Maui Real Estate Statistics
Current Interest Rates
In the past year, the overall unit sales amounted to 4.09 million, marking the lowest figure since 1995 referencing the Hanover Advisors. The limited supply in the market persists, contributing to a surge in home prices.
The dilemma arises for those with a 2.875% 30-year fixed rate from their 2021 refinancing – the question is, who would be willing to sell under such circumstances?
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 6%, 7% or even a 8% loan, quick reminder, you are not coming out of pocket. Your building wealth by utilizing another's money.
All information is based on a five year historical range and derived directly from Maui Listing Service.
Ave Sales Price
It's clear that there are notable differences in the performance of Single Family Homes and Condominiums when comparing the 12-month average sales prices, all of 2023 compared to 2022.
For Single Family Homes, the average sales price in 2023 YTD increased 1.9% compared to the previous year. This suggests 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 13.8% rise in the 12-month average sales price compared to the previous year.
These variations in price trends between Single Family Homes and Condominiums can be influenced by several factors, including 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.
Ave Days on Market
Based on the data from the Realtors Association of Maui for December 2023 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 decreased from 119 to 115.
- This represents a percentage decrease of -3.4%.
- Days on Market increased from 77 to 107.
- This represents a percentage increase of 39.0%.
The increase in Days on Market indicates that it took longer, on average, for Condominiums to sell during the YTD period in December 2023 compared to the same period in the previous year.
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.
Inventory for Sale
In December 2023, when comparing the data from the same month in the previous year, Maui County experienced significant decrease in available housing inventory for Single Family Homes. However, the available inventory increased substantially for Condominiums.
Single Family Homes:
- There was a -23.6% decrease in available homes compared to December of the previous year, 2022.
- There was a substantial increase of 65.5% in available condos compared to the same month in the previous year.
These year-over-year changes in housing inventory suggest that the real estate market in Maui County has seen a notable increase in the number of condos available for sale. The decrease in housing supply shows examples of the high demand for Residential Homes, contributing to pressure on prices due to a shortage of homes.
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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, and Lahaina, have experienced a significant increase. In December 2023, the year-to-date report showed an average sales price of $1,738,899, going up from $1,706,571 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, leading to increased competition among buyers.
On the other hand, sellers might find this market favorable as it suggests that properties are in demand and can command higher prices. If you are a seller in Maui County, this could be a positive indication for your property's potential value.
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.
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 December, 2023 was 115 days. This is a -3.4% decrease compared to the same period in 2022 when the average DOM was 119days. While the difference may not be huge, it does suggest a slight trend of residential homes being more sought after in 2023.
As for what to expect in 2024 Q1 and Q2, it's challenging to predict with certainty as real estate markets can be influenced by various factors, including economic conditions, interest rates, and buyer demand. However, given the increase in DOM in the 2023, 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.
Inventory for Sale
Based on the December 2023 statistics, Maui County has 230 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 (December 2022), there has been a notable decrease of -23.6%. In 2022, there were 301 Residential Homes for sale, but this year, the number has reduced, indicating a tighter supply of homes in the market.
A decrease in inventory can have various implications for both buyers and sellers in the real estate market. For buyers, a lower inventory might lead to increased competition for available homes, potentially leading to higher prices. On the other hand, sellers might benefit from reduced competition, which could support stronger offers on their properties.
We anticipate an increase of Residential Homes in Q1 & Q2, 2024.
Ave Sales Price
Based on the data from the Realtors Association of Maui, the average sales prices for Condominiums have shown a significant increase when comparing the 2022 to all of 2023, December YTD.
In 2022, the average sales price for Condominiums was $1,087,199. However, in the same period of 2023, the average sales price has risen to $1,237,112. This represents a notable increase of 13.8%.
A 13.8% 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.
Ave Days on Market
Condominiums in Maui County, YTD December 2023. The data shows that the average DOM for Condominiums increased from 77 days to 107 days, representing a significant percentage increase of 39.0%.
This substantial increase in DOM for Condominiums suggests that it took longer, on average, for Condos to sell in the first half of 2023 compared to the same period in the previous year.
For buyers interested in purchasing a Condominium in Maui County, the increased DOM could potentially translate to more negotiating power and a less competitive buying environment. On the other hand, sellers may need to adjust their expectations and marketing strategies to accommodate the longer time it takes for Condominiums to sell.
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.
Inventory for Sale
According to the data, there has been an 65.5% increase in the inventory of Condominiums. In December 2023, there were 384 Condominiums available for sale, while in the same month in 2022, there were 232 Condominiums on the market.
An increase in inventory indicates that there are many more Condominiums available for sale in 2023 compared to the previous year. This increase in supply can impact the real estate market dynamics, 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 potentially 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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