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Maui Real Estate Resources

The Maui Real Estate Blog

May 2024 Maui Real Estate Report

May 2024 Maui Real Estate Report Overview

Welcome back to this edition of your monthly Maui real estate update, for May 2024. Maui’s real estate market as a whole has demonstrated remarkable stability over the past year, with key indicators such as total sales, median prices, and days on market remaining within a narrow range when comparing May 2024 to May 2023. This stability is a testament to the resilience of the island’s housing market despite broader economic uncertainties. There are some major differences between specific sectors, however; so let’s take a closer look at the numbers and factors that matter!

May 2024 Maui Real Estate Report Map

May 2024 Maui Single-Family Home Update

Single-family home prices have appreciated by 4% year over year, reaching a median price of $1,300,000. The market for these homes remains robust, with a slight uptick in sales and declining days on market indicating active buyer interest. Notably, nearly one in four properties are being sold above the asking price, highlighting the competitive nature of this segment.

May 2024 Maui Real Estate Report --- Single-Family Homes

Specifically, Wailuku homes emerged as the area with the highest market activity in May 2024, recording 18 total sales and a notable 9% increase in median prices. Makawao also saw robust activity with 12 total sales, nearly double its historical average. However, properties in higher price points across the island are experiencing longer days on market, underscoring the importance of accurate pricing strategies.

Appropriate pricing at the time of listing has arguably never been more important. After attracting nearly 100 people at Open House and multiple strong offers within a couple of days, 222 W Hawaii St in Kahului closed for $125,000 over asking!

May 2024 Maui Condominium Update

The condo market, however, is undoubtedly facing challenges. There are multiple factors at play, but it’s primarily driven by potential legislative changes and market uncertainties. Year over year, condo prices have risen island wide by 2% to $845,000. But when we look at the areas with the highest condo inventory, there has been a sharp decline in transactions. The sales stats in key areas for Kihei condos (-38%) and Kaanapali (-36%) are hard to ignore. These stark numbers are largely attributed to Maui County’s proposed legislation to phase out short-term vacation rentals for 7,000 properties on the Minatoya list.

May 2024 Maui Real Estate Report Condos

This uncertainty is expected to create volatility in condo sales activity and demand. As potential buyers and investors wait for clarity on the future of short-term rentals, the overall inventory of condos is likely to increase, with new listings continuing to climb. In fact, May 2024 saw the number of vacation rental condos for sale rise to nearly 30% over the month alone. Average asking price also dropped nearly 10% as sellers quantify their risk appetite moving forward.

Island Wide Vacation Condo Stats Since Start of May 2024

Final Thoughts

While the single-family home market in Maui shows strong demand and increasing prices, the condo market is poised for a period of adjustment due to regulatory uncertainties. Sellers in the higher price brackets will need to pay close attention to their listing strategies to attract buyers in a competitive market.

Hoolei 81-2 just experienced an appealing price improvement, now listed at $5,799,000.

As we move forward, monitoring these trends will be crucial for understanding the broader impacts on Maui’s real estate landscape. The resilience shown over the past year suggests that, despite challenges, Maui remains an attractive market for both single-family homes and condos, provided that sellers and buyers navigate the shifting dynamics with informed strategies.

Contact a Maui Real Estate Specialist

Alex/Dano/Anthony/Gavin Sayles

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

Dano@DanoSayles.com

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