Open houses are picking up and I've been getting questions about Maui's future with regard to real estate on the mainland. When I say mainland, I'm generally referring to the west coast. With the help of Google:
Maui is one of the most desirable and expensive places to live in the U.S., thanks to its stunning natural beauty, rich culture, and pleasant climate. According to the REALTORS® Association of Maui, the median sale price for single-family homes on Maui in October 2023 was $1,192,500, up 8.4% from the same month last year. The median sale price for condominiums was $850,000, up 7.7% from last year. The number of sales, however, decreased for both property types, with 130 single-family homes and 151 condominiums sold in October 2023, down 20.3% and 18.7% respectively from last year.
The west coast real estate market varies widely depending on the location, but in general, it has also experienced high prices, low inventory, and strong demand in 2023. According to Redfin, the median sale price for all homes in the west coast states (California, Oregon, and Washington) in October 2023 was $690,000, up 14.6% from last year. The number of homes sold was 65,000, down 4.4% from last year.
So according to Google we are the same but different. Each community has different challenges and things that appeal to buyers. I don't think Maui will experience the big drop off in the market like some of the the people's home towns that I spoke to this past week. Without futher adieu, here's how Maui did this past week:
Thank you for reading this blog post about my favorite subject, Maui real estate. Enjoy the rest of your day.