As a whole, Maui's market in general experienced much of the same that South Maui experienced. Here's what happened as the island started to dry up mid week:
New escrows increased this past week 50 versus 36 from the week before with a huge increase in condo sales. Total pendings overall went up from the week before while active inventory went down significantly in the condo sector of the categories I track.
Total Active Listings (Res, Condo, Land) this week is 624 versus 642 last week across the whole MLS, and Total Pending (Res, Condo, Land) is 362 versus 349 last week, an increase of 13 from the week before.
There were 30 price changes in the last 7 days and 29 of those were price decreases.
There were 39 new listings (Res, Condo, Land) this past week and 7 have gone pending within the first week of listing.
50 new escrows this past week on Maui in the markets I track. 35 Condos, 13 homes, and 2 land parcels.
Open houses in Maalaea have been very busy. Why not. Oceanfront, check. Two bedroom two bath, check. Great views, check. I guess that's why it is now under contract. I'm meeting many people who say they should have bought several years ago. I'm meeting people who say they are going to wait to see how interest rates will affect Maui's real estate market. And I'm meeting people who say they just missed out on getting into a property.
My answers are as follows.... For those people who should have bought several years ago, yes you should have but if you have the means to do so now, do it! Some of these people are from Canada, so I sympathize with you. In terms of waiting to see what the market will do, I can say that the vacation rentable condominium market will most likely hold its trend of increasing in value. Maui County is currently not building any new vacation rentable condos and demand is still very high. Inventory is still low (88 condos listed in South Maui, 38 are vacation rentable priced between $595K and $17.5M). For those people who just missed out on a property, if it is something where you are bidding against other buyers, you just might have to go over asking. Cherries on the top of a sundae type of properties are in high demand and sell quickly!
Here's what happened this past week with regard to South Maui's Real Estate Market:
57 single family homes are on the market in South Maui. List prices range from $850,000 to $33,900,000. Median list price is $2,650,000. 88 Condominiums are active on the market ranging in price from $499,000 to $18,000,000. Median price is $845,000. 18 parcels of land round out the South Maui market. Prices range from $990,000 to $18,500,000. Median price is $2,800,000.