Maui Real Estate Statistics
Maui Real Estate Statistics are dynamic and constantly changing. Whether you are upgrading, downsizing, or a first time buyer or seller, I'm here to help navigate through information to better educate you and make the right purchasing or selling decision. As the owner and principal broker of Living Maui Real Estate, please contact me to discuss how I can assist with your homeownership needs.
- Kimberly Drechsel
Interest Rates
*statistics updated as of 3/17/22. source: Freddie Mac
Current Interest Rates
After a few years of hearing about it, Interest Rates in Q1 of 2022 had an increase.
With current inflationary conditions, a strong housing market, and likely federal reserve policy changes, we anticipate the rates will continue to rise into Q2 of 2022.
Buyers, it's a great time to grab what inventory is available now and secure low rates while you can.
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
Ave Sales Prices Overall remained competitive in Q1 of 2022.
As the temperatures warm up in other States, Hawaii's real estate market starts to plateau in Q2. Given the lack of Inventory, the average sales price has continued to rise.
Traditionally, as we exit out of Q1 and into Q2, we see less competition and the average sales level off.
Overall
Ave Days on Market
Ave Days on the Market fell dramatically in Q1 of 2022; from the average property selling in under 4 months, compared to an average of around 5 months over the past five years.
According to the Realtors Association of Maui, "Inventory was at an all-time low of 860,000 as February began, down 17% from a year ago and equivalent to 1.6 months supply."
The market is driven by available inventory. It's expected that overall inventory will remain stagnant and Ave Days on the Market will mimic the inventory into Q2 of 2022.
Overall
Inventory for Sale
Inventory for sale on Maui also fell dramatically in Q1 of 2022, experiencing a drop of over 60% in average properties available.
In Q2 of 2022, given the interest rates don't fluctuate too much, Buyers demand is high, and Sellers are motivated to Sell or adjust their price, it's expected that total inventory will remain limited and thus the Maui Market will will follow the same trend as first quarter 2022.
On a separate note, it is promising to see owners are using and appreciate their properties in Maui and we are not flooded with Inventory.
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PENDING - CONT. TO SHOW
PENDING - CONT. TO SHOW
PENDING - CONT. TO SHOWResidential Homes
Residential Homes
Ave Sales Price
In Q1, "Median Sales Price increased 18.3 percent to $1,058,500 for Single Family homes," according to the Realtors Association of Maui reflecting on the the February 2022 Statistics.
What Will Happen in Q2? We anticipate average and median sales price will remain transparent. Although there are are several different markets, including the rental market, entry level market, luxury market, and resort market, they all differ.
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. Theses homes moved rapidly with a low number of days on market. Regarding single family homes, year to date, the average days on market were 119 days.
We anticipate the figures will be similar for single family homes & their days on market in Q2, given the interest rates stay under 5%.
Should the rates jump over 5%, we could see Purchasers holding out or forfeit buying all together. What does this mean for the Sellers?Sellers will need to lower their asking price, make concessions, or better court the buyers.
Residential Homes
Inventory for Sale
Q1 had a low amount of Inventory for Residential Homes.
We anticipate Q2 will follow the trend of Q1 in the amount of availability in residential properties.
Buyers it will still be a competitive market and most likely bidding war in Q2.
Sellers, again, you will be in the driver's seat and favorable to you.
Condominiums
Condominiums
Ave Sales Price
What Happened in Q1 for Condominiums and their average sales prices? Looking at the January 21 year to date, $795,440, compared to January 22 YTD, $979,861, the average sales price increased 23.2%.
The jury is out for Q2? We anticipate the average sales price won't decrease, 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
Q1 Condominium average days on market? Yes, you guessed right. They decreased by -39.9%. January 2021 the average days on market were 143 days. In January 2022, the average condominium days on market were 86 days.
What Will Happen in Q2? There are still rental & it can be challenging to gain access to condominiums, due to scheduled bookings. However, Living Maui Real Estate has an educated estimate it will be similar to 90 days.
What that means to a buyer or seller? Buyers, do not wait till there are multiple offers. Get you written contract in. 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.
Condominiums
Inventory for Sale
What Happened in Q1? You guessed correctly. Yes, condominium inventory is down by -75.8%, looking at January 2021 vs January 2022.
What Will Happen in Q2? We anticipate more inventory becoming available. As the weather warms up everywhere else in the world, the Maui market slightly softens.
What that means to a buyer or seller? Buyers, this is an opportunity to get a condo with less competition and more to view as inventory tends to increase.
Sellers, are more inventory becomes available, your asking prices need to competitive & compelling.
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