Greetings and welcome to another edition of your insightful monthly Maui real estate update! As the first quarter of the year wraps up, Maui’s real estate market continues to show resilience and dynamism. March witnessed a notable uptick in single-family home sales, while the condo market presented a more varied picture across the island. This March 2024 Maui real estate report explores the key trends and figures that are shaping Maui’s real estate landscape, providing insights for buyers, sellers, and investors alike.
March 2024 Maui Single-Family Home Update
The market for single-family homes in Maui remained robust in March, with sales slightly increasing by 1.4% compared to March 2023, for a total of 74 homes sold. This steady growth is complemented by a significant rise in median sold prices, which escalated by 9% from last year to reach $1.3 million. The sustained buyer activity, particularly in Central Maui, along with a 14% increase in new listings, indicates a healthy market that continues to attract interest and investment. Wailuku homes continue to pace the island in total sales number (15), accounting for 20% of all homes sold.
March 2024 Maui Condominium Update
Conversely, the condominium sector experienced some fluctuations. Overall sales dipped by 23% compared to last year, with a total of 93 units sold. However, the market saw a dramatic price surge in certain areas, notably with 12 Wailea condo closings at new the development La’i Loa, which significantly influenced the numbers in aggregate. The median sales price for condos in March skyrocketed by 63% year-over-year to $1.3 million, thanks in large part to those very luxury units at La’i Loa. Excluding these properties, the median price for the remaining 81 condos was more modest, tallying at $975,000.
The decrease in days on market for both property types—16% for single-family homes and 9% for condos—further underscores the strong demand that continues to drive the Maui real estate market. Buyers are moving quickly to secure properties in this competitive landscape, no doubt influenced by our island’s ever desirable location, the current wide spread nature of remote work, and the limited availability of premium homes and condos.
The first quarter of 2024 has laid a complex but promising foundation for the rest of the year in Maui’s real estate scene. While the single-family home market shows signs of steady growth and increased inventory, the condo market remains largely unpredictable, with luxury developments like La’i Loa skewing the overall statistics and subsequent headlines. As we move into the next quarter, prospective buyers and sellers must stay informed and agile, ready to navigate the shifting tides of Maui’s ever-evolving real estate environment. That’s where a group of professionals at The Sayles Team can really help you achieve your Hawai’i real estate dreams.
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