We hope you’ve been having a lovely spring thus far. The summer is nearly here, and the Maui Luxury Real Estate Team is back again to take a closer look at the state of the local marketplace and how it compares to the rest of the nation to give you a leg up on the competition.
According to the latest report released by the National Association of REALTORS®, housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April. This marks a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019 prior to the pandemic. The lack of existing inventory continues to impact home sales across the mainland, and with only 2.6 months’ supply of homes at last measure, the competition for available properties remains strong, with multiple offers occurring on about a third of properties recorded.
The Maui real estate market is no exception to this trend, with inventory remaining tight and competition for available properties remains robust. Nevertheless, opportunity abounds for both buyers and sellers here on the Valley Isle, and there’s been a bevy of notable activity as of late.
According to the REALTORS® Association of Maui, the median sales price for single-family homes decreased 11.5% year-over-year to $1.1 million, while the median sales price for condominiums increased 7.0% to $877,000 from last April. Overall sales remained strong, with the usual suspects (Lahaina and the west side, South Maui) evidencing high total dollar volumes very much in line with the past few years.
The Maui Luxury Real Estate Team is comprised of the top realtors on the island, a group of experienced professionals who are dedicated to providing exceptional service to all our clients. We understand that buying or selling a home is a major life decision, which is why we go above and beyond to ensure that our clients have a smooth and stress-free experience. Whether you’re a first-time homebuyer or an experienced investor, we have the knowledge and expertise to guide you through the process and help you make informed decisions, make those real estate dreams come true, and kick off your summer in style.
And if you’re at loose ends as the summer season gets underway The Maui Arts & Cultural Center is hosting their annual Maui Brewers Festival on May 20th! Come on down and slake your thirst for a good cause, helping the MACC to sustain their operations and have a darn good time doing it. For more information, check out their website for all the details.
Until next time!
PS: Don’t miss your chance to attend the Rotary Club of Lahaina Sunset’s Savor the Sunset dinner and silent auction on June 17th! You can read all about it and get your tickets at https://www.rotarycluboflahainasunset.org/