The Maui real estate market started the new year off with the median price for single-family homes rising to a record $1,160,000 – the previous high was set in June 2021 at $1,105,000. The data was based upon REALTORS® Association of Maui statistics as of Jan. 31, 2022, and recapped by Coldwell Banker Island Properties.
“Even with 30-year mortgage interest rates creeping up to 3.55%, inventory continues to put pressure on the market as months of remaining inventory dipped to 1.5 months for single-family homes and 0.8 months for condos,” according to Coldwell Banker Island Properties.
“With home prices up 18.4% from January of last year, the median price for single-family homes continues to increase at a consistent rate,” according to the firm. “Key market areas showing tremendous appreciation in recent months includes Wailuku, Makawao, and Kīhei. Even with new homes coming on the market at Anuhea at Kehalani in Wailuku, available supply of inventory remains a perpetual problem.”
“With a little help from the snowbirds and holiday visitors, condos in Maui’s resort areas sold as fast as they were listed. Condos in Kihei, Māʻalaea, and Lahaina all sold in less than 75 days. Demand was also strong for Central Maui, where condos sold collectively on average in 67 days. Compared to January of last year, the median price for condos increased 27%. With Maui being one of the top searched travel destinations in 2022, expect the trend to continue,” according to the recap.
In speaking about today’s market report, Coldwell Banker Island Properties principal broker Tom Muldoon shared, “It is simple. Just like around the country, the high prices of Maui’s real estate market are driven largely by a lack of inventory. That said, opportunities still exist so it is important to partner with an experienced REALTOR®, have all materials prepared in advance, and be ready to move quickly.”
Coldwell Banker Island Properties is locally owned and has proudly served the Hawaiian Islands since 1995. The firm has over 500 REALTORS® in 14 offices across Maui, Hawaiʻi Island, and Kauaʻi. In 2021, the firm produced over 2,700 transactions for $2.6 billion in sales volume.