Maui Real Estate Statistics: December 2023

Each month, the Realtor's Association of Maui publishes updates on the Maui real estate market.  The report notes:

"U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing-home sales may continue to pick up in the months ahead.

New Listings decreased 19.0 percent for Single Family homes but increased 109.5 percent for Condominium homes. Pending Sales increased 26.3 percent for Single Family homes and 51.9 percent for Condominium homes. Inventory decreased 23.6 percent for Single Family homes but increased 65.5 percent for Condominium homes.

Median Sales Price increased 11.0 percent to $1,200,000 for Single Family homes and 10.4 percent to $850,000 for Condominium homes. Days on Market decreased 29.4 percent for Single Family homes but increased 16.5 percent for Condominium homes.
Months Supply of Inventory decreased 5.1 percent for Single Family homes but increased 138.1 percent for Condominium homes.

Low levels of inventory continue to impact U.S. home sales, offering few options for aspiring buyers to choose from. Going into December there were 1.13 million units for sale, down 1.7% from the previous month but up 0.9% from the same period last year, for a 3.5 months’ supply at the current sales pace. As a result, sales prices remain high nationwide, with NAR reporting the median existing-home price rose 4% annually to $387,600 as of last measure, the fifth consecutive month of year-over-year price gains. Homebuyer demand is picking up, and without a significant increase in supply, experts believe home prices will likely remain elevated for some time to come.."

While nationally we are seeing some markets stalling or decreasing, we are seeing locations with great views in excellent condition commanding the interest of buyers. The South Maui resorts of Wailea and Makena continue to command the highest condominium sales prices, though the Montage Residences, Kapalua Bay are not far behind.

MAUI HOMES: ACTIVE LISTINGS, PENDING SALES, AND SALES*

Active Listings: 197 homes from $490,000 Leasehold for a Hawaiian Home Lands home listed for sale in Kula to $39,000,000 for an oceanfront home for sale in Makena
Pending: 133 homes from $500,000 Leasehold for a Hawaiian Home Lands home in Lahaina to $9,975,000 for an estate home at Kula I'o  in Kula
Sold (2023): 692 homes from $260,000 for a tear down in Wailuku to $32,673,491 for an oceanfront home in Makena. 
To give you a sense of how this compares to 2022, in that year there were 973 home sales on Maui.   The high sale of 2022 for $28,500,000 for a home across the street from the ocean at One Palau'ea Bay in Makena .  In 2021 the high sale was $78,000,000, paid by Jeff Bezos in an off-market deal which is reported to also include corporate holdings.  Prior to that, the high sale for 2021 was $45,000,000 for a home at Keawakapu Beach.

MAUI CONDOS: ACTIVE LISTINGS, PENDING SALES, AND SALES 

Active Listings: 349 condos listed from $249,000 for a condo in Kahului to $18,000,000 for a condominium residence at Wailea Point
Pending: 162 condos pending, ranging from $299,000 for a condo in Wailuku to $12,950,000 for a condominium at the Montage Residences Kapalua Bay.
Sold (2023): 931 condos sold, ranging from $140,000 to $13,00,000 for a condo at Discovery's Makena Beach Club and Residences.  This compares with 1470 sales in 2022, which ranged from $67,500 leasehold for a condo in Kihei to $12,000,000 for a condo at the Wailea Beach Villas.

MAUI LAND: ACTIVE LISTINGS, PENDING SALES, AND SALES 

Active Listings: 103 parcels from $150,000 in Keanae to $75,000,000 for over 3546 acres for Hana Ranch
Pending: 33 lots from $250,000 in Kahana to $5,200,000 for close to 10 acres in Napili.
Sold (2023): 149 lots from $25,000 in Wailuku to $21,132,920 for 4524 acres in Kaupo.  This compares with 210 sales in 2022, ranging from $50,000 for a lot in Keanae to $13,500,000 for 1053 acres in Haiku.

*Molokai and Lanai are not included in the above written summaries, although they are a part of Maui County.  This data is taken from the MLS on on the date of this post, 1/11/24

Read the full report and see how it compares to prior years here: Maui Real Estate Statistics