2023 was quite a year for Maui and we’ve got the numbers to prove it in this year-end installment of our monthly Maui Real Estate report. In December we saw some improvements in the condo market with an increase in number of units sold which portents a positive start to the winter high season!
Headline numbers for December 2023
There were 94 condos sold in December which is up 40% from the Dec 2022 which had only 67 sales. The condo median sold price is holding well at $850,000 which is up 9% from Dec 2022 median which was $777k.
The headline numbers for single-family homes tell a different story with the number of sales down to just 55 island wide which is down 17% from the December of 2022. Of the homes that did sell in December 2023, the median sales price is up 11% to $1,200,000.
Inventory increasing for Condos
One of the biggest changes in the Maui market right now is the significant shift in the number of condos coming on the market. The number of new listings debuting in December 2023 reached a 20-month high of 170 units. This number is up 110% from the previous year (only 78 new listings came up in Dec 2022) and is the highest number we’ve seen since March 2022.
For example, right now there are 104 Kihei condos on the market (49 pending sales) this represents a much healthier inventory compared to June 2023 when there were just 65 Kihei condos on the market.
Latest Kihei Condo Listings
2387 S KIHEI RD #A-204
140 UWAPO RD #33-202
938 S KIHEI RD #325
See complete list of Kihei condos for sale
Home sales in December 2023
Single-family homes on Maui ended the year with a median sales price of $1,200,000, with 67% of homes sold above the $1 million mark in December. With new listings (80) outpacing total sales (55), a critical surplus of inventory for sale is being added to the overall market, but much more is needed as days on market held steady and homes sold above asking price increased, indicating a continuation of strong buyer demand. Most notably, Wailuku homes showed as the only area to have double-digit sales totaling 20, a 122% year-over-year increase.
Latest Wailuku home listings
87 PUA KALAUNU LOOP LOT 33
81 PUA KALAUNU LOOP LOT 34
1130 NAKULUAI ST
See all Wailuku homes for sale
Condo sales in December 2023
All eyes should be on Maui’s condo market, as a sudden spike in sales and new listings in December may set the tone for the first quarter of 2024. With increased inventory, it will be interesting to observe how prices, buyers, and sellers react.
For Wailea condos there are currently 57 active listings and 53 pending sales with Wailea Point leading the pack with an inventory 11 active listings. Wailea Ekahi is a close second with 9 active listings. Excessive inventory may lead some some wonder whether prices will decline. We believe that pent-up buyer demand and stabilizing mortgage rates are likely to maintain prices near recent highs. Leading the way for the condo market last month was the new Wailea condo, Lai Loa, which recorded 11 sales at a median price of $2.45M.
Latest Wailea condo listings
3950 KALAI WAA ST #B103
69 MAKAKEHAU ST #I3
3800 WAILEA ALANUI BLVD #K-208
Explore the full list of Wailea condos for sale
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