"The current real estate market is a hot topic, as it is constantly changing and evolving. Overall, the market has been strong in recent years, with low interest rates and a high demand for properties driving prices upward. However, due to the COVID-19 pandemic, the market has experienced some disruptions and uncertainties. Many cities have seen a slowdown in sales as people put their real estate plans on hold, but some areas have seen a surge in demand as people look for larger spaces outside of city centers. Additionally, the supply of homes on the market has been relatively low, which has contributed to rising prices in some areas. Overall, it's important to keep a close eye on the real estate market and work with a trusted real estate agent to navigate the current landscape."
I was reading something online about the real estate market as a whole. The above statement resonates with Maui's market as we are one of the places that experienced a surge. As we come out of 2023's high season, it feels like there is a bit of a slow down. The Feds met earlier this week and they raised interest rates. Throw in the collapse of Silicon Valley Bank and Signature Bank then you have more causes for concern for many buyers.
Maui will always be one of the cherries on top of the sundae type of properties to add to your portfolio. If you travel the world, mention Maui and you will see people's faces light up. This also means that you have to be in the top 1% of the wealth bracket to afford buying on Maui. Billions of dollars worth of property were sold in 2022 and 2023 is following suit. Here's what happened for Maui last week....
New escrows were down slightly this past week 35 versus 37 from the week before. Total pending properties overall went up slightly from the week before while active inventory went down slightly compared to the week before in the categories I track.
Total Active Listings (Res, Condo, Land) this week is 613 versus 613 last week across the whole MLS, and Total Pending (Res, Condo, Land) is 361 versus 379 last week, a decrease of 18 from the week before.
There were 28 price changes in the last 7 days and 26 of those were price decreases.
There were 44 new listings (Res, Condo, Land) this past week and 6 have gone pending within the first week of listing.
35 new escrows this past week on Maui in the markets I track. 16 Condos, 15 homes, and 4 land parcels.
More specifically, here's what happened in South Maui....
53 single family homes are on the market in South Maui. List prices range from $799,000 to $33,900,000. Median list price is $2,890,000. 93 Condominiums are active on the market ranging in price from $448,000 to $17,500,000. Median price is $929,000. 20 parcels of land round out the South Maui market. Prices range from $975,000 to $18,500,000. Median price is $3,500,000.