Maui's real estate market is experiencing a notable surge in buyer activity, with new escrows increasing significantly from 25 to 33 in the past week. This uptick in interest, despite rising mortgage interest rates around 7%, suggests a resilient demand for Maui properties. The decrease in both active listings and pending sales, along with the widespread price reductions, indicate a potential shift towards a more buyer-friendly market.
The island's popularity as a tourist destination, evident in the bustling visitor numbers this summer, may also be contributing to the sustained interest in real estate. While high mortgage rates may pose a challenge for some buyers, the allure of Maui's lifestyle and investment opportunities continues to draw both residents and newcomers to the island's diverse real estate offerings.
Here are the numbers for how our real estate market did this past week:
As always, thank you for taking the time to read this blog. No post next week as a mini vacation is coming up. Enjoy your week everyone.
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