Can you believe it’s already July? Since we’re now more than halfway through 2023, let’s pause to take a look at the current market – and how it stacks up against the same time period last year.
First, the Not-So-Great News…
From June 2022 to June 2023, home sales were down 20% nationally, according to the National Association of REALTORS®. Here on Maui, we’ve definitely experienced a dip in the number of new listings:
- Between January and June 2022, there were 753 new listings for single-family homes – but for the same months in 2023, there were 501 (a 33.5% drop).
- Between January and June 2022, there were 1,046 new listings for condos – but for the same months in 2023, there were 647 (a 38.1% drop).
And of course, when new listings slow down, so do closed sales:
- From January through June 2022, there were 580 closed sales of single-family homes on Maui – but for the same months in 2023, there were 381 (a 34.3% decrease).
- From January through June 2022, there were 989 closed sales of condos – but for the same months in 2023, there were 515 (a 47.9% decrease).
Now, On to Better News…
Maui’s home inventory is increasing! As of June 2023, our 12-month average inventory of single-family homes for sale had risen 21.4%. And our inventory of condos for sale rose 28.2% within the same period.
If you happened to see my market update post from last month, you may already know that Maui has also avoided the discouraging national trends in home values. For example, when it comes to the average percent of list price received by home sellers, we’re holding remarkably steady:
- The average single-family home closed at 99.2% of its list price during the first half of 2022, and at 96.9% of its list price during the first half of 2023.
- The average condo closed at 100.3% of its list price during the first half of 2022, and at 98.4% of its list price during the first half of 2023.
Even more importantly, our median sales prices haven’t dropped the way they have in other parts of the country. The year-to-date median sales price for a single-family home on Maui did slip 2.3%, from $1,177,500 in June 2022 to $1,150,000 in June 2023 – but the median sales price for a condo increased 10.7%, from $759,000 to $840,000 during the same time period. That means that the median sales price for all properties on the Valley Isle increased 5.4%, from $900,000 as of June 2022 to $949,000 as of June 2023.
The Takeaway…
Yes, inventory is still low and interest rates have risen from their historic lows a few years ago. But when it comes to home values, Maui real estate continues to weather the storms!
Check out our market statistics in more detail here. And contact me with any questions you may have about Maui homes for sale, Maui condos for sale, or any other Hawaiʻi real estate topic.
Pamela Reader, REALTOR® Broker
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