The Maui real estate market started the new year off with a bang as median price for single-family homes rose to a record $1.16 million – the previous high was set in June 20221 at $1,105,000. Even with 30-year mortgage interest rates creeping up to 3.55%, inventory continues to put pressure on the market as month of remaining inventory dipped to 1.5 months for single-family homes and 0.8 months for condos.
Single-Family Home Transactions
January 2022 vs. Percent Change Over Last Year
With home prices up 18.4% from January of last year, the price for single-family homes continue to increase at a consistent rate. Key Market areas showing tremendous appreciation in recent months include Wailuku (+21%), Makawao (+113%), and Kihei (+27%). Supply remains a perpetual problem.
Condo Transactions
January 2022 vs. Percent Change Over Last Year
With a little help from the snowbirds and holiday visitors, condos in Maui’s resort areas sold as fast as they were listed. Condos in Kihei, Maalaea, and Lahaina all sold in less than 75 days. Demand was also strong in Central Maui, where condos sold collectively in 67 days. Compared to January of last year, the median price for condos increased 27%. With Maui the #1 searched travel destination in 2022, expect the trend to continue.
Luxury Market Update
Home Sales Over $2m and Condo Sales Over $1.5m
January 2022 Takeaways
- Competition remains fierce for buyers
- Inventory levels across the nation are at record lows not previously seen since 1999
- Inflation, rising interest rates and increasing sales prices are reducing purchasing power
Contact A Maui Real Estate Specialist
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.
We are also on-site real estate team at the Ho’olei villas, we are open from 9AM-5PM daily, so feel free to stop by anytime. Also, see a full list of Wailea condos for sale and Makena condos for sale.
Aloha,
Anthony Sayles R(S)
Anthony@Danosayles.com
808-280-6532