Each month, the Realtor's Association of Maui publishes updates on the Maui real estate market.
Along with the rest of the country, Maui's real estate market has been far more active than last year during the pandemic.
The report notes "Nationwide, existing home sales were down slightly in August, falling 2%after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a signiﬁcant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.
New Listings decreased 9.8 percent for Single Family homes and 29.2 percent for Condominium homes. Pending Sales decreased 4.3 percent for Single Family homes but increased 5.7 percent for Condominium homes. Inventory decreased 44.3 percent for Single Family homes and 82.3 percent for Condominium homes.
Median Sales Price increased 27.3 percent to $996,500 for Single Family homes and 46.6 percent to $729,125 for Condominium homes. Days on Market decreased 14.9 percent for Single Family homes and 6.9 percent for Condominium homes. Months Supply of Inventory decreased 57.1 percent for Single Family homes and 90.8 percent for Condominium homes.
There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country."
As of the date of this post, October 15, 2021:
MAUI HOMES: ACTIVE LISTINGS, PENDING SALES, AND SALES
Active Listings: 184 homes from $549,000 in Wailuku to $26,000,000 for an oceanfront home for sale in Makena
Pending: 213 homes from $294,900 in Lahaina to $12,900,000 for a home across the street from the ocean in Makena
Sold: 1,045 homes from $220,000 to $45,000,000 (the highest sale recorded on Maui for a single-family home at Keawakapu Beach)
MAUI CONDOS: ACTIVE LISTINGS, PENDING SALES, AND SALES
Active Listings:135 condos listed from $179,000 Leasehold to $5,995,000 for a condominium at the Montage Residences Kapalua Bay
Pending: 302 condos pending, ranging from $151,000 to $17,770,000 at Wailea Point
Sold: 1,869 condos sold, ranging from $75,000 Leasehold to $14,000,000 for a Wailea Beach Villas condominium
MAUI LAND: ACTIVE LISTINGS, PENDING SALES, AND SALES
Active Listings: 103 lots from $155,000 in Wailuku to $16,850,000 for over 3000 acres of ranch land in Kaupo
Pending: 58 lots from $170,000 in Nahiku to $7,500,000 for 464 acres in Kula
Sold: 299 lots from to $38,000 to $14,000,000 for Piiholo Ranch in Upcountry Maui
The days on market is down for all categories. Land sales tend to lag behind condos and homes, as it doesn't allow immediate use and enjoyment and the building process does take time. However, land sales are now up 55% over the same period last year. As home prices have soared (median price up 46.6%) and inventory decreased, many buyers look toward building as an option.
*Molokai and Lanai are not included in the above summaries, although they are a part of Maui County.
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