Welcome to this week's Maui report, your go-to source for the latest news and updates on the Maui real estate market. This week, we have some exciting developments to share with you.
First up, we're seeing a surge in demand for luxury properties on the island. Buyers from all over the world are flocking to Maui in search of their dream home, and many are willing to pay top dollar for the right property.
In addition, we're seeing a trend towards eco-friendly homes and sustainable living. As more people become aware of the importance of protecting our planet, they're seeking out homes that are energy-efficient, use sustainable materials, and have a smaller carbon footprint.
Finally, interest rates remain relatively low, making this an excellent time to buy or invest in Maui real estate. If you're ready to take the plunge, now is the time to start exploring your options.
Here's what happened this past week for South Maui...
48 single family homes are on the market in South Maui. List prices range from $789,000 to $33,900,000. Median list price is $3,357,500. 84 Condominiums are active on the market ranging in price from $448,000 to $17,500,000. Median price is $973,750. 17 parcels of land round out the South Maui market. Prices range from $399,000 to $14,995,000. Median price is $3,995,000.
A few points of interest that I noticed are the amount of price reductions for properties all across the price ranges. Wishful thinking just because it was high season? There were also no properties listed in the past week that went pending. And note how many properties sold at the $2,000,000 range an above. So what does that mean for South Maui?
While the market is slowing down, buyer are purchasing with both cash and conventional loans so interest rates aren't affecting Maui's buyers. Seller's are coming to the realization that the frenzy of purchasing Maui isn't quite as strong as early 2022. Prices for "normal" types of properties have to come down. Cherries on top of the sundae properties will always sell. After all South Maui is the gold coast of the valley isle.
Here's what happened for the rest of Maui...
New escrows were down slightly this past week 34 versus 39 from the week before. Total pending properties were flat from the week before while active inventory went down compared to the week before in the categories I track.
Total Active Listings (Res, Condo, Land) this week is 593 versus 601 last week across the whole MLS, and Total Pending (Res, Condo, Land) is 360 versus 360 last week, up from the week before.
There were 29 price changes in the last 7 days and all 29 of those were price decreases.
There were 43 new listings (Res, Condo, Land) this past week and 2 have gone pending within the first week of listing.
34 new escrows this past week on Maui in the markets I track. 18 Condos, 12 homes, and 4 land parcels.