Maui Real Estate Statistics First Half of 2023

With the conclusion of the first half of 2023, the Maui real estate market remains a subject of great interest for homeowners, investors, and professionals in the industry. In this blog post is a comprehensive report on the Maui real estate market statistics for the first half of 2023. My aim is to provide a detailed analysis, including the latest sales figures and popular neighborhoods, in order to assist you in making informed decisions regarding your property investments.

Throughout this journey of the real estate market, I will be sharing the first half of the year statistics from the REALTORS® Association of Maui (RAM). The data and insights presented in the following charts and commentary are derived from RAM’s Report © 2023 ShowingTime.

Residential Properties

• During the first half of 2023, a total of 381 single-family homes were sold, marking a significant decline compared to the previous year’s total of 580 homes sold. This indicates a notable 34% decrease from the same half in 2022. 
• Additionally, the average number of days that single-family homes spent on the market increased by 84 days in the first half of this year, rising from 72 days in the corresponding period of 2022 to 84 days. 
• The median sale price for single-family homes on Maui during the first half of 2023 was $1,150,000, showing a 2% decrease in comparison to the first half of 2022, when the median sale price was $1,177,500.

Condominium Units

• In the first half of 2023, a total of 515 condominium units were sold, representing a significant decrease from the previous year’s total of 989 condos sold. This accounts for a substantial 48% decrease from the same period in 2022. 
• The average number of days on the market for condo units increased by 6 days in the first half of this year, climbing from 64 days in the corresponding first half of 2022 to 70 days. 
• The median sale price for condominium properties on Maui in the first half of 2023 was $840,000, reflecting an 11% increase over the same period in the previous year, when the median sale price was $759,000.

Vacant Land

• During the first half of 2023, a total of 84 vacant land lots were sold, experiencing a significant decline compared to the previous year’s total of 133 vacant land lots sold. This indicates a notable 37% decrease from the same period in 2022. 
• The average number of days on the market for vacant land lots decreased by 10 days in the first half of this year, reducing from 129 days in the corresponding half of 2022 to 119 days.
• The median sale price for vacant land lots on Maui in the first half of 2023 was $648,000, representing a 14% decrease from the same period in the previous year, when the median sale price was $750,000.

• Central Maui recorded 130 residential home sales in the first half of this year, indicating a 24% decrease from the same period last year. Similarly, the number of condominium sales in Central Maui experienced a 54% decline compared to the previous year, with only 41 condo sales recorded during this half of the year. In terms of land sales, there were 23 recorded sales in the first half of 2023 in Central Maui, representing a significant increase of 130% compared to the same period last year.
• Regarding residential home sales in North Shore Maui, a total of 31 residential home sales were recorded, reflecting a 56% decrease compared to the same period last year. There were no condo sales recorded in the first six months of this year. However, in terms of land sales, there were 17 recorded sales, indicating a 31% increase compared to the same period last year.
• In West Maui, there were 50 recorded residential home sales in the first half of 2023, representing a 29% decrease compared to the same period last year. In terms of condo sales, there were 178 recorded sales, showing a 56% decrease compared to the first half of 2022. As for land sales, only 10 were recorded, reflecting a substantial 74% decrease compared to the previous year.
• In East Maui, only 4 recorded residential home sales were observed in the first half of 2023, marking a 50% decrease compared to the first half of last year. No condo sales were recorded during this period, but there were 10 recorded vacant land sales, indicating an 11% increase compared to the first half of 2022.
• In South Maui, there were 81 recorded residential home sales, 273 condo sales, and 2 vacant land sales, all of which followed a downward trend compared to the first half of 2022, with respective decreases of 35%, 40%, and 82%.
• Lastly, in Upcountry Maui, residential home sales reached a total of 65 sales in the first half of this year, representing a 41% decrease compared to 2022. Similarly, vacant land sales in Upcountry Maui recorded only 16 sales, indicating a 41% decrease. However, condo sales experienced a 50% increase with a total of 3 sales, compared to the same period last year.

As mentioned above the insights into Maui’s real estate market are from the Realtor Association of Maui’s RAM Report © 2023 ShowingTime.

It is important to note that Maui Real Estate Statistics are dynamic and subject to continuous changes. As such, I am here to guide you through the information and provide the necessary resources to help you achieve your goals, whether you are looking to upgrade, downsize, make your first purchase, or sell a property. Both education and the precise timing of a buy or sell are critical factors to consider in this process.

To learn more, please contact Josh Jerman, R(B), Director of Hawaii Life One – Maui at 808.283.2222 or Josh@HawaiiLife.com.