Maui Real Estate Statistics
Interest Rates
*Interest Rates updated as of 4/26/24. source: Avis Mortgage
Current Interest Rates
Each real estate portfolio is unique. With fixed rates, buyers are leveraging the DSCR Loan, akin to Hard Money Loans, featuring higher interest rates and no requirement for tax returns from the lender. Yes, it's possible to secure a loan without providing tax returns. The Debt Servicing Loan evaluates rental income from the specified property. Feel free to reach out to Kimberly or her preferred Lenders of choice directly for further clarity & information.
It's important to keep in mind that economic conditions are subject to change, and rates can fluctuate based on various factors. As of now, it seems that the mortgage market has improved, but it's always wise to stay updated on economic news and trends to make informed decisions.
Come September 2024 and before the upcoming election, do expect skittish markets. When looking at 7%, 8% or even a 9% loan, quick reminder, you are not coming out of pocket. You're building wealth by utilizing another's money.
All Properties
All information is based on a five year historical range and derived directly from Maui Listing Service.
Overall
Ave Sales Price
It's clear that there are notable differences in the performance of Single Family Homes and Condominiums when comparing the average sales prices, Q2 2023 compared to Q2 2024.
For Single Family Homes, the average sales price in Q2 2024 YTD remained flat and decreased by -2.9% compared to the previous year. This suggests motivated sellers and a stable market for Single Family Homes in terms of pricing.
On the other hand, Condominiums experienced a robust increase in average sales prices, with a significant 25.2% rise in Q2 2024 average sales price compared to Q2 of the previous year, YTD.
These variations in price trends between Single Family Homes and Condominiums can be influenced by several factors, including time of year, buyer preferences, demand-supply dynamics, location, and other market-specific conditions.
Overall, real estate markets are subject to various factors, and the housing market can experience fluctuations based on changing economic, interest rates, and other external factors. As mentioned, despite the appearances of a more "normal" real estate market, it's essential to consider the broader trends and underlying factors when analyzing average sales prices and sales volumes in the current market environment.
Overall
Ave Days on Market
Based on the data from the Realtors Association of Maui for Q2 2024 Year-to-Date (YTD), there have been changes in the Days on Market (DOM) for both Single Family homes and Condominium homes.
Single Family homes:
- Days on Market increased from 119 to 120
- This represents a percentage increase of .8%.
Condominiums:
- Days on Market decreased from 107 to 97.
- This represents a percentage decrease of -9.3%.
The increase in Days on Market indicates that it took longer, on average, for Residential Homes to sell during the Q2 2024 (YTD) period compared to the same time frame in the previous year.
Maui typically sees a rise of condo sales in the winter months and less days on market, as these months provide the strongest revenue and Buyers want to capture the income.
As with any real estate market data, it's essential to consider additional factors and trends to understand the full context of the situation. Local economic conditions, housing inventory levels, and other market dynamics can also play significant roles in influencing the Days on Market and overall real estate trends.
Overall
Inventory for Sale
In June 2024, when comparing the data from the same month in the previous year, Maui County experienced a significant increase in inventory for Single Family Homes. However, the inventory increased & more than doubled for Condominiums.
Single Family Homes:
- There was a 25.8% change in available homes compared to June of the previous year, 2023. There are 332 vs 256 last year.
Condominiums:
- There was a massive increase of 198.2% in available condos compared to the same month in the previous year. There are 668 vs 224 last year.
The inventory the real estate market in Maui County has seen with notable increase in the number of condos available for sale suggests buyers could be turning away from condos due to higher HOAS, shoreline erosion, or Capital Improvements. With changes in housing supply, this is an examples transition in Residential Homes too. Currently, we are seeing Condo owner are converting to single family homes, especially fire victims.
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Residential Homes
Ave Sales Price
Indeed, the average sales prices of Single Family homes in Maui County, which includes popular areas like Wailea, Kihei, UpCountry, North Shore, Kaanapali and Kapalua, have slightly decreased. Q2 2024, the year-to-date report, showed an average sales price of $1,793,561 going down from $1,847,685 from the prior year.
This indicates that buying a Single Family home in Maui can be quite expensive and that the real estate market in the region is reflecting the desirability of living in such a beautiful and sought-after location, often referred to as paradise.
For potential buyers, this means that they should be prepared for higher price points when looking for properties in Maui County. It may also imply that there is strong demand for homes in the area, but some negotiation room on the price. However, it all leads to increased competition among buyers.
On the other hand, sellers might find this market favorable as it suggests that properties are in demand but might need to adjust the price to be more competitive. If you are a seller in Maui County, this could be a positive indication for your property's potential value but don't price yourself out of the market by being greedy.
For a more detailed understanding of the Maui County real estate market, it's recommended to get in touch with Kimberly, who is a knowledgeable expert on the local market trends and can provide personalized insights based on your specific needs and goals.
Residential Homes
Ave Days on Market
Based on the data provided, the average Days on Market (DOM) for Single Family Residential Homes in Maui County from January through June, 2024 was 120 days. This is a .8% increase compared to the same period in 2023 when the average DOM was 119 days. While the difference may not be huge, it does suggest a slight trend of residential homes having to adjust their price to not accumulate days on market.
As for what to expect in 2024 Q3 & Q4? It's challenging to predict with certainty as real estate markets. However, given the increase in DOM in the 2024, it might be prudent for sellers to prepare for potentially longer marketing periods for their properties in the coming quarters.
The advice to consider upgrades, staging the property, and pricing it accordingly is generally sound. Investing in home improvements and presenting the property in the best possible light can attract more buyers and potentially reduce DOM. Pricing the property appropriately based on market conditions is also essential, as an overpriced home may deter potential buyers and lead to extended DOM.
As mentioned, factors like views and finishes can also impact DOM. Properties with desirable features and appealing aesthetics tend to attract more interest and sell faster.
Residential Homes
Inventory for Sale
Based on the June 2024 statistics, Maui County has 322 Residential Homes available for sale. This figure represents the current inventory of homes on the market in the area.
When comparing the current inventory to the same time last year (June 2023), there has been 25.8% increase. In 2023, there were also 256 Residential Homes for sale. The supply of homes in the market are reflecting transition with home Sellers in Residential Homes.
A increase in inventory can have various implications for both buyers and sellers in the real estate market. For buyers, a higher inventory might lead to decreased competition for available homes, potentially leading to lower prices. On the other hand, sellers might not benefit from increased competition, which could support weaker offers on their properties.
We anticipate an increase of Residential Homes in Q3 & Q4 2024.
Condominiums
Condominiums
Ave Sales Price
Based on the data from the Realtors Association of Maui, the average sales prices for Condominiums have shown an increase when comparing the Q2 2024 to the same six months in 2023.
In January - June 2023, the average sales price for Condominiums was $1,155,209. However, in the same period of 2024, the average sales price has risen to $1,446,384. This represents a notable increase of 25.2%.
A 25.2% increase in average sales prices indicates a strong appreciation in the condominium market in Maui County. The rising prices could be driven by various factors, such as increased demand, limited supply, changing market dynamics, or improvements in the overall economy.
For buyers, this means that condominium prices have been rising, and they may need to adjust their budgets accordingly. On the other hand, sellers might find this market favorable as they can potentially fetch higher prices for their condominium properties.
As with any real estate market, it's crucial to stay informed about the latest trends and consult with local real estate professionals, Living Maui Real Estate, to make well-informed decisions. Market conditions can fluctuate, and personalized insights can help buyers and sellers navigate the current landscape effectively.
Condominiums
Ave Days on Market
Condominiums in Maui County, YTD Q2 2024, the data shows that the average DOM decreased from 107 days to 97 days. It represents a significant percentage decrease of -9.3%.
This substantial decrease in DOM for Condominiums suggests that is was quicker, on average, for Condos to sell in the first six months of 2024 compared to the same period in the previous year.
For buyers interested in purchasing a Condominium in Maui County, the decreased DOM could potentially translate to less negotiating power and a more competitive buying environment.
What do we anticipate for Q3 & Q4 2024? Buyers may need to adjust their expectations and marketing strategies to accommodate to the shorter time it takes for Condominiums to sell. We anticipate the winter season ended and the market will slow, as DOM will increase.
As with any real estate market, conditions can vary over time, and it's essential for both buyers and sellers to stay informed about the latest market trends. Days on Market are an intelligent indicator.
Condominiums
Inventory for Sale
According to the data, there has been an 198.2% increase in the inventory of Condominiums. In June 2023, there were 224 Condominiums available for sale, while in the same month in 2024, there are 668 Condominiums on the market.
An increase in inventory indicates that there are many more Condominiums available for sale in 2024 compared to the previous year. This increase in supply can impact the real estate market, potentially leading to less competition among buyers and potentially decreasing prices, as there is more to choose from.
For buyers interested in purchasing a Condominium in Maui County, the increased inventory equates to more options and more competitive prices. It may be essential for buyers to negotiates and be prepared for a better deal.
For sellers, the increased inventory holds more competition and potentially lower purchase prices, as there is more to choose from. However, it's still crucial for sellers to consider current market conditions and work with real estate professionals to set appropriate pricing and marketing strategies to attract potential buyers.
Maui Real Estate Statistics are dynamic and constantly changing. Whether you are upgrading, downsizing, a seller, or a first time buyer, I'm here to navigate through information and provide resources to attain your goals. Education, precise timing right for purchasing or selling, these are all relevant factors . As the Owner and Principal Broker of Living Maui Real Estate, please contact me to discuss how we will make your real estate dreams come to fruition.
- Kimberly Drechsel
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