Maui Real Estate Numbers
The recent wildfires in Hawaii have caused widespread damage and disruption, but they have not significantly affected the real estate market in Maui. Despite the environmental challenges, Maui remains a desirable destination for home buyers and investors who are looking for a tropical paradise. The market data shows that the demand for properties in Maui is still high, while the supply is low. This creates a seller’s market, where sellers can set higher prices and buyers have less bargaining power. According to the statistics, the number of price reductions in Maui was minimal in August 2023, compared to the previous months. Moreover, the number of properties that went under contract and the number of new listings that came to the market were both higher than the average of the last six months. These indicators suggest that the market is active and resilient, and that buyers are not deterred by the fires or the interest rates. Therefore, we can expect the market to perform well in the near future, as long as the inventory remains low and the demand remains high.