Market Report: What’s Hot in South Maui’s Real Estate Market, Spring 2022
By the end of 2021, South Maui’s real estate market was a seller’s market with shrinking inventory, rising prices, and increased interest. Inventory had decreased by more than 37% in the last 12 months and sales volume had increased nearly 10% over the same period.
The big question as we began 2022 was whether prices would sustain the levels we saw at the end of Q4 2021. In that period, the average sales price of single-family homes in South Maui was $1.594M, an increase of 15% from the same period in 2020. And the average South Maui property sold in just 41 days in Q4 2021.
As we segue into Spring 2022, it’s safe to say that the real estate market in South Maui is remaining steadfast in its prices while inventory continues to shrink. We are continuing to see strong offers on homes, condos, and land from numerous buyers.
Ideal Time to List a Property
There are a few economic indicators suggesting that now is an ideal time to list a property, including the seasonal trends in Hawai’i real estate. An uptick in transaction volume usually occurs in the Spring, prior to demand slowing in the Summer.
Additionally, interest rates are expected to climb over the next year, which will also affect the real estate market. Before that occurs, it would be wise to take advantage of the historically low rates we are experiencing.
With extraordinary demand, rising rates, and an anticipated slowdown, it’s important to work with a competitive, professional agent who has the tools and knowledge to provide the most exposure for listings. I am a Maui native who has spent my entire career ensuring I am on top of the real estate trends and tools available for marketing my clients’ listings. You can trust that I am well versed in all the available digital and traditional methods for effectively marketing your property.
Q1 Quarterly Maui Real Estate Report
Hawai’i Life will be releasing its Quarter 1 2022 Market Report soon. If you’d like to receive a copy, please contact me, and I will send you the report as soon as it comes out!