Welcome back to another edition of your insightful monthly Maui real estate update! Recent trends persist for the overall Maui real estate market as single-family home sales continue to increase, while the condo market remains mixed when it comes to sales activity. Across the island for February 2024, Maui real estate experienced a slight dip in new listings compared to the month before.
At the same time, buyers remained active as the median days on market and the number of homes that sold above asking price (2 key indicators of demand) remained strong. With mortgage rates sitting steady, just below 7%, tight market conditions are likely to stick around for the foreseeable future.
February 2024 Maui Single Family Homes Update
In February 2024, 67% of single family homes sold for less than their asking price. Among these, the average reduction was 6%, or a cash equivalent of $136,000. Perhaps more significantly, properties sold below asking price stayed on market for an average of 48 days longer than those that sold at or above their listed price. This underscores the importance of accurate pricing to attract buyers and secure a timely sale. It is also important to note that the median sales price has increased 17% compared to February 2023.
February 2024 Maui Condominiums Update
Even though median sales prices and total sales have slipped for the third consecutive month, the median days on market for condos across Maui have reached a rapid pace of 55 days — the fastest in over a decade. Napili, Kahana and Kihei condos are leading sales activity, accounting for 70% of total condo sales in February 2024. As mentioned in the January 2024 Maui Real Estate Report, efforts to provide long term housing solutions for those displaced by the Lahaina fires are expected to introduce volatility into the market.
February 2024 Maui Luxury Real Estate Update
Once again, South Maui paced the luxury sector in February 2024. With 6 out of the 9 single family homes to close over $2.5M and 8 of the 10 condos over $1.5M, Kihei, Makena, Maui Meadows and Wailea continue to be neighborhoods with the highest volume of luxury transactions. When we examine the numbers further, Kihei, Makena and Wailea condos all sold quicker on average, even compared to the condo sector as a whole.
Final Thoughts
The Maui real estate market in February 2024 presented a mixed picture, with single-family homes showing resilience and the condo market experiencing fluctuations. The slight dip in new listings, coupled with strong demand indicators, suggests that tight market conditions are likely to persist. Accurate pricing remains crucial for sellers, as evidenced by the significant difference in days on market between properties sold below and at or above asking price. The 17% increase in median sales price compared to the previous year highlights the ongoing appreciation in the market.
The condo market, while seeing a dip in median sales prices and total sales, is moving at an exceptionally fast pace, particularly in Kihei, Napili, and Kahana. As the island continues to navigate the impacts of the Lahaina fires, the real estate market is expected to experience some volatility. However, the enduring appeal of Maui’s lifestyle and the strong underpinnings of its real estate market suggest a positive outlook for the future. As always, the Sayles Team remains committed to providing expert guidance and insights to help our clients navigate the ever-evolving Maui real estate landscape.
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Aloha,
Dano Sayles R(B)
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