Aloha! We hope you’ve been enjoying the year so far, along with many of the events we’ve shared from the calendar around the island as of late 🤙
February has come and gone, which means spring has sprung and the latest statistics and figures have been released, courtesy of our friends over at the REALTORS® Association of Maui.
Let’s kick things off with single-family homes: last month saw a slight decrease in the median sales price, checking in at $1.07 million, just 2.1% off the year-over-year median from February of last year. It’s nevertheless Maui Nui’s second consecutive month of million-dollar medians for single-family units here in 2023, with new listings down over 45% year-over-year and pending sales down over 35%. However, that also means that the total inventory of homes for sale last month (281) increased by 21.6% from February of 2022, and the month’s supply of inventory is up an astonishing 90.5% as well. Potential buyers, take note!
Which brings us to the condo market, and boy is it a doozy! The median sales price for condominiums set a new all-time record last month, clocking in at $908,000, a nearly-25% increase year-over-year. Interestingly, condos also saw a year-over-year reduction in new listings (-55.6%) and pending sales (-54.2%), respectively, whilst increasing the inventory of homes for sale (36.4%) and the month’s supply of inventory (155.6%!).
What gives?
Luxury listings, that’s what!
Although the local marketplace has been in the midst of correcting to 2019’s normative (and still impressive!) rate of growth, buyers of choice know what they like—and what’s not to like about a luxury condo in one of the most-naturally gorgeous places in the known universe?
Maui is also in good company, nationally speaking. While mortgage rates have slightly lowered from the highs of last fall, existing home sales declined for the twelfth-straight month, according to data from the National Association of Realtors®. As such, home price growth has continued to ease up as well, creating new potential opportunities in the face of ongoing affordability and economic challenges.
Really, this is good news for both buyers and sellers: sellers have continued to enjoy a robust market for their homes, and potential buyers who many otherwise have been sidelined during the pandemic-driven frenzy of the past few years are now enjoying a swell of available properties as things ease up.
Sounds like a pretty good deal to us—that is, so long as you have a professional in your corner! The Maui Luxury Real Estate Group is chock full of the best realtors on the Valley Isle, ready to assist you in securing the transaction you’ve been waiting for. We’re invested in making your investment successful, and our team of top performers serves a high-caliber clientele to identify and cultivate new opportunities in the local marketplace, and always with aloha.
Ready to have your expectations exceeded? Get in touch today and let’s make something wonderful together!
