Can it be?
We’ve been seeing record numbers for months on end here on the Valley Isle, with seemingly no end in sight. However, while there’s little doubt that Maui Nui will always be one of the world’s premier destinations for discerning buyers the world over, it’s also true that change is inevitable—even in a market as red-hot as Maui.
According to the latest facts and figures released by the REALTORS® Association of Maui, or RAM, the median sales price of a single-family home came in under a million for the first time in quite some time this past month, checking in at $983,575 for August. To be sure, while such a median is still significantly higher than most to be found back on the mainland, it’s definitely the first sub-million-dollar median we’ve seen here on the island in quite some time.
While we’re at it, let’s take a gander at some of the other vital metrics released in last month’s report:
- New listings: 99, a drop of 26.7% from August of 2021 (135)
- Pending sales: 70, a drop of 45.3% from August 2021 (128)
- Days on the market until sale: 119, an increase of 4.4% from August 2021 (114)
- Inventory of homes for sale: 279, an increase of 18.7% from August 2021 (235)
- Months supply of inventory: 3.2, a 60% increase from August 2021 (2.0)
Condominiums, meanwhile, grabbed much of the available momentum for August, charging ahead to a sky-high median sales price of $820,00—a growth of more than 25% from August of 2021’s median ($647,500), not to mention setting a new all-time high for Maui County.
Let’s go ahead and take a look at the other metrics available in the latest from RAM for condo sales as well:
- New listings: 97, a drop of 40.1% from August of 2021 (162)
- Pending sales: 014, a drop of 30.7% from August 2021 (150)
- Days on the market until sale: 79, a drop of 21.8% from August 2021 (101)
- Inventory of condos for sale: 213, an increase of 33.21% from August 2021 (160)
- Months supply of inventory: 1.5, an 87.5% increase from August 2021 (0.8)
Ultimately, it’s a season of change in the real estate market, both here on Maui and across the nation. New listings and pending sales both decreased this summer, but this has also allowed inventory to rise up and gain some traction—and that’s definitely welcome news for plenty of buyers who’ve been waiting patiently on the sidelines for their moment to strike. While inflation, rising interest rates, etc. have all taken their toll over the past six-plus months, an ongoing market stabilization and normalization is predicted to carry through the rest of 2022, returning the Valley Isle to its more-normative—and nevertheless still highly impressive—rate of growth as seen back in 2019.
Are you and yours ready to make a big splash in the changing tides of Maui’s real estate marketplace? Then give Maui’s #1 group of real estate experts a call today and let’s get down to brass tacks!