2021 and 2022 were two of the most epic years the Maui real estate industry has seen in a very long time. There was an unprecedented rise in property values as well as some of the lowest mortgage interest rates in history. In many ways, the gains of just the last two years is comparable to growth of the previous full ten years before it. Yes, it was an incredible ride while it lasted. That being said, the buyer demand in the market has definitely shifted. Many buyers we are working with have the mindset that prices on Maui will inevitably go down. Yet the supply for homes for sale on Maui is still very tight.
As you can see in the chart above the number of available condos for sale in Wailea and Makena has stayed below 30 listings for 19 consecutive months.
Long gone are the days when sellers could almost make up an asking price and have an instant bidding war. 2023 is predicted to be a period of slowing for real estate markets both nationally and locally. If you are considering selling your home in this changing market it’s more important than ever to partner with a professional team who understand how to turn challenges into opportunities for sellers. As one of the top Realtors on Maui, we at the Sayles Team pride ourselves on strategically positioning our listings correctly for today’s market and we invite you to request a free home valuation to start the conversation.
Amid the backdrop of high inflation, elevated mortgage rates and slowing sales activity, severely limited housing inventory will prevent large home price drops for most of the country next year
NAR Chief Economist Lawrence Yun
While the Maui sales volume was trending down towards the end of 2022, prices have pretty much stayed the same over the past several months. We have not seen the drop on Maui that’s showing in other mainland markets, such as California and Idaho, mainly due to record low inventory on our island. Average home and condo prices actually remain fairly steady. Prices and inventory are stabilizing to a more moderate, balanced market. Maui property values continue to be supported provided the properties are priced correctly.
What is your prediction and thoughts for the year in real estate? Every real estate market both locally and globally always has buyers and sellers. The Sayles Team is here to help answer any of your questions and help advise you to achieve the best result to match your goals.
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.
Anthony Sayles R(S)
Direct mobile: (808) 280-6532
Anthony@DanoSayles.com