Maui Real Estate December 2023 and Year End 2023 Market Report
To say that 2023 was one heck of a year would be an understatement! It was an outlier amongst outliers. But when tragedy strikes (Lahaina and Kula Wildfires of August 8, 2023), the community rises! This certainly had a significant impact on Maui Real Estate. In the aftermath, the main focus was helping the survivors find food, shelter, and financial assistance. Real Estate came to a halt and it wasn’t until around October of 2023 that some of us could find some sort of normalcy.
Lahaina Strong, Maui Strong. I took this photo recently. Rainbows over the West Maui Mountains.
The real estate in the US has been tempered by high interest rates (relatively speaking as anyone who was a home buyer in the 1980’s would tell you their interest rates were in the double digits!) that came after one of the quickest and highest appreciation rates in history. So, where does that leave 2023? How did we do here on Maui? Well, in Maui the unit number of sales was down compared to 2022. The numbers that went up were the median prices and average sale prices in single-family homes, condos, and vacant land. Single-family home’s median price up 8.6% from 2022 at $1,200,000. Condominium median price up 7% from 2022 at $832,500. Vacant Land median price up 10% from 2022 at $715,000.
Maui County (December 2023):
New Listings decreased 19.0 percent for Single Family homes but
increased 109.5 percent for Condominium homes.
Pending Sales increased 26.3 percent for Single Family homes and 51.9 percent for Condominiums
Inventory decreased 23.6 percent for Single Family homes but
increased 65.5 percent for Condominium.
Median Sales Price increased 11.0 percent to $1,200,000 for Single Family
homes and 10.4 percent to $850,000 for Condominium homes.
Days on Market decreased 29.4 percent for Single Family homes but increased 16.5
percent for Condominium homes.
Months Supply of Inventory decreased 5.1 percent for Single Family homes but increased 138.1 percent for
Condominium homes.
Maui County Single-Family Homes
Single-family home’s median price up 8.6% from 2022 at $1,200,000. 67% of homes sold above the $1 million price tag in December. 18% sold over list price in December. There were 80 new listings compared to 55 sales in December. A much-needed surplus of inventory has been added. However, days on market remains at 89 days and homes selling above the list price indicate buyer demand.
Maui County Condos
Condominium median price up 7.4% from 2022 at $832,500. 29% sold above list price in December. There were 170 new listings compared to 94 sales. Inventory has been increasing in this category. Important note: The new Lai’Loa condos in Wailea have finally closed some sales. Sales that were inked in 2020 and 2021. As they finished building the units more closed sales will be reported.
Maui Real Estate 2023 Year End
MAUL LUXURY PROPERTIES SALES: HIGHEST RECORDED SALES IN 2023
MAUL LUXURY PROPERTIES SALES: COMPARED TO THE HIGHEST RECORDED SALES IN 2022
According to the REALTORS® Association of Maui:
Nationally: U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the
previous month and breaking a five-month streak in which sales declined,
according to the National Association of REALTORS® (NAR). Despite the
increase, sales were down 7.3% compared to the same period last year, as
affordability challenges continue to hinder prospective buyers. Most of this
period’s closed sales went under contract in October, when mortgage rates
were at a two-decade high. With rates having dropped more than a full
percentage point since then, existing-home sales may continue to pick up
in the months ahead.Low levels of inventory continue to impact U.S. home sales, offering few
options for aspiring buyers to choose from. Going into December there
were 1.13 million units for sale, down 1.7% from the previous month but up
0.9% from the same period last year, for a 3.5 months’ supply at the current
sales pace. As a result, sales prices remain high nationwide, with NAR
reporting the median existing-home price rose 4% annually to $387,600 as
of last measure, the fifth consecutive month of year-over-year price gains.
Homebuyer demand is picking up, and without a significant increase in
supply, experts believe home prices will likely remain elevated for some
time to come.
For the full report and archive of historical Maui Real Estate Data: Click here
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As always take good care and should you have any real estate needs on Maui or a referral to an agent outside of Maui then please don’t hesitate to call or email me. I am honored to be of service. Thank you and a hui hou…
