Interest rates are now in the high 6% to mid 7% ranges these days. Has it stopped buyers from purchasing Maui? No, of course not! What it has done is cause many of the potential buyers either into not purchasing or purchasing now before rates go higher. There are still many great opportunities available but the cherry on top of the sundae type of properties are still going under contract relatively fast.
Here's how Maui's real estate market did this past week:
As you review the statistics note that the contract dates for properties sold either in the spring or June and July. Sales terms were a good mixture of cash and conventional loans. This shows the strength of Maui's real estate market. It will be interesting to see how the market statistics will look like this coming fall. It should look slower because summer months in the past dictates that trend. But inventory is still small so we shall see. :-)
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