The October 2022 stats for Maui Nui real estate have been released, courtesy of our friends over at the REALTORS® Association of Maui, and the Keller Williams Maui Luxury Real Estate Team is here as always to help you parse the numbers and see the forest from the proverbial trees in the Valley Isle’s ever-changing real estate marketplace.
Let’s get right to it!
Sales continue their slowdown on Maui and across the nation
It’s certainly been a wild ride in 2022, has it not?
The national housing market has been going through some major changes these past 10+ months, with the typical mortgage rate having doubled since March and the sellers’ bonanza we saw in 2020 and 2021 slowing to a more-normalizing rate of growth. While overall housing prices remain elevated in most markets, there’s no doubt that sellers in most of the nation are starting to wait for more-favorable market conditions in which to sell their home.
Existing home sales declined nationwide for the eighth consecutive month, according to the REALTORS® report, and total sales here on Maui have also followed this trend:
- New listings decreased 15.3% for single-family homes and by 50% for condominiums
- Pending sales decreased 52.4% for single-family units and by 54% for condos
Furthermore, the total dollar volume of sales—while still impressive overall, as per usual—remains under where we were in 2021 to this point in time, all but assuring that the total sales across Maui Nui this year will be under where they were last year.
The median sales price for single-family units and condos remains robust
Having said that—the plentiful homes that continue to sell are indeed selling very well! Maui saw another million-dollar median for single-family homes last month, checking in at $1.056 million, a 13.5% increase from October of 2021 and an improvement from last month’s figure of $1.025 as well. Condos saw the exact same median as September, clocking in at $800k on the head, which was nevertheless a 19% increase from 2021’s impressive median sales price to boot.
And speaking of good news: the slowdown in total sales is also slowly allowing our total inventory to creep upwards, a major component of continuing to build a robust and healthy local market. The total months’ supply of inventory increased a startling 88.9% for single-family homes and 62.5% for condos last month, placing some much-needed units in reserve for the buying public to look forward to.
Are you and yours ready to buy or sell your next island home? Then get in touch today with the Keller Williams Luxury Real Estate Team, Maui’s #1 collective of real estate professionals serving the discerning buyer! We’ll help you secure the home (or the sale) of your dreams, and we can’t wait to get going and make your acquaintance.