Aloha!
As we step into January 2024, we take stock of the latest developments in the Maui real estate market and the ongoing efforts to rebuild and rejuvenate our community after the devastating fires of the previous year.
National Real Estate Snapshot
According to the National Association of REALTORS® (NAR), January saw a slight decline of 1.0% in existing-home sales compared to the previous month, with a year-over-year decrease of 6.2%. However, there’s a silver lining as pending sales experienced a significant jump of 8.3%, indicating a resurgence in homebuyer activity.
Maui Real Estate Snapshot
New listings surged by 41.7% for single-family homes and 10.2% for condominiums, reflecting increased market activity. While inventory decreased for single-family homes by 18.2%, condominium inventory saw a notable increase of 58.8%. Despite tepid sales, the median sales price continued to climb, reaching $1,342,581 for single-family homes and $795,000 for condominiums. Days on market decreased for single-family homes by 3.3%, while condominiums experienced an 18.1% decrease. Despite challenges, the market remains resilient, with housing values rising 4.4% year-over-year.
Whale Season on Maui: A Spectacular Sight
Amidst the real estate dynamics, Maui welcomes the awe-inspiring whale season. From December to April, the waters surrounding the island come alive with the majestic presence of humpback whales. Visitors and locals alike flock to vantage points along the coast to witness these magnificent creatures breaching and spouting in their natural habitat. Whale watching tours offer an up-close and personal encounter with these gentle giants, providing an unforgettable experience for all.
Rebuilding the Culinary Scene
In the wake of the fires, Maui’s culinary landscape is undergoing a transformation as restaurants work to reopen or relocate. Aloha Mix Plate, Mala, Amigos, and Sale Pepe are among the beloved establishments making a comeback in Maui’s culinary scene. Joining them are the newly opened Sergio’s Cantina and Napili Island Café, adding fresh flavors to the island’s dining landscape. As these eateries return and new ones emerge, Maui’s vibrant culinary culture continues to thrive, offering a diverse array of dining experiences for locals and visitors alike to savor and enjoy.
New Listings and Opportunities
Amidst these developments, the Maui Luxury Real Estate Team is pleased to showcase four new listings, each offering unique opportunities in the market. Whether you’re seeking a single-family home or a condominium, our team is here to guide you through the process with expertise and dedication. As we navigate the complexities of the real estate market and the rebuilding efforts post-fires, we remain committed to serving our clients and community.
If you’re considering buying or selling property on Maui, don’t hesitate to reach out to our team for personalized assistance and expert guidance. We’re here to help you navigate the market, explore available opportunities, and make informed decisions. Together, let’s embark on your Maui real estate journey and contribute to the continued growth and resilience of our island paradise.
