Maui Real Estate Statistics
Interest Rates
*Interest Rates updated as of 4/26/24. source: Avis Mortgage
Current Interest Rates
Each real estate portfolio presents its own unique opportunities. Many buyers are now taking advantage of DSCR (Debt Service Coverage Ratio) Loans, which function similarly to Hard Money Loans, offering higher interest rates without the need for tax return documentation. Yes, it’s possible to secure financing without providing tax returns. The DSCR Loan assesses rental income from the property itself to determine eligibility. For further clarification or details, feel free to reach out directly to Kimberly or her trusted lenders.
It's essential to recognize that economic conditions are dynamic, and rates can fluctuate based on various factors. The new jobs estimate was projected at 150,000 but came in significantly higher at 254,000—an unexpected result that underscores the strength of the economy, for the first week of October 2024. This immediate surge in job numbers caused a rise in mortgage rates. Is this increase permanent? Unlikely. While the Federal Reserve will continue to influence rates, they are expected to move toward gradual cuts in upcoming meetings. Though these cuts may be modest, likely around 0.25% per meeting, the overall trajectory of rates is anticipated to decline over time.
While the mortgage market appears to have improved recently, staying informed on economic trends and news is crucial for making sound financial decisions.
With the upcoming election on the horizon, market volatility is expected. When considering loans with rates of 7%, 8%, or even 9%, it’s important to remember that you're leveraging borrowed funds to build wealth—not pulling from your own pocket.
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, Q3 2023 compared to Q3 2024.
For Single Family Homes, the average sales price in Q3 2024 YTD remained flat and increased by less than 1%, .8% to be exact, 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 28.4% rise in Q3 2024 average sales price compared to Q3 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 Q3 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 116 to 120
- This represents a percentage increase of 3.4%.
Condominiums:
- Days on Market decreased from 106 to 111.
- This represents a percentage increase of 4.7%.
The increase in Days on Market indicates that it took longer, on average, for Residential Homes, as well as Condominiums, to sell during the Q3 2024 (YTD) period compared to the same time frame in the previous year.
Maui typically sees a rise of condo sale in the winter months and less days on market, as these months provide the strongest revenue and Buyers wish to capture this steady and healthy income stream.
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 September 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 46.3% change in available homes compared to September of the previous year, 2023. There are 338 vs 221 last year.
Condominiums:
- There was a massive increase of 206.1% in available condos compared to the same month in the previous year. There are 707 vs 231 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, Country Restrictions 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.
.
Living Maui Featured Listings
Active
Active
Active
Active
Active
Active
ActiveResidential Homes
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 increased. Q3 2024, the year-to-date report, showed an average sales price of $1,793,819 going up from $1,779,648 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 little 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 September, 2024 was 120 days. This is a 3.4% increase compared to the same period in 2023 when the average DOM was 116 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 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 September 2024 statistics, Maui County has 338 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 (September 2023), there has been 46.3% increase. In 2023, there were only 231 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 Q4 2024, as sellers seem to be enjoying smaller square footage and willing to forfeit their space for the right price.
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 Q3 2024 to the same nine months in 2023.
In January - September 2023, the average sales price for Condominiums was $1,168,399. However, in the same period of 2024, the average sales price has risen to $1,500,113. This represents a notable increase of 28.4%.
A 28.4% 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 Q3 2024, the data shows that the average DOM increased from 106 days to 111 days. It represents a percentage increase of 4.7%.
This insignificant increase in DOM for Condominiums suggests that is was flat or similar, on average, for Condos to sell in the first nine months of 2024 compared to the same period in the previous year.
For buyers interested in purchasing a Condominium in Maui County, the increase DOM could potentially translate Sellers being less motivated, lower negotiating power, and a more competitive buying environment.
What do we anticipate for Q4 2024? Buyers may need to adjust their expectations and marketing strategies to accommodate to the time it takes for Condominiums to sell. We anticipate the busy winter season. However, after it comes to a hault, the market will slow and 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 206.1% increase in the inventory of Condominiums. In September 2023, there were 231 Condominiums available for sale, while in the same month in 2024, there are 707 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
Subscribe!
Stay up to date with the latest Maui Real Estate Statistics and Insight. Join the Living Maui monthly newsletter below:
Thanks for subscribing! Please check your email for further instructions.