May 2023 Maui Real Estate Report
Those waiting for Maui home prices to drop will be disappointed to learn that the median sales price of single-family homes (SFH) established a new all-time high in May: $1,271,500. At the same time, median prices for condos stayed steady at $835,000, just 8% from their all time high set earlier this year. Even though total sales are down year-over-year, a similar decline in new listings continues to put pressure on the Maui real estate market.
Again, as seems to be the main theme amongst our recent Maui Real Estate Reports, inventory remains at near record lows. This single fact alone tips the balance to the seller side, overall. Furthermore, higher interest rates are having a minimal impact on Maui. Think about this, 45% of sales were in cash! Among these all cash purchases, the average price was $1.15 million for condos, and $2.94 million for a SFH.
May 2023 Maui Single-Family Home Transactions
Collectively, Maui’s SFH market is showing signs of heating up again. Since February of this year, when activity hit a 15-year low, sales have increased by 65%. Year-over-year, the median sales price for a single-family home has increased by 4%, in line with pre-pandemic appreciation. Last month, the average price for a 3 bedroom home (29 sales) was 1.223 million, and a 4 bedroom (26 sales) was $2.593 million.
May 2023 Maui Condominium Transactions
Especially compared to single-family homes, Maui’s condo market has remained relatively unchanged in recent months. A lack of inventory continues to keep prices near all-tie highs, and condos sell in just 62 days. One highlight of this sector of the market are Kihei vacation rentable condos such as Hale Kamaole, which saw two sales and an average of 43 days on the market.
In whole the South Maui region, which includes Maalaea, Kihei, Makena, and Wailea condos, accounted for 39 total sales, or 44% of the total island’s sales. Other standouts include the Kaanapali condo Mahana, with 3 sales averaging $1.8 million, and the Montage Residences Kapalua Bay, which had the highest sales in May at $4,450,000.
May 2023 Maui Luxury Real Estate Report
Undoubtedly buoying the all time highs discussed earlier, Maui’s luxury sector, specifically single-family homes over $2.5 million, really blossomed this last month. In fact for such homes, total sales (16) nearly equaled the amount from the previous 3 months combined (18 total sales). Particularly noteworthy were the stats coming from Upcountry Maui. Accounting for 25% of sales, this region of the island also experienced median days on market sit around 50, certainly a low number all things considered.
For the luxury condo sector, numbers are mostly in line with the previous few months. As some of the nicer resorts on Maui charge upwards of $1,000 per night, many visitors are seeing great value by renting units in complexes such as Hoolei or the Wailea Beach Villas. Larger families or multiple couples can easily fit in these 3 bedroom units, and all stay under the same roof. As such, owners of these desirable condos are seeing bookings year-round, even with increased rates. Their bottom line has mostly increased, and many are seeing the Maui luxury condo market as one of the safest investment opportunities across the state.
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.
Aloha,
Dano Sayles R(B)
808-870-4899