record lows.
December 2022 Maui Luxury Real Estate Report
In December 2022, The Maui real estate luxury sector slowed down significantly compared to November, with 40% less total transactions island wide. Still, a similar theme arose. The South Maui luxury condo market continued to lead the way, accounting for 42% of total sales and 37% of total volume (this includes both condos and single family homes). Also pacing the pack in price per square foot, the Makena and Wailea condo neighborhoods continue to show their immense demand seen through the 101% of list price received number.
Contact a Maui Real Estate Specialist
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Dano Sayles R(B)