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Maui Real Estate Resources

The Maui Real Estate Blog

June 2024 Maui Real Estate Report

June 2024 signals a notable shift in Maui’s real estate market, characterized by a decline in total sales activity for the third consecutive month, alongside a dramatic increase in new listings. This inversion has brought the months of remaining inventory to 7.6 months, officially transitioning the market from a balanced state to a buyer’s market. For those following our monthly Maui Real Estate Updates, you’ll recall that 0-4 months is a seller’s market, 4-6 months is balanced, and 7+ months is a buyer’s market. This significant shift in the foundation of the market has created a brand new environment, especially for condos. One that requires sellers to be more strategic with pricing, presentation, and timing, as buyers now have greater leverage to negotiate better deals.

June 2024 Maui Real Estate Update Map

June 2024 Maui Condominium Update: Navigating Uncertainty & Opportunities

As noted in our May 2024 Maui Market Update, the condominium sector faces significant uncertainty, particularly regarding short-term vacation rentals. The distinction between Maui hotel-zoned condos and those on the Minatoya List has many owners, both local and from the mainland or overseas, reassessing their risk tolerance. Additional challenges include a noticeable drop in visitor numbers (June 2024 was down about 13% compared to June 2023) as well as rising insurance premiums affecting condo complexes nationwide.

June 2024 Maui Condos Real Estate Update

Despite these headwinds, there are bright spots within the condo market, especially in luxury sectors. Makena and Wailea condos have seen both sales and median prices increase year over year. Wailuku also reported a remarkable surge in condo sales activity, up 250%, and an 87% increase in closing prices. These trends highlight that even in a shifting market, opportunities for growth and investment still exist in select areas.

June 2024 Maui Single-Family Homes Update: Breaking Records Amidst Broader Market Changes

June 2024 Maui Homes Real Estate Update

While the overall market adjusts, the single-family home sector continues to show resilience, especially at the “entry level” price point ($1 Million-$1.6 Million). In fact, June 2024 saw Maui single-family homes reach a new record median sales price of $1,372,000. The areas driving this growth include Haiku on the North Shore, Kihei in South Maui, and Wailuku homes in Central Maui. These regions not only experienced double-digit increases in both total sales and median prices (compared to June 2023) but also outpaced the island in speed of sales and the number of properties sold above the list price. These indicators underscore the continued demand and popularity of these communities, especially for local families.

A New Market Environment

The current transition in Maui’s real estate market creates a unique environment for both buyers and sellers. Sellers must adapt to the changing dynamics by focusing on competitive pricing and effective marketing strategies. Buyers, on the other hand, can take advantage of the increased inventory and greater bargaining power to secure favorable deals.

Uncertainty begets opportunity! We’re seeing some apartment-zoned vacation rental condos (on the Minatoya List) priced at numbers that we haven’t in a while! Pacific Shores B312 is a 2 bedroom gem in the heart of Kihei, currently listed at $799,000.

As we move beyond June 2024 into the second half of the year, it will be essential to monitor these evolving trends to understand their long-term implications fully. Whether you are a first time home buyer, looking to sell your Maui condo as quickly as possible, or acquiring a Maui vacation rental for investment, staying informed about the latest market developments will be crucial in navigating Maui’s dynamic real estate landscape. Please know that we here at the Sayles Team are happy to help you with all the knowledge of a dedicated, local resource. Stay tuned for more updates and insights in our ongoing coverage of Maui’s real estate market.

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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