Maui Real Estate Statistics: September 2022
Posted by Courtney M. Brown on Friday, October 7th, 2022 at 4:44pm.
Each month, the Realtor's Association of Maui publishes updates on the Maui real estate market. The report notes
"New Listings decreased 39.3 percent for Single Family homes and 52.7 percent for Condominium homes.
Pending Sales decreased 30.7 percent for Single Family homes and 36.0 percent for Condominium homes.
Inventory increased 7.8 percent for Single Family homes and 9.7 percent for Condominium homes.
Median Sales Price increased 3.0 percent to $1,025,000 for Single Family homes and 9.7 percent to $800,000 for Condominium homes. Days on Market increased 10.7 percent for Single Family homes but decreased 31.5 percent for Condominium homes.
Months Supply of Inventory increased 45.0 percent for Single Family homes and 50.0 percent for Condominium homes.
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 continue 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: 221 homes from $590,000 in Upcountry Maui to $35,000,000 for an oceanfront home for sale in Makena
Pending: 137 homes from $390,000 Leasehold in Kula to $35,000,000 for an estate in One Palau'ea Bay in Makena
Sold: 788 homes from $230,000 in Wailuku to $26,490,000 for an estate across the street from the water in Makena. 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:143 condos listed from $285,000 to $18,000,000 for a Wailea Point
Pending: 212 condos pending, ranging from $225,000 to $5,400,000 at Puamana
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: 98 parcels from $25,000 in Wailuku to $75,000,000 for over 3546 acres for Hana Ranch
Pending: 49 lots from $299,000 in Hana to $16,850,000 for over 3000 acres of ranch land in Kaupo
Sold: 147 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, 10/7/2022.
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