Another Month, Another Million-Dollar Median for Single-Family Homes on Maui Nui

It’s been a wild ride so far in 2022, and there’s no doubt about it: the national market is shifting right before our eyes.

Affordability has been the major issue for quite some time across the US, and the escalating mortgage rates have certainly exacerbated things on that end. Many buyers have either lost momentum towards making a purchase or have been priced out of the market entirely by the ongoing lack of available units and rising associated costs, making this a tricky season for both buyers and sellers alike.

As such, existing home sales decreased for the eighth consecutive month, according to stats released by the National Association of REALTORS®. Citing both high inflation and the escalating borrowing costs, they note that the market has rapidly cooled across the United States as things correct back to a more-normative rate of growth akin to what we saw back in 2019.

Having said all that...Hawai’i isn’t just another state, and Maui isn’t just another place!

Indeed, the Valley Isle saw yet another million-dollar median in the month of October, checking in at $1.056 million, according to the stats and statistics provided by the REALTORS® Association of Maui. That’s also a 13.5% increase from this same time last year, and a slight uptick from last month’s median of $1.02 million.

Within this, however, the amount of new listings placed on the market fell by over 15% this past month as compared to September of 2021, and the total number of pending sales was down 52.4% by way of comparison to last year, keeping with the same trends we’ve seen across the nation so far this year.

Condominiums, meanwhile, pulled off the exact same median sales price as September, clocking in once again at $800k on the dot. That’s a 19% increase year-over-year as well, even though the amount of new listings (-50%) and pending sales (-54%) dropped significantly.

Which, believe it or not, can be good news—because that also means the total months’ supply of inventory here on the islands of Maui County increased 88.9% for single-family homes and 62.5% for condominiums (as compared to this same time last year), paving the way for many buyers to eventually see their way to setting down roots on the Valley Isle. Total inventory, meanwhile, went up 29.7% for single-family units and 7.4% for condos.

Yes indeed, these are hectic times, indeed—which is why you’d do well to have a realtor in your corner who knows all the ins and outs of an ever-changing and varied marketplace. So be sure and contact Maui International today so we can get started on helping you secure your ‘ohana’s future here in paradise, because when it comes to buying and selling homes on Maui—not to mention providing you with knowledge around every aspect of real estate, from vacation rentals to investment properties—Maui International is speaking your language 🤙