South Maui Real Estate: Oct. 5th
- Ken Wong
- Oct 5
- 2 min read
Key Market Indicators from the Past Week:
Significant Price Adjustments: A high volume of listings—specifically 33 properties—recorded price reductions. This strong signal indicates that sellers are adapting to current market conditions, recognizing that initial pricing may have been too aggressive and that properties are sitting for longer without generating offers. The prevalence of price cuts is a defining feature of the present market environment.
Cancelled and Expired Listings: The market saw 23 properties either cancelled or expired, a notable figure that highlights a disconnect between seller expectations and buyer willingness.
Expired listings indicate that a property did not sell within the contract period, likely due to overpricing relative to market demand.
Cancelled listings can reflect sellers withdrawing their property, perhaps to re-list later at a different price or strategy, or simply deciding to hold off on selling altogether in the soft market. Both outcomes point to challenges in achieving a sale at the current list price.
Limited New Contracts (Buyer Engagement): While properties are going under contract, the observation that "just a few" are doing so suggests a highly selective and measured pace of buying. This is consistent with a market where buyers hold more leverage, are taking more time for due diligence, and are only committing to properties they view as priced correctly or below market. This slow pace is a key component of the overall market slowdown.
Broader Market Context (South Maui Trends):
The weekly data aligns with broader trends seen across Maui, particularly in South Maui communities like Kihei:
Condo Market Pressure: The condo market is experiencing the most significant downward pressure, with Kihei specifically noted as a community where price decreases are "readily apparent." The median sales price for Maui condos has recently seen a sharp year-over-year decline.
Longer Market Times: Properties are generally sitting on the market longer, with the median Days on Market increasing significantly. This grants buyers additional negotiating power.
Inventory and Value Softening: Overall inventory remains relatively high, especially for condos, forcing sellers to be more "flexible" and "price conservatively" from day one to stand out. Single-family home prices have been more stable but are still considered "softer" in the current environment.
In summary, the South Maui market is characterized by a high volume of listings repositioning their prices and a notable percentage failing to sell, while the pool of new buyers committing to contracts remains small and deliberate. This is an environment of adjustment and caution for both buyers and sellers, where realistic pricing is essential for a successful transaction.
Enjoy the rest of your week.
Aloha,
Ken
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