Maui's real estate market continues to move along. We've had several larger priced properties come to market recently and have experienced quite a handful of price reductions. Properties going under contract are either priced appropriately for their respective neighborhoods or condominium complexes. Here's how the market did this past week:
Earlier this week, I had an agent tell me its a starting to be a buyer's market. I still think that statement is too soon. While our inventory has been on an upswing, we just still aren't there yet. According to national statistics, a seller's market is when inventory is at about five months or below. Here's what Maui's inventory looks like:
Then we have the active number of properties on the market:
Could 2024 be a year where we do shift to a buyer's market? I'm thinking if interest rates continue to be where they are or decrease and supply increases, then yes. If you are a seller and you don't have the cherry on top of the sundae type of property, price it right from the very beginning or lower your price to get it sold!
Should you have questions about a specific property or neighborhood, please get in touch with me. Enjoy your Sunday.
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