I so wanted this to be May 4th just so I can say "May the Fourth Be With You". :-) Judging by that last sentence you can tell that I'm a former latchkey kid from the 1970's. Yes, I'm a GenX'er. I'm not even sure what kids are classified these days.
I've said it several times in this blog but I have to say it again. Maui real estate is not like the mainland. We are experiencing price reductions and properties are sitting on the market a little longer compared to 2022. Prices do have to come down for the "normal" types of real estate. But, prices for the cherries on top of the sundae properties are selling. Talk of inflations, interest rates and bank failings are not really affecting those types of properties. I've been showing properties and my buyer has missed out on a few great condominiums because of the thought that Maui's market is like the mainland. I guess you have to loose out on a few before you realize that what I'm telling you is the truth. As it turns out, I was able to find them a super fantastic property and we are now under contract. Just keep in mind that Maui is No Ka Oi.
On to this past weeks statistics for the island....
New escrows were down significantly this past week 38 versus 45 from the week before. Total pending properties declined from the week before while active inventory went up slightly compared to the week before in the categories I track.
Total Active Listings (Res, Condo, Land) this week is 576 versus 573 last week across the whole MLS, and Total Pending (Res, Condo, Land) is 359 versus 373 last week, up from the week before.
There were 28 price changes in the last 7 days and 27 of those were price decreases.
There were 56 new listings (Res, Condo, Land) this past week and 6 have gone pending within the first week of listing.
38 new escrows this past week on Maui in the markets I track. 24 Condos, 12 homes, and 2 land parcels.
51 single family homes are on the market in South Maui. List prices range from $789,000 to $33,900,000. Median list price is $2,999,000. 83 Condominiums are active on the market ranging in price from $448,000 to $17,500,000. Median price is $950,000. 16 parcels of land round out the South Maui market. Prices range from $399,000 to $14,995,000. Median price is $3,097,500.