Fed Chair Jerome Powell signaled officials will likely take interest rates even higher than the 4.5-4.75 percent they initially projected in September, but might take smaller steps to get there. That could mean rate hikes worth a slower half a percentage point — and eventually a quarter point.
The above statement was after the Feds met this past Wednesday. While Alan and I have had a busy week with both Buyers and Sellers, they want to know how rates are affecting Maui. Our market continues to be strong, especially here in South Maui. The hottest properties are vacation rentable condominiums, especially at price points below $700,000. There's one unit listed at $699,000. THAT'S IT! Single family homes are still coming to market at prices similar to earlier this year but there's only two on the market under $1,000,000. Some of those homes sitting on the market doing nothing NEEDS to adjust their pricing if they really want to sell. As I said before, Maui's market usually follows the mainland by about six months. These rising interest rates are kicking more buyers off the fence but may price buyers out of the market when rates go even higher.
Maui as a whole is as follows:
New escrows were up sharply this past week 35 versus 24 from the week before. Total pending properties overall went up from the week before while active inventory decreased from the previous week.
Total Active Listings (Res, Condo, Land) this week is 543 versus 554 last week across the whole MLS, a decrease of 11 units and Total Pending (Res, Condo, Land) is 355 versus 349 last week, an increase of 5 from the week before.
There were 24 price changes in the last 7 days and 23 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.
35 new escrows this past week on Maui in the markets I track. 16 Condos, 16 homes, and 3 vacant land parcels.
And now for South Maui:
Big boy listings are starting to come to market. High season is just around the corner.
A few of these properties need to come down just a smidge lower. Maybe a little more than a smidge. :-)
You can also add Kamaole Sands 4101 to this list too. Alan and I got so many calls and offers. Price it right and it WILL sell.
Check out all of those conventional loans, all of which have a contract date after June 15th which was when the Feds first started raising rates.
56 single family homes are on the market in South Maui. List prices range from $720,000 to $22,500,000. Median list price is $1,975,000. 73 Condominiums are active on the market ranging in price from $499,000 to $18,000,000. Median price is $999,000. 13 parcels of land round out the South Maui market. Prices range from $990,000 to $6,900,000. Median price is $3,500,000.