Maui Real Estate Market Report, December 2023

There’s no question that 2023 brought unusual times to Maui. As the year comes to a close, let’s take a look at how the real estate market has responded …

The Big Picture, Nationally

Based on numbers from the National Association of REALTORS®, home sales across the U.S. have reached their slowest pace since August 2010. Many would-be buyers have found themselves sitting on the sidelines, waiting for inventory to increase – and prices and mortgage rates to decrease.

From November 2022 to November 2023, the national inventory of existing homes for sale dropped 5.7%. And as a result of low inventory, the median national home price has continued to rise at a rate of 3.4% year-over-year. Between October and November 2023, sales across the country dipped 4.1% – and in the most recent 12-month period measured by the NAR, sales dipped 14.6%.

Zooming in on Maui

Here on Maui, if we look at single-family homes, condos, and land all together:

• Year-to-date, new listings decreased 23.8% in November 2023 as compared to November 2022
• Closed sales were down 35.1% in the same period
• There was a 21.4% increase in days on the market 
• The median sales price rose by 4.4%
• And the inventory of properties for sale crept up 5.8% in November 2023, as compared to November 2022

Single-Family Homes vs. Condos

For single-family homes:

• Year-to-date, new listings were down 24.8% in November 2023, as compared to November 2022
• Closed sales decreased 29.7% within the same period
• Days on the market dipped 1.7%
• The median sales price rose 7.1%
• And the inventory of homes for sale dropped 16% in November 2023, as compared to November 2022

Condos:

• Year-to-date, new listings decreased 23.4% in November 2023, as compared to November 2022
• Closed sales were down 39.7%
• Days on the market increased 39%
• The median sales price rose 7.1%
• And the inventory of condos for sale jumped 40.7% in November 2023, as compared to November 2022

The Takeaway

There are glimmers of good news to be found here … If you’re a potential condo buyer, for example, you’re probably happy to see the sizable increase in inventory for sale! And if you’re a seller, you can take comfort in the fact that home and condo prices have continued to rise, despite this year’s unique national and local market conditions.

For any questions you may have about Maui homes for sale, Maui condos for sale, listing your Maui property, or the Maui real estate market in general, please don’t hesitate to contact me!

Pamela Reader, Realtor Broker