2022’s Red-Hot Sales Numbers Have Finally Started to Cool
In our previous blog, we wrote about how a cornucopia of factors—inflation, escalating home prices, rising mortgage rates—had all begun to make their presence known in the national real estate marketplace, of which the Valley Isle itself was certainly not immune. Sales of single-family homes decreased for (at the time) the third straight month, leaving many expectantly waiting for what the August stats and statistics would bring.
Well, our friends at the REALTORS® Association of Maui have officially released the August 2022 stats this month, and they are certainly interesting!
The median sales price for single-family homes decreased 5.9% (year-over-year) to $983,575
The median sales price for condominiums increased 26.6% year-over-year to $820,000—a new all-time record for condos
Days on the market increased 4.4% for single-family units, but decreased 21.8% for condos
Monthly supply of inventory increased 60% for single-family homes and 87.5% for condos
Interestingly enough, while the median sales price for single-family homes finally showed a bit of a slowdown last month—or as much as a $900k-plus median can be considered a slowdown!—condos continued to evidence strong sales in Maui Nui, once again demonstrating the ongoing public appetite for workers the world over to call these beautiful islands their home.
It’s true that the scourges of inflation, higher interest rates, and ongoing whispers of a pending recession have taken a toll on buyers and sellers alike in the summer months, leaving many would-be transactions waiting on the sidelines until all the proverbial smoke clears. Indeed, overall housing affordability nationwide hit a 33-year low this past summer, with existing home sales dropping by 5.9% month-to-month and over 20% year-over-year, according to the National Association of REALTORS® (NAR).
On the other hand, opportunities abound for those buyers and sellers looking to make a splash! Maui’s overall market remains robust and continues to moderate and correct towards 2019’s still-impressive rate of growth as seen prior to the pandemic in 2020. The advancement of housing inventory both here and across the U.S. is a welcome sight indeed for hungry buyers who’ve been patiently awaiting a slowdown, as it’s certainly been a long couple of years for many buyers who’ve otherwise been priced out of a highly-competitive and discerning marketplace.
Yes indeed, the time may well be now to capitalize on the cooling trends we’ve seen as of late—so if you’re ready to make a move, then give Maui’s #1 group of real estate experts a call today to get started on calling Maui your brand-new home. From buying to selling, and in no less than 7 different dialects, Maui International is speaking your language. Aloha nui!
PS: Registration is now officially open for our next food distribution date on Saturday, October 1st @ Oskie Rice Arena! Head on over to theUpcountry Strong Facebook page for more info and to sign up 🤙