Pre Happy Halloween everybody. I hope you all have fun at your parties and trick or treating outings. Be safe and don't eat too much candy.
As we enter the last few days of October, Maui's real estate market seems to be gearing up for high season. While Buyers are always looking, they usually start to think about the holidays and real estate becomes a secondary thought. Keep in mind Sellers, Buyers agents are always looking out for their clients wants and needs. Inventory is still relatively low and prices are starting to come down in certain neighborhoods and condominium complexes.
This is what happened to Maui in the past week:
New escrows were down sharply this past week 24 versus 37 from the week before. Total pending properties overall went down from the week before while active inventory increased from the previous week
Total Active Listings (Res, Condo, Land) this week is 554 versus 535 last week across the whole MLS, an increase of 19 units and Total Pending (Res, Condo, Land) is 349 versus 369 last week, a decrease of 20 from the week before.
There were 28 price changes in the last 7 days and 27 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.
24 new escrows this past week on Maui in the markets I track. 12 Condos, 11 homes, and 1 land parcel.
Here's what happened in South Maui....
Keonekai Villages 18-103 stands out as that is a great price for a unit just up the street from Kamaole Beach Park III. While it is more of an original unit, mark my words it will go above asking price. It's all about location!
Price adjustments seem to be in line with recent weeks. A few of those properties look like they are chasing the market. I know Sellers want the most money possible when selling but sometimes its better to take a bit less and get the property sold so you can move on to the next adventure. Especially since interest rates are changing and Buyers have to pay more.
Pending properties that went under contract within the past week are as follows:
And finally we have the sold properties:
$28,500,000 sale this past week. The big boys are still buying! If you are curious: 38 Ualei Place.
59 single family homes are on the market in South Maui. List prices range from $950,000 to $35,000,000. Median list price is $1,975,000. 66 Condominiums are active on the market ranging in price from $499,000 to $18,000,000. Median price is $1,047,500. 12 parcels of land round out the South Maui market. Prices range from $990,000 to $6,900,000. Median price is $3,600,000.