Maui Real Estate Statistics
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
Interest Rates
*Interest Rates updated as of 1/3/23. source: Guaranteed Rate
Current Interest Rates
After a few years of hearing about it, Interest Rates in Q1 of 2022 had an increase and have continued through the remainder of 2022.
With current inflationary conditions, healthy housing market, and likely federal reserve policy changes, we anticipate these will be the new normal rates.
Buyers, try not to focus on the past. Those rates were a glimmer in time.
Sellers, don't get greedy with the price. As the interests rates rise, purchasing power will decrease.
All Properties
All information is based on a five year historical range and derived directly from Maui Listing Service.
Overall
Ave Sales Price
Ending the year, the Ave Sales Prices Overall remained competitive.
On a 12 month average, single family home average sales price was over $1.7M across Maui County, which was down -1% from the previous year.
For the same 12 months, Condominiums average of all the sold prices increased 10.3%, at $1,087,812.
With Hawaii being affluent and highly desirable, the plateau market is most attractive.
Overall
Ave Days on Market
According to the Realtors Association of Maui, "Days on Market increased 30.8% percent for Single Family homes and 16.4% percent for Condominium homes."
Days on Market increase for several reasons:
- Not available to show due to short term vacation rentals.
- Booked back to back
- Seller is holding firm on the price & not negotiating
- Tenant occupied
Overall
Inventory for Sale
Inventory for Maui, reflecting the tail end of Q2 through Q4 2022, has increased. Due to the small number of properties on the market, it can skew the statistics.
When viewing Realtors Association of Maui's December year end 2022 figures, "Months Supply of Inventory increased 100.0% percent for Single Family homes and 111.1% percent for Condominium homes."
As we go into the winter months, the Income generated & peak months will slow down Inventory. Sellers are less inclined to let go of their Condos that are cash flowing. Plus, they are having trouble finding a replacement property.
Living Maui Featured Listings
Residential Homes
Residential Homes
Ave Sales Price
Single Family homes in Maui are not cheap.
In December 2022, the year end report indicated the average sales price of single family decreased -0.9% ( less than -1%) to $1,706,571.
Looking at 2021, YTD, for January through December, the average sales price of a single family home $1,722,920. What Will Happen in 2023? We anticipate average and median sales price will soften slightly. However, many sellers are reluctant to lower the price as they understand the Hawaii Inventory & Demand.
What does that means to a buyer or seller? Contact Kimberly to further discuss the market you are navigating.
Residential Homes
Ave Days on Market
With needing more space, upgrading out of the condominium / resort, & attaining privacy, we seen a high demand for residential homes in Q1 & Q2. Theses homes moved rapidly with a low number of days on market.
As we rounded the end of the Year, the average Days on Market until sale were 119 for Single Family Residential Homes, January through December. Although this isn't a huge difference it is a 2.6% jump from 2021, at 116.
What to expect in 2023 Q1 & Q2? Do the upgrades, stage the property, and price it accordingly. Sellers, you should be right in that ballpark. Of course, views and finishes do come into play when looking at days on market.
Residential Homes
Inventory for Sale
Q1 & Q2 had an all time low amount of Inventory for Residential Homes. Again, this can make the numbers look inflammatory in Q3 & Q4, compared to the first half of 2022.
Single Family Residential Homes, Inventory of Homes for Sale in December 2022 were 287 properties around Maui. December of 2021 has 218 Homes for Sale. Although it is a 31.7% increase from one year to another, the small number of units exaggerate the percentage difference.
Having under 300 Homes, not condos, for sale throughout Maui, Molokai & Lanai, limit what Buyers see and make it challenging to attain a property, as there is not much to choose from.
Condominiums
Condominiums
Ave Sales Price
What Happened at the end of 2022 for Condominiums and their average sales prices? Looking at the December 2021 year to date, $986,648, compared to December 2022 YTD, $1,087,812 the average sales price increased 10.3% from the previous year for condos.
The jury is out for 2023? We anticipate the average sales might slightly decrease but, also, they will not increase. However, the high end luxury condominium sales could skew the figures.
Buyers don't get discouraged by numbers but you must be realistic with the competition.
Sellers must realize that appraisals are a factor and leave some juice in coconut.
Condominiums
Ave Days on Market
Interested in learning about Year End 2022 Condominium average days on market, Q4? Yes, you guessed right. Year to date December 2022 , Year to Date, compared to the December 2021, Year to Date, Days on Market decreased by -35.8%, from 120 to 77 days on market until sale.
What Will Happen in 2023? There are occupied rentals & it can be challenging to gain access to condominiums, due to scheduled bookings. However, Living Maui Real Estate has an educated estimate it will slightly increase.
What that means to a buyer or seller? Buyers, you can wait to preview a unit prior to submitting an Offer. However, get you written contract in sooner than later . Sellers, don't panic when you don't see an Offer in the first week. Again, with bookings / guests, it is challenging to preview the property. If the days start to accumulate, either the visuals are poor or the price needs modification.
Condominiums
Inventory for Sale
What has been happening in 2022, December Year to Date? You guessed correctly! Yes, condominium inventory has been manic. Looking Year to Date, December 2021 compared to December 2022, New Listings Decreased by -24..6%.
What Will Happen in Q1 2023? We anticipate more inventory and new listings becoming available. Add in the rental potential, the inventory will speed up and move quickly.
What that means to a buyer or seller? Buyers, this poses an objection to attain a condo with more competition and more to view as inventory tends to increase. Like you, specifically in the winter months, other Buyers are trying to attain the heavy income.
Sellers, are more inventory becomes available, your asking prices need to competitive & compelling.
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