What Is The Current State Of The Maui Real Estate Market?
August was undoubtedly a mixed month for Maui real estate. We all needed time to grieve with the fires in Lahaina, Kula and further Upcountry. There was a much needed short-term pause in real estate-related activities across the island.
While it’s too early to gauge the overall impact these events will have on the market, sales activity has already resumed in unaffected areas of Maui. The island’s already limited housing inventory is expected to tighten further as over 1,800 homes were destroyed in the fires. From a macro perspective, we might have just gone from a (as of recent times) typical shortage to a full blown housing crisis.
August 2023 Maui Single Family Home Transactions
Compared to the past few months, Maui’s single-family home market remained relatively flat. While there was a slight dip in overall sales activity, prices continued to stay above $1,100,000. As mortgage interest rates have now surpassed 7.5%, sellers should brace for the possibility of decreased buyer activity, which could lead to longer days on the market. Most notably, Wailuku homes led the market with 21 sales (38% of total single family home sales), and a median sales price of $1,090,000.
August 2023 Maui Condominium Transactions
Overall, Maui’s condo market has remained range-bound, with all key market indicators staying flat throughout the summer. Despite the broader trend of decreased sales activity, South Maui witnessed double digit year-over-year increases for Kihei condos (45 sales), Wailea condos (10), and Ma’alaea (8).
Keen observers of our local real estate market will likely be monitoring how the sharp decline in visitors impacts the owners of Maui short-term vacation rentals, should there be an extended delay in their return. Upon writing, the daily domestic passenger count was down 38% compared to same time last year. This is a marked improvement from August, when we saw numbers around 75% less visitors.
August 2023 Maui Luxury Real Estate Report
Maui’s luxury condo market continues to be red hot, with August actually surpassing our record breaking month of June in total sales volume. Both Makena and Wailea condos buoyed these numbers significantly. Transactions at Wailea Beach Villas, Wailea Elua, Makena Beach Club accounted for nearly $40 Million in sales; which was over 30% for the total sales volume of ALL condos, island wide.
As for luxury single family homes, the market has cooled a fair amount with a third of the sales and volume compared to condos. There was only one neighborhood that saw multiple closings for single family homes over $2.5 Million, and that was Maui Meadows. However, we often see some seasonality in this market, with August-October typically slower months. If these numbers persist into the winter, we would definitely be surprised!
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