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  • Writer's pictureKen Wong

Maui's Real Estate Market

I've been selling Maui real estate since 2000. This is the first time I've ever experienced such a drastic change in Maui's market in such a short amount of time. Prior to May 1, 2024 the market felt as if it was already in a state of transition. Buyers were cautious as interest rates were rumored to be coming down, the NAR settlement and how it might affect prices, and just the fact there are less people on island could be some of the contributing factors for their uneasiness. But then the unthinkable happened. Hawaii's legislature basically told the world to not come visit Maui.


And that has affected Maui's real estate market like no other time in my history as a Maui REALTOR. Since the first of May there have been 98 price reductions, many of them in the Minatoya properties classification. There have been only 50 properties going into escrow and my open houses have been like a ghost town. Having said that, here are the statistics for the past week:


MRE Week Ending 05-12
.pdf
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I did change a few things about the report. Instead of letting you know what is active in the different major areas, I changed it to how sales have been since the first of January. As always, if you have questions or comments, please shoot me an email or give me a call.




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