The Maui real estate market is off to an exciting start in the new year, showing promising signs of vitality and growth. As we delve into the latest statistics, it’s clear that both buyers and sellers have been active participants in shaping this dynamic landscape.
Market Snapshot: December 2023
December 2023 unveiled a series of intriguing developments in the Maui real estate scene. Here’s a closer look at some of the key statistics:
New Listings: The market experienced a mixed bag of activity in December. New listings for single-family homes decreased by 19.0%, reflecting a selective approach by homeowners. Conversely, condominium homes surged ahead with a remarkable increase of 109.5% in new listings, showcasing a diverse range of options for prospective buyers.
Pending Sales: Pending sales, a strong indicator of market sentiment, displayed robust growth. Single-family homes saw an impressive uptick of 26.3% in pending sales, highlighting buyer enthusiasm. Condominium homes followed suit, with a remarkable 51.9% increase in pending sales, signaling a buoyant condo market.
Inventory: The supply of available homes had a notable impact on the market. Inventory levels for single-family homes decreased by 23.6%, creating a competitive environment for buyers in this segment. Conversely, condominium homes experienced a substantial inventory surge, increasing by 65.5%, offering more choices for condo seekers.
Median Sales Price: The median sales price saw solid gains in both segments, underlining the appreciation in property values. Single-family homes witnessed an 11.0% increase, bringing the median price to $1,200,000. Condominium homes followed closely with a 10.4% gain, setting the median price at $850,000.
Days on Market: The pace at which homes are selling exhibited variations. Single-family homes sold significantly faster, with a 29.4% decrease in days on market, indicating strong demand. Meanwhile, condominium homes took a bit longer to find their perfect match, with days on market increasing by 16.5%.
Months Supply of Inventory: The balance between supply and demand was evident in the months’ supply of inventory. For single-family homes, it decreased by 5.1%, highlighting the competitive nature of this segment. In contrast, condominium homes saw a substantial increase of 138.1%, providing buyers with more options.
Embracing the New Year with Exciting Listings
The Maui Luxury Real Estate Team is thrilled to share that the new year is already shaping up to be a busy one. We have introduced three new condominium listings for sale and one new time interval listing, each offering unique opportunities for those seeking their piece of Maui paradise.
Whale Season: A Magical Time
As the calendar turns, Maui welcomes the enchanting whale season. The island’s warm waters become the playground for humpback whales, and we’ve already witnessed their majestic splashes and acrobatics. This natural spectacle reminds us of the incredible biodiversity that surrounds us and is one of the many wonders of life on Maui.
Your Perfect Fit Awaits
At the Maui Luxury Real Estate Team, we’re here to help you navigate the thriving Maui real estate market. Whether you’re a buyer eager to explore new listings, a seller ready to make a move, or simply seeking guidance on your real estate journey, our experienced team is here to assist you. Contact us today, and let’s make your Maui dreams a reality.