Maui Real Estate Statistics: October, 2024

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

The October MAUI Real Estate Statistics report notes:

U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REATORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.

New Listings decreased 4.8 percent for Single Family homes but increased 13.0 percent for Condominium homes. Pending Sales increased 24.0 percent for Single Family homes and 3.1 percent for Condominium homes. Inventory increased 36.2 percent for Single Family homes and 168.1 percent for Condominium homes.

Median Sales Price increased 2.4 percent to $1,300,000 for Single Family homes and 9.2 percent to $892,500 for Condominium homes. Days on Market decreased 1.6 percent for Single Family homes but increased 24.8 percent for Condominium homes. Months Supply of Inventory increased 30.0 percent for Single Family homes and 200.0 percent for Condominium homes.

There were 1.39 million homes for sale heading into October, a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3-month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago.

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

Active Listings: 319 homes from $100,000 for a court ordered home for sale in Kula to $75,000,000 for Hana Ranch, followed by $25,000,000 for a home for sale in Wailea.  
Pending: 125 homes from $500,000 Leasehold for a home in Hawaiian Home Lands to $9,975,000 for a home in Kula.
Sold (2024): 602 homes from $405,000 in Haiku to $38,500,000 for a home in Maluhia

MAUI CONDOS: ACTIVE LISTINGS, PENDING SALES, AND SALES 

Active Listings:  655 condos listed from $193,000 for a condo in Kahului to $17,500,000 for a condominium residence at Wailea Point
Pending: 109 condos pending, ranging from $175,000 Leasehold for a condo in Honokowai to $3,600,000 condo at Kaanapali Alii and a condo at Kai Malu.
Sold (2024): 735 condos sold, ranging from $95,000 to $22,000,000 for a condo at Discovery's Makena Golf and Beach Club.

This continued increase in listing inventory and leveling off in pending sales is likely attributable to theproposed changes to Maui County's Short Term Rental rules and regulations.  

MAUI LAND: ACTIVE LISTINGS, PENDING SALES, AND SALES 

Active Listings: 130 parcels from $325,000 in Kahului to $12,500,000 for a home site in Makena
Pending: 27 lots from $299,000 in Hana to $7,000,000 for a parcel in Kula
Sold (2024): 150 lots from $175,000 in Haiku to two parcels each selling at $11,700,000 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, 11/7/24

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