It seems like 2023 is flying by so fast this year. Maybe its because I'm 53 now and that's a part of aging. Life seems so much more simple when I was younger. I'm sure you all can relate.
Maui real estate market is going through some changes, as the supply and demand dynamics are shifting. Here is a paragraph about Maui real estate based on the web search results I found:
Maui real estate market is experiencing a slowdown in price growth, as more sellers are reducing their asking prices and more buyers are waiting for better deals. According to the latest report from the Realtors Association of Maui, the median sales price of single-family homes in Maui decreased by 4.4% from $1,050,000 in August 2023 to $1,004,000 in September 2023. The median sales price of condominiums also decreased by 2.9% from $690,000 in August 2023 to $670,000 in September 2023. The number of new listings increased by 9.8% for single-family homes and by 15.6% for condominiums compared to the same month last year. However, the inventory of active listings remained low, with only 2.5 months of supply for single-family homes and 2.3 months of supply for condominiums. This means that Maui is still a seller’s market, but with less pressure and more options for buyers.
Maui real estate market is also facing the challenge of rising interest rates, which can affect the affordability and demand of properties. The average interest rate for a 30-year fixed-rate mortgage in Hawaii increased from 7.04% in August 2023 to 7.77% in September 2023. Higher interest rates can make monthly payments more expensive and reduce the purchasing power of buyers. However, some buyers are still motivated to buy properties in Maui, as they see the long-term value and potential of the island. According to the report from the Realtors Association of Maui, there were 120 closed sales of single-family homes and 189 closed sales of condominiums in September 2023, which were higher than the previous month and the same month last year. This shows that there is still a strong demand for Maui properties, especially for those that are priced competitively and offer desirable features and locations.
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