The first week of January 2023 is here! High season is here! The beaches are busy, restaurants are busy and traffic is slow. If you are going north on Piilani Highway or South Kihei Road, Monday through Friday at around 5:00 pm be prepared for longer drive times. Now that I'm finished with my PSA, here's how Maui's market in general did this past week:
New escrows went up significantly this past week 35 versus 19 from the week before. This is likely due to the Xmas and New Year Holiday. Total pending properties overall went up slightly from the week before while active inventory remains unchanged across the three categories I track.
Total Active Listings (Res, Condo, Land) this week is 611 versus 611 last week across the whole MLS, and Total Pending (Res, Condo, Land) is 318 versus 314 last week, an increase of 4 from the week before.
There were 30 price changes in the last 7 days and all 30 of those were price decreases.
There were 35 new listings (Res, Condo, Land) this past week and 7 have gone pending within the first week of listing. It should be noted that 5 of the new listings in Makawao for the project at Hoku’ula were cancelled so that make up the majority of the inventory change in residential units. If you take out that outlier, then inventory was flat for land and homes and rose pretty significant for condos this week, mostly in Kihei.
35 new escrows this past week on Maui in the markets I track. 15 Condos, 17 homes, and 3 land parcels.
As for South Maui here's how we did....
55 single family homes are on the market in South Maui. List prices range from $589,000 to $26,500,000. Median list price is $2,125,000. 97 Condominiums are active on the market ranging in price from $498,000 to $18,000,000. Median price is $895,000. 17 parcels of land round out the South Maui market. Prices range from $990,000 to $18,500,000. Median price is $3,250,000.