If you are thinking of selling your property in Maui, you might be interested in the latest market trends and how they affect your chances of getting a good deal. Here is a brief overview of the Maui real estate market for sellers based on the September 2023 statistics:
The Maui real estate market is experiencing high demand and low supply, which means that sellers have more leverage and bargaining power than buyers. According to the REALTORS® Association of Maui1, the median sales price for single family homes increased by 9.6% to $1,260,000 in September 2023, compared to the same month last year. The median sales price for condominiums also increased by 8.3% to $920,000 in the same period. These prices are at record highs and reflect the strong demand for properties on Maui.
The inventory of properties for sale on Maui is decreasing, which means that sellers have less competition and more exposure to potential buyers. According to Redfin2, the total active listings for residential, condo, and land properties dropped from 525 to 489, a 6.9% decrease, in September 2023 compared to the previous month. The total pending sales for the same categories also fell from 304 to 287, a 5.6% decrease, in the same period. These numbers indicate that the supply and demand of properties on Maui are both declining, creating a seller’s market.
The time it takes to sell a property on Maui is relatively fast, which means that sellers can expect a quick and smooth transaction. The average days on market for properties on Maui was 64 days in September 2023, slightly lower than the island-wide average of 67 days. However, this is still lower than the national average of 79 days. This indicates that properties on Maui sell faster than most other markets in the country.
The price changes in the past week also reflected an upward trend, as 12 out of 15 of them were price increases. This suggests that sellers are confident and optimistic about their pricing and negotiation strategies, as buyers are willing to pay more for their properties. On the other hand, new listings showed some signs of caution, as 42 new properties (residential, condo, and land) entered the market in the past week, and only two of them went pending within the first week of listing. This indicates that there is still some buyer selectivity and hesitation in the Maui market.
In conclusion, the Maui real estate market is favorable for sellers who want to take advantage of the high demand, low supply, record prices, and fast sales. However, sellers should also be realistic and flexible with their pricing and negotiation strategies, as buyers are more selective and cautious in this market. If you are looking for professional guidance and assistance in selling your property on Maui, please contact me today and I will be happy to help you achieve your goals.
