Maui Real Estate Summer 2023
The market has experienced a significant decline in new escrows compared to two weeks ago, with only 27 recorded, compared to 51 from the previous week. This indicates a notable drop in the number of pending transactions. The decrease in new escrows may suggest a slowdown in the real estate market activity, potentially influenced by various factors such as economic conditions, housing demand, or seasonal fluctuations. It is crucial to closely monitor these market trends and adapt strategies accordingly to navigate through potential challenges and capitalize on opportunities.
Basically we are back to more normal conditions in Maui's market. I had the chance to speak with two vacation rental managers this week. It is even more of a challenge to rent these days as owners have become accustomed to high per night rates but renters are no longer in whatever it costs COVID travel. Needless to say there are more vacancies.
Here's what happened in South Maui this past week....
49 single family homes are on the market in South Maui. List prices range from $799,000 to $33,500,000. Median list price is $3,097,000. 97 Condominiums are active on the market ranging in price from $369,000 to $17,500,000. Median price is $929,000. 20 parcels of land round out the South Maui market. Prices range from $379,000 to $55,000,000. Median price is $4,497,500.