#Maui Home

Maui’s housing market continued to soften in November, with year-over-year declines in both single-family home and condominium sales, according to the Realtors Association of Maui. Single-family home sales dropped by 22.2%, while condominium sales fell 5.7%. Median sales prices also declined, with single-family homes down 11.5% to $1,150,000, and condominiums down 19.0% to $595,000.

August 2024 saw Maui’s housing market exhibit contrasting trends, with single-family homes experiencing both a rise in sales and an increase in median prices, according to the latest data from the Realtors Association of Maui. The median sales price for single-family homes increased by 10.4% compared to August 2023, reaching $1,325,000, indicating continued demand at higher price points. Meanwhile, condominium sales dropped by 34.7%, though the median price for condos surged to $1,000,000, a 33.3% increase.

Although Maui County’s real estate market is facing uncharted territory after the frenzied homebuying of the pandemic, Realtors Association of Maui said signs point to slightly softer prices heading into the new year. Low inventory, though, will keep home prices relatively high, and potential buyers shouldn’t expect costs to plummet to pre-pandemic numbers.

Maui’s median sales price for single family homes sold in September rose to $1,025,000, up 3.0% from the year prior, according to the latest data released by the Realtors Association of Maui.

Hawaiian Electric presented a $9,000 donation to Habitat for Humanity Maui to help more Valley Isle residents achieve homeownership.

The number of homes in Hawaiʻi purchased by Mainland buyers in the first half of 2021 was more than double the sales in the first half of 2020 and more than 50% higher than during the first half of 2019, according to UHERO.

The median sales price for single-family homes remained over $1 million in July at $1.05M, down only slightly from an island-wide record high of June 2021 ($1,117,500).

The program provides first-time homebuyers with down payment and/or closing cost assistance of up to 5% of the home purchase price, not to exceed $30,000. Applicants will be selected through a lottery drawing process.

SPONSORED: Here on Maui, even in the midst of all these changes and with the mandatory 14-day quarantine – which has basically cut off tourists from visiting –  the Maui real estate market is in a U recovery and gaining momentum.

The report notes that while home sales and new construction fell sharply during the onset of the pandemic, both have rebounded aggressively, fueled by a combination of low interest rates, increased demand and a growing preference for low-density housing.

August 2020, was the first month since March 2020, where the numbers of properties placed in escrow and the number of properties recorded exceeded the totals from that same month a year ago.

The Realtors Association of Maui reports that healthy housing demand and limited inventory will continue to create “significant tailwinds” in the near term for the housing market.

Home sale recordings increased 2% since April 2020, now accounting for 40% of the total transactions on Maui – condo sales at 54% and land sales at 6%. Pending sales also continue to increase since April 2020. 

Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.

The median price for a single family home on Maui was $747,150 in February 2020, down -5.4% from the $790,000 reported at the same time last year, according to new information released by the REALTORS Association of Maui. 

Maui has several areas with oceanfront homes: West Maui, South Maui, North Shore, East Maui and Central Maui.  As you will see below, the home prices and activity tend to be highest in the resort areas of West and South Maui, and along the North Shore.

The first complete month of high season is done and home sales are up 33%; condo sales down 2% and land sales down 47%.

Median Sales Price increased 4.6 percent to $740,000 for Single Family homes and 4.7 percent to $514,120 for Condominium homes.

The new ceiling loan limit for one-unit properties in 2020 will be $765,600—a nearly $40,000 increase from $726,525 in 2019. As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2020 in all but 43 counties or county equivalents in the US.

Third quarter real estate statistics are in and median sales prices for homes, condo and land continue to rise. ($745,845, $518,000 and $499,375, respectively).