June 2023 Maui Real Estate Report
Welcome back to your monthly market recap and the June 2023 Maui real estate report. At the midway point of the year, Maui’s real estate market continues to hold its pace as all key indicators (such as total sales, median price, days on market, and new listings) have remained relatively stable in recent months.
As a consistent lack of inventory for sale and 6.5%+ mortgage rates persist, buyers are beginning to normalize to market conditions by making larger down payments and considering different loan options. As such, market activity may begin picking up in the second half of the year.
June 2023 Maui Single-Family Home Transactions
Single-family home median prices maintained the $1 million mark; even as total home sales saw a slight decrease in June. Despite this, demand appears to be on the rise as evidenced by a drop in the number of days on market, reaching a yearly low of 69 days.
In addition, one in every five properties sold for above the asking price, a trend most notably observed Upcountry and in the resort areas (Wailea, Makena, Kaanapali, Kapalua, etc). With only 3.7 months of inventory remaining, sellers continue to be in control of the market.
June 2023 Maui Condominium Transactions
The condo market in Maui just reached an all-time high! The numbers are in, and the median sales price for a Maui condo in June 2023 was $994,250. This surge was largely driven by the sales of Kihei condos, specifically the Paradise Ridge Estate community, which accounted for 7 transactions at an average sales price of $1.2 million. On the whole, the residential condo market has experienced a slight cooling. However, the demand for short term vacation rental condos on Maui continues to be robust.
June 2023 Maui Luxury Real Estate Snapshot
Much like the market overall, the luxury sector continues to hold steady as well. Taking a look at the chart above and there a couple major points to point out. First, it was another banner month for high-end Makena and Wailea Condos. They accounted for more sales and total volume than the rest of the island combined!
Furthermore, Wailea and Makena condos significantly out paced other regions for days on market and percentage of closings that went over asking. In total, luxury condo sales (again, that’s over $1.5 million) accounted for over a quarter of all condos sold in June of 2023. No doubt leading to the record all time high median sales price.
Much like our report’s headline last month (“Nightmare News For Indecisive Buyers”), those waiting for prices to come down might want to re-consult their crystal ball. Fears of a major recession have mostly receded. Some economists even predict property values will appreciate 15-25% over the next 5 years.
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)