Maui Real Estate Statistics: March 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 improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR).

The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.

New Listings increased 19.8 percent for Single Family homes and 46.5 percent for Condominium homes. Pending Sales decreased 4.3 percent for Single Family homes and 1.1 percent for Condominium homes. Inventory remained flat for Single Family homes but increased 105.5 percent for Condominium properties.

Median Sales Price increased 9.5 percent to $1,303,692 for Single Family homes and 62.9 percent to $1,300,000 for Condominium homes. Days on Market increased 11.8 percent for Single Family homes but decreased 35.6 percent for Condominium homes. Months Supply of Inventory increased 7.1 percent for Single Family homes and 146.2 percent for Condominium homes.

The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide. According to NAR, total inventory grew 5.9% month-over-month and 10.3% year-overyear to 1.07 million units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing-home sales price up 5.7% year-over-year to $384,500, the eighth consecutive month of annual price increases.

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

Active Listings: 233 homes from $490,000 Leasehold or a home for sale in Hawaiian Home Lands 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: 130 homes from $499,000 for a home in Hana to $9,975,000 for a home in Kula.
Sold (2024): 192 homes from $550,000 in Wailuku to $18,500,000 for a home in Keahou Makena

MAUI CONDOS: ACTIVE LISTINGS, PENDING SALES, AND SALES 

Active Listings: 437 condos listed from $235000 Leasehold for a condo in Honokowai to $18,000,000 for a condominium residence at Wailea Point
Pending: 171 condos pending, ranging from $310,000 for a condo in Kahului to $4,500,000 for a condominium at the Papali Wailea
Sold (2024): 175 condos sold, ranging from $95,000 to $12,000,000 for a condo at Montage Kapalua Bay

MAUI LAND: ACTIVE LISTINGS, PENDING SALES, AND SALES 

Active Listings: 125 parcels from $150,000 in Keanae to $75,000,000 for over 3546 acres for Hana Ranch
Pending: 21 lots from $299,000 in Hana to $2,350,000 for a lot in Hana
Sold (2024): 62 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 the date of this post, 4/4/24

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