Maui Real Estate Statistics: March 2023

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

"Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring , increasing for the third consecutive month, according to NAR.

New Listings decreased 40.9 percent for Single Family homes and 46.2 percent for Condominium homes. Pending Sales decreased 29.8 percent for Single Family homes and 49.7 percent for Condominium homes. Inventory increased 15.3 percent for Single Family homes and 28.6 percent for Condominium homes.

Median Sales Price increased 1.9 percent to $1,200,000 for Single Family homes but decreased 1.5 percent to $797,500 for Condominium homes. Days on Market increased 34.3 percent for Single Family homes and 92.8 percent for Condominium homes. Months Supply of Inventory increased 77.3 percent for Single Family homes and 150.0 percent for Condominium homes. Monthly sales might have been even higher if not for limited inventory nationwide.

At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases."

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: 235 homes from $589,000 in Wailuku to $44,000,000 for an oceanfront home in Huelo, followed by 9 Bay Drive, an oceanfront home for sale in Kapalua
Pending: 110 homes from $390,000 in Wailuku to $12,800,000 for an estate in Wailuku
Sold: 879 homes from $350,000 n Wailuku to $32,673,491 for an oceanfront home in Makena. 
This compares with the high sales of 2022 for  $28,500,000 for a home across the street from the ocean at One Palau'ea Bay in Makena and 2021 where 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:191 condos listed from $270,000 for a condo in Kahului to $17,500,000 for a double residence at Wailea Point
Pending: 194 condos pending, ranging from $225,000 Leasehold in Honokowai to $5,560,000 at Wailea Point
Sold: 257 condos sold, ranging from $160,000 Leasehold to $13,00,000 for a condo at Discovery's Makena Beach Club and Residences

MAUI LAND: ACTIVE LISTINGS, PENDING SALES, AND SALES 

Active Listings: 111 parcels from $229,000 in Wailuku to $75,000,000 for over 3546 acres for Hana Ranch
Pending: 33 lots from $229,000 in Hana to $16,850,000 for over 3000 acres of ranch land in Kaupo
Sold: 47 lots from $25,000 in Wailuku to $10,250,000 for an beachfront parcel in Kaanapali.

*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, 04/6/2023

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