Welcome back to your latest installment of the monthly Maui real estate update! Throughout November, the Maui real estate market continued stable short-term trends as total sales have remained flat month-over-month. Looking back to our November 2022 Maui real estate update, median sales prices have increased by 7% for single family homes, reaching $1.1 million.
For condos, the increase was 6% for a median sales price of $890,000. With mortgage interest rates declining for five straight weeks, real estate activity is showing signs of increasing. Encouraging news going into Maui’s traditional high season.
November 2023 Maui Real Estate Report — Single Family Homes
A limited supply of homes for sale continues to favor sellers, as the drought of new listings persist. Compared to previous years, there were 61 new listings in November 2023, 89 in 2022, and 103 in 2021. As a result, months of remaining inventory have held steady at 3.5 months, while median sales prices have remained above $1 million since September 2022. As we mentioned before, anytime that months of remaining inventory number reaches above 6 months, the market has firmly shifted back to a buyer’s market.
However, anything less than 5 months is still considered a seller’s market. The three and a half months inventory we’re currently experiencing on Maui is strictly in this category when looking at straight supply and demand. Although home sales are down for most of Maui, they were flat year-over-year for homes in Kihei (8) and homes in Haiku (5).
November 2023 Maui Real Estate Report — Condominiums
Total condo sales in Maui hit a 14 year low in November with only 53 sales recorded. Those numbers haven’t been seen since the Great Recession of 2009. That was literally when we started eMauiRealEstate.com! However, even though sales are down, demand remains comparatively strong. After all, one in four condos sold above the asking price, representing a 49% increase.
Looking ahead, it will be interesting to see how the condo market specifically responds to the recent spike in new condo listings. In November, there were 133 new listings. This is an increase of nearly 30% compared to the 103 the previous month. Makena and Wailea condos both outperformed the market trends as a whole. The two south Maui resort areas recorded 16 sales, with a median sales price of $2.97 million.
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