The recent uptick in sales activity was short-lived, as there were 52 fewer sales in April than in March 2023. Furthermore, year over year, total sales are down 46%. Even so, while sales activity has slowed, median sales prices are holding strong at $1,112,500 for single-family homes and $877,000 for Maui condos.
Combined, all property types are selling in 75 days as overall demand has stabilized in today’s higher mortgage interest rate market. Looking ahead to the summer months, expect current market conditions of tight inventory levels and moderate sales activity to continue.
April 2023 Maui Single Family Home Transactions
Don’t be fooled. Even with the lower number of Maui single family homes sales, demand remains as strong as ever! In April, median sales prices held steady, above $1.1 million, as one in every five properties continue to sell above asking price. Now, more than ever, pricing a property is critical. Of all properties sold in April, 25% had a price reduction. Those homes averaged 184 days on the market; compared to 85 days for sold properties with no price reduction. Nearly 100 days difference, that’s a huge discrepancy!
April 2023 Maui Condominium Transactions
Maui’s condo market (specifically in South Maui with Makena and Wailea condos) remains competitive across the island. As has been the case for about a year now, the overall lack of inventory continues to create unique opportunities for sellers. In total, there were 65 condo complexes with sales in April. Of those, 47 complexes (~72%) only had 1 sale. With limited listings and median sales prices holding just below all-time highs, if you have been thinking of selling your Maui Condo or diversifying your real estate portfolio, now may be an opportune time. If you’re planning about a potential investment and have any questions about buying on Maui, please reach out to our team today!
April 2023 Maui Luxury Transactions
Speaking of investment opportunities, the luxury condo sector that allows short term rentals continues to pace the luxury market as a whole. The South Maui neighborhoods of Wailea and Makena, along with West Maui communities Ka’anapli, Kapalua, and Lahaina, continue to be the hottest spots for both total units sold and volume.
As you can see in the charts above and below, the luxury market in South Maui remains as desirable as ever! Accounting for 65% of total sales and nearly 80% of total volume, Wailea, Makena and Maui Meadows really flexed their muscle in April. Further analyzing the numbers, take note of the correlation between list price received and median days on market. As we mentioned above, properties that were properly priced from the start saw the quickest sales. Their transactions completed much faster than those with price reductions.
Of course, there are some sellers that listed with only a “godfather offer” in mind. Which is okay. However, for those truly serious about selling, the initial pricing upon listing has never been more important. Long gone are the dog days of the pandemic, when properties sold above asking in nearly every market. So if you are interested in finding the true value of your Maui condo, contact our team ASAP. With all-time low inventory and near record high prices, it’s likely your home is as valuable as ever!
Contact a Maui Real Estate Specialist
Beyond being a trusted advisor in the real estate market, your REALTOR should be a professional who recognizes their role in supporting your wealth building and wealth preservation. Helping to magnify wealth is one of the core values of The Sayles Team; a set of guiding principles for how we serve our clients at the highest level. As experts in the field, we are constantly learning and providing guidance about making the wisest choices for the future. If someone you care about needs guidance or recommendations, please share our contact information and we would be honored to help them! If you would like to receive our in-depth market update or would like an evaluation of your property’s value we would love to hear from you.
Dano Sayles R(B)