Welcome back to this edition of your monthly Maui real estate update, for April 2024. As we head into the summer months, Maui’s real estate market continues to show resilience and steadiness. While total sales activity (174) is slightly below historical averages (184), the market has been on an upward trend since the fourth quarter of last year. On average, properties are selling in 77 days, pointing to a market that slightly favors sellers. Let’s dive deeper into the current state of Maui’s single-family homes and condo markets for a closer look and analysis of the trends and numbers as a whole.
April 2024 Maui Single-Family Home Update
The single-family home market in Maui tells an interesting story about the importance of strategic pricing. While sellers maintain a degree of control, accurate pricing has become crucial as buyers exercise their negotiating powers. In April 2024, 46% of single-family homes sold below their list price, highlighting buyers’ influence. However, not all homes are bargains—20% of properties sold above their list price, typically closing 20 days faster. For those looking for properties under $1 million, homes in Wailuku and parts of Upcountry offer some of the lowest price per square foot on the island.
April 2024 Maui Condominium Update
As for the pertinent numbers surrounding Maui’s condominium market, median sales prices have remained elevated, showing a 13% increase compared to April 2023. This surge is partly due to high-end closings within the Makena and Wailea condo communities of Makena Beach Club and Lai Loa in South Maui. Excluding these properties, the median sales price for Maui condos in April 2024 was $880,000. With an average of 75 days on market, the condo market aligns more closely with recent trends. Sales activity for condos is on the rise, with a 27% increase year-over-year, totaling 105 sales in April 2024.
2024 Maui Real Estate Market Outlook
Overall, Maui’s real estate market remains steady, providing opportunities for both buyers and sellers. The slight edge towards a seller’s market is balanced by the importance of proper pricing and negotiating, especially in the single-family home sector. The condo market, while showing elevated prices, continues to align with seasonal expectations, offering strong activity and potential for growth.
As we move into the summer, Maui’s real estate market offers a dynamic landscape for buyers and sellers alike. With increasing activity and steady market conditions, the coming months promise continued opportunities and challenges in equal measure. For those navigating the market, staying informed and working with experienced professionals like us here at The Sayles Team will be key to making the most of our island’s vibrant real estate scene.
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