Maui Real Estate Statistics: October 2022
Posted by Courtney M. Brown on Thursday, November 17th, 2022 at 12:25pm.
Each month, the Realtor's Association of Maui publishes updates on the Maui real estate market. The report notes
"Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inﬂation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.
New Listings decreased 15.3 percent for Single Family homes and 50.0 percent for Condominium homes. Pending Sales decreased 52.4 percent for Single Family homes and 54.0 percent for Condominium homes. Inventory increased 29.7 percent for Single Family homes and 7.4 percent for Condominium homes.
Median Sales Price increased 13.5 percent to $1,056,000 for Single Family homes and 19.0 percent to $800,000 for Condominium homes. Days on Market increased 44.0 percent for Single Family homes and 5.0 percent for Condominium homes. Months Supply of Inventory increased 88.9 percent for Single Family homes and 62.5 percent for Condominium homes.
The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers. Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments more than 55% higher than a year ago, according to the National Association of REALTORS®. Inventory remains lower than normal, and as the market continues to shift, experts project homes will begin to spend more days on market and price growth will slow in the months ahead."
It seems as if the frenzy of 2021 is behind us, though locations with great views in excellent condition are still commanding the interest of buyers. The South Maui resorts of Wailea and Makena continue to command the highest condominium sales prices, though the Montage Residences, Kapalua Bay are not far behind.
MAUI HOMES: ACTIVE LISTINGS, PENDING SALES, AND SALES*
Active Listings: 234 homes from $590,000 Leasehold in Upcountry Maui to $41,900,000 for 9 Bay Drive, an oceanfront home for sale in Kapalua
Pending: 115 homes from $390,000 Leasehold in Kula to $35,000,000 for an oceanfront home in Makena
Sold: 879 homes from $230,000 in Wailuku to $28,500,000 for a home located in One Palau'ea Bay. This compares with 2021 where the high sale was $78,000,000, paid by Jeff Bezos in an off market deal which is reported to also include corporate holdings. Prior to that, the high sale for 2021 was $45,000,000 for a home at Keawakapu Beach.
MAUI CONDOS: ACTIVE LISTINGS, PENDING SALES, AND SALES
Active Listings:177 condos listed from $265,000 to $18,000,000 for a double residence at Wailea Point
Pending: 195 condos pending, ranging from $159,000 to $6,500,000 at Ho'olei in Wailea
Sold: 1267 condos sold, ranging from $67,500 Leasehold to $12,000,000 for a Wailea Beach Villa
MAUI LAND: ACTIVE LISTINGS, PENDING SALES, AND SALES
Active Listings: 101 parcels from $25,000 in Wailuku to $75,000,000 for over 3546 acres for Hana Ranch
Pending: 33 lots from $150,000 in Keanae to $16,850,000 for over 3000 acres of ranch land in Kaupo
Sold: 155 lots from to $155,000 in Wailuku to $12,000,000 for a multi-acre parcel development in South Maui.
*Molokai and Lanai are not included in the above summaries, although they are a part of Maui County. This data is taken from the MLS on on the date of this post, 11/17/2022.
Read the full report and see how it compares to prior years here: Maui Real Estate Statistics
Courtney M. Brown, R(S) & Team
Island Sotheby's International Realty