Spoiler alert: Yes, yes we can!
Aloha friends, and we hope your 2023 has been jam-packed with fun, friends, and ‘ohana—not to mention a heaping helping of those events around the island we’ve been sharing with you these past few months.
February is well underway, which means we’ve gotten our first look at the January 2023 stats from the REALTORS® Association of Maui to share our insights and perspectives on how the local marketplace is shaping up in the year to come. Let’s take a look!
Million-dollar medians, sales inventory increasing
January saw yet another million-dollar median in the single-family home market on Maui, checking in at over $1.16 million, a 0.4% increase year-over-year from January 2022. Several choice neighborhoods pitched in to help the Valley Isle keep its pole position in the seven digits, even as the total sales volume and dollar amounts fell by way of comparison to last year at this same time (market normalization and stabilization).
Condos, on the other hand, saw a dip in their median sales price to $657,500 last month, a nearly-8% decrease from the year prior.
On the whole, the big news here entails both the strong sales prices seen across the island—not to mention nationwide, as pending sales rose 2.5% across the US, according to the report—and the increasing amount of inventory that’s continuing to build, which is welcome news for hungry buyers awaiting their chance to strike. With new listings decreasing and inventory rising (+35.7% for single-family homes and +39.3% for condos, both year-over-year) there’s definitely an opportunity for buyers to get in the game and make some noise—not to mention for sellers who’ve been waiting for just the right time as well!
Ready to make some serious moves? Then you know what to do—call the Maui Luxury Real Estate Team and let’s get to work on building a dream together today!
News and notes from around the island
Were you and yours able to get on a charter and enjoy the whale season yet? If not, don’t fret—there’s still time to get busy enjoying our favorite island visitors before they leave for the north again! Our last blog highlighted several companies who we think provide an excellent experience for your whale watching needs, and the Pacific Whale Foundation will still be holding two more Ocean Counts this month and next if you’re interested in volunteering for a good cause.
Grab your gear and make sure to say aloha to our visiting whale neighbors while you can this year!
And speaking of visitors, did you know that Maui Nui and the Aloha State are now considered to be over 95% recovered from the economic scourges of the Covid-19 pandemic, per a recent report from the state? That’s right, Hawai’i enjoyed a banner year in 2023 when it comes to returning guests—guests who even outspent the 2019 tally as well!
It sure is a good time to have that investment property making you income from short-term rentals…so if you’re not on the gravy train just yet then give Maui’s best darn group of realtors a call and let’s fix that ASAP!