Maui Real Estate Statistics
Interest Rates
*Interest Rates updated as of 7/14/23. source: Guaranteed Rate
Current Interest Rates
It appears that the rates have decreased since the previous week due to various economic factors. The 10-Year yield came down this week because of news about a weaker producer price index. Additionally, the Consumer Price Index, which came in at an annualized 3% number in late July, may have contributed to the feeling that inflation is under control.
As a result of these developments, the rate sheet now shows a softening of both FNMA/FHLMC rates and jumbo investor loans. This means that mortgage rates have become more favorable for borrowers compared to the rates seen in the previous week, which might have been quite unfavorable (referred to as a "rate massacre").
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 2023, do expect another rate increase as it is already carved out. 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 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 12-month average sales prices.
For Single Family Homes, the average sales price in June 2023 YTD remained exactly the same as the previous year, showing no change (0% change). 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 5.7% 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.
Regarding the national existing-home sales trends, the data from the National Association of REALTORS® (NAR) indicates a slight increase of 0.2% from the previous month. However, it's important to note the significant decline of 20.4% in sales when compared to the same time last year. The drop in sales in 2023 compared to the previous year could be influenced by the highly active market experienced in 2021 and 2022, making the numbers appear relatively subdued.
Overall, real estate markets are subject to various factors, and the housing market can experience fluctuations based on changing economic conditions, interest rates, and other external factors. As you 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 June 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 increased from 113 to 120.
- This represents a percentage increase of 6.2%.
Condominiums:
- Days on Market increased from 74 to 107.
- This represents a percentage increase of 44.6%.
The increase in Days on Market indicates that it took longer, on average, for both Single Family and Condominium homes to sell during the YTD period in June 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.
Overall
Inventory for Sale
In June 2023, when comparing the data from the same month in the previous year, Maui County experienced significant increases in available housing inventory for both Single Family Homes and Condominiums.
Single Family Homes:
- There was a 33% increase in available homes compared to June of the previous year.
Condominiums:
- There was a substantial increase of 68.8% 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 homes available for sale. The increase in housing supply might offer more options for buyers and potentially contribute to a more balanced market, reducing some of the upward pressure on prices due to a shortage of homes.
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Residential 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, and Lahaina, have experienced a significant increase. In June 2023, the year-to-date report showed an average sales price of $1,850,819, which then increased to $1,851,354.
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.
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 2023 was 120 days. This is a 6.2% increase compared to the same period in 2022 when the average DOM was 113 days. While the difference may not be huge, it does suggest a slight trend of properties taking a bit longer to sell in 2023.
As for what to expect in 2023 Q3 and Q4, 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 first half of the year, 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 2023 Year-to-Date (YTD) statistics, Maui County has 257 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 2022), there has been a notable decrease of -14.6%. 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 Q3 & Q4, unless the prices subside.
Condominiums
Condominiums
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 first two quarters (Q1 and Q2) of 2023 to the same months in 2022.
In Q1 and Q2 of 2022, the average sales price for Condominiums was $1,093,974. However, in the same period of 2023, the average sales price has risen to $1,156,773. This represents a notable increase of 5.7%.
A 5.7% 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 June 2023. The data shows that the average DOM for Condominiums increased from 74 days to 107 days, representing a significant percentage increase of 44.6%.
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.
Condominiums
Inventory for Sale
According to the data, there has been an -8.6% decrease in the inventory of Condominiums. In June YTD 2023, there are 222 Condominiums available for sale, while in the same months in 2022, there were 243 Condominiums on the market.
A decrease in inventory indicates that there are fewer Condominiums available for sale in 2023 compared to the previous year. This decline in supply can impact the real estate market dynamics, potentially leading to increased competition among buyers and potentially influencing pricing trends.
For buyers interested in purchasing a Condominium in Maui County, the reduced inventory could mean fewer options and potentially more competitive buying conditions. It may be essential for buyers to act quickly and be prepared to make competitive offers when a desirable property becomes available.
For sellers, the decreased inventory might be beneficial as it could mean less competition and potentially higher demand for the available properties. 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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