Aloha, KW Maui Luxury readers—and Happy Holidays!
2022 has been a banner year thus far, for quite a few reasons: record sales numbers to start the year, record inflation, increasing mortgage rates, high median prices and slowing sales numbers as the year went on. We don’t blame you if you’ve struggled to keep track!
The November stats have been released, courtesy of the REALTORS® Association of Maui, and the trends we’ve seen since April have continued to hold steady—namely, that Maui once again saw another million-dollar median for single-family homes, even as the total dollar volume of sales slowed down year-over-year.
Maui Nui’s single-family homes had a median price of $1.025 million, a 2.5% increase from last year’s quite-stellar median of one million on the head. However, new listings (-33.9%), pending sales (-32.6%), and closed sales (-40%) were all down year-over-year, whereas the median amount of days on the market until being sold was up over 35% from November of 2021.
Condominiums, meanwhile, also saw a robust $856,250 median sales price last month, a growth of 18.1% year-over-year. Similar to single-family units, however, new condo listings (-43.5%), pending sales (-63.3%), and closed sales (-54.5%) were all down by way of comparison to last year, and days on the market until being sold grew by 42.9%–good news for our island’s total inventory!
According to the latest report, housing affordability continues to be a major roadblock for would-be market participants, with home prices remaining high across the U.S. The average homebuyer is now paying 77% more on their loan per month as compared to November of last year, according to realtor.com, showcasing the contrasting dynamics currently at play as 2022’s market comes to a close.
Happenings Across Maui for the Holiday Season
It’s the most wonderful time of the year—and that means Maui Nui is getting ready to ring in the holiday season and the New Year in style! Be sure to check out these events all over the island in the coming weeks…and don’t forget that the KW Maui Luxury Real Estate Team, the Valley Isle’s #1 group of realtors, is here to help you every step of the way this season and beyond with all your real estate goals. Aloha!
- Banyan Tree Court Xmas Lights: Stop by Front Street in historic Lahaina town to see these lights in all their splendor, every day from 5:30 onward in the month of December!
- Enjoy a Christmas Eve Luau at the Wailea Marriott, or enjoy the long-running, perennial smash hit ‘Drums of the Pacific’ over at the Ka’anapali Hyatt
- Take a run with family and friends for a 5K Christmas Run and ½ Mile Keiki Dash at Kanaha Beach Park
- Enjoy dinner and a show on a Sunset Cruise out of West Maui—you might just see a whale to help you ring in the New Year!
- See Willie Nelson and Family perform at the MACC on 12/23
Welcome in Santa Claus as he arrives via Outrigger Canoe at the Fairmont Kea Lani on Christmas Eve
