Maui Real Estate Market Report - July 2024 

Maui Real Estate Market Report - July 2024
The median sale price for residential properties on Maui has increased by 31% year-over-year, reaching $1,350,000 for single-family homes. However, pending sales are down by 25%.
For condos, while the median sale price has remained stable, pending sales have decreased by 40%.
Inventory Levels
Residential Inventory: Inventory levels for single-family homes have increased by 26% compared to the same period last year.
Condominium Inventory: The inventory for condominiums has seen a significant increase of just under 200%, offering more options for buyers. This rise may be influenced by the uncertainty caused by Maui County's proposed bill that could revoke some condo owners' ability to operate as short-term rentals.
New Listings: New listings have increased by 17.0% for single-family homes and 9.8% for condominiums, reflecting growing interest in the Maui market.
Days on Market
Residential Properties: The average days on market for residential properties has increased by 4.4%, now standing at 119 days, reflecting the competitive nature of the market.
Condominiums: Condominiums are selling faster, with an average of 118 days on market, down by 6.3%.
Key Trends and Insights
Remote Work Influence: The shift towards remote work has significantly impacted Maui's real estate market. Many buyers are seeking properties that offer not only a home but also a conducive environment for remote working, leading to increased demand for homes with dedicated office spaces and high-speed internet connectivity.
Vacation Rental Market: Maui's vacation rental market remains strong, although tourism has only recovered by about 75% since the fires last year. The controversy over the proposed bill to eliminate the Menatoya list continues, and its outcome remains to be seen.
Future Outlook
Market Projections: The Maui real estate market is expected to remain strong. However, the growing inventory and slowing of pending sales suggest that price growth may decelerate. Interest rates have started to go down, which could potentially stimulate more market activity.
Development Projects: There are no major development projects currently, so low inventory is likely to keep Maui home prices in their current range.
Conclusion
Maui's real estate market remains competitive, characterized by rising prices, strong demand, and increasing inventory levels. Whether you are a buyer, seller, or investor, staying informed about market trends and dynamics is crucial for making well-informed decisions.
For more detailed information or personalized market insights, please contact your local agent or reach out to Brett at 808-268-8873 or brett@mauiproperty.com.
Brett Christiansen RB 23604
www.mauiproper...