Maui Real Estate Statistics: January 2024

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

"U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.

New Listings increased 41.7 percent for Single Family homes and 10.2 percent for Condominium homes. Pending Sales increased 35.6 percent for Single Family homes but decreased 11.1 percent for Condominium homes. Inventory decreased 18.2 percent for Single Family homes but increased 58.8 percent for Condominium homes.

Median Sales Price increased 14.3 percent to $1,342,581 for Single Family homes and 20.9 percent to $795,000 for Condominium homes. Days on Market decreased 3.3 percent for Single Family homes and 18.1 percent for Condominium homes. Months Supply of Inventory decreased 5.0 percent for Single Family homes but increased 121.7 percent for Condominium homes.

Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months."

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: 208 homes from $519,000 for a home for sale in Hana to $42,500,000 for a home for sale on Keawakapu Beach.  This is followed by a $33,000,000 oceanfront home for sale in Makena and a $30,000,000 oceanfront home for sale in Kapalua Resort
Pending: 132 homes from $500,000 Leasehold for a Hawaiian Home Lands home in Lahaina to $21,000,000 for an estate for sale in Keahou in Makena
Sold (2024): 88 homes from $840,000 in Kahului to $13,700,000 for a home in Maluhia in Wailea

MAUI CONDOS: ACTIVE LISTINGS, PENDING SALES, AND SALES 

Active Listings: 371 condos listed from $259,000 for a condo in Kahului to $18,000,000 for a condominium residence at Wailea Point
Pending: 161 condos pending, ranging from $255,000 for a condo in Wailuku to $12,950,000 for a condominium at the Montage Residences Kapalua Bay.
Sold (2024): 133 condos sold, ranging from $95,000 to $10,00,000 for a condo at Discovery's Makena Beach Club and Residences.  

MAUI LAND: ACTIVE LISTINGS, PENDING SALES, AND SALES 

Active Listings: 120 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 (2024): 39 lots from $175,000 in Haiku to $11,700,000 for 26 acres sold as part of Discovery's Makena Golf and Beach Club.

*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, 2/17/24

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