Good Things are In Bloom on Maui Here in the Spring 🌺
Aloha, and welcome back! As your go-to source for all things real estate on the Valley Isle, Maui International is excited to share some updates and insights with you regarding the latest from the REALTORS® Association of Maui—let’s get to it!
According to the most recently-released data from March, the median sales price for single-family homes on Maui was $1.2 million, up 2% from the same month last year. Meanwhile, the median sales price for condominiums was $797,500, still hovering around the new record-high from earlier this year.
These numbers show that despite the challenges posed by the COVID-19 pandemic, the Maui real estate market continues to thrive and grow, with buyers the world over continuing to line up for the chance to live in paradise. However, it's worth noting that there has been a slight dip in sales numbers over the past year as well: last month there were 85 single-family homes sold on Maui, a 15.8% decrease from the previous year. Similarly, there were 133 condominiums sold, a 13.1% decrease year-over-year from March of 2022.
However, rather than indicating a downturn in the market, these lagging sales numbers may actually demonstrate the market normalizing after a period of rapid growth. In recent years, the Maui real estate market has experienced significant demand, driving prices up and leading to a shortage of inventory—something that’s been at issue across the country for well over a decade. However, as prices have risen, some buyers may be choosing to hold off on purchasing, leading to a slight decrease in sales numbers, along with the higher interest rates.
Make no mistake, though: this is still a prime time for both buyers and sellers to get in on the action! At Maui International we understand the unique dynamics of the Maui real estate market, and we're committed to helping our clients navigate these changes as they come. Whether you're a buyer or a seller, we can provide the expertise and support you need to succeed in this dynamic marketplace, with the island’s best realtors and top-of-the-line tools to help you make all those island dreams come true.
Of course, buying or selling a home is just one part of the picture when it comes to building a thriving community. That's why we're proud to be committed to Upcountry Strong, our local nonprofit organization that works to promote economic vitality, community resilience, and environmental stewardship across the island.
Upcountry Strong is a collaborative effort that brings together business leaders, community members, and other stakeholders to address the challenges around food scarcity and insecurity. We believe that organizations like Upcountry Strong are essential to building a vibrant and sustainable future for our island. By supporting local businesses and promoting environmental stewardship, we can help ensure that the island remains a beautiful and welcoming place for generations to come, working together to provide more food where it is most needed.
We’re so proud to play a role in this important work. Whether we're helping clients find their dream homes or supporting the community, we're committed to building a better Maui for us all. We invite you to join us in this effort – together, we can make a difference! We’re always in need of volunteers to help us out—check out our Facebook page for more information ahead of our next event in June!
Maui International is honored to be your trusted local source for real estate news and insights. If you have any questions or would like to learn more about our services, please don't hesitate to get in touch. Mahalo!