February Market Statistics
National Statistics: In February 2024, there was notable growth in U.S. existing-home sales, with a 3.1% increase month-over-month, reaching a seasonally adjusted annual rate of 4.00 million homes. This exceeded the expectations of economists and represented the strongest sales pace since August 2023, as reported by the National Association of REALTORS® (NAR). The decline in interest rates towards the end of the previous year, combined with a recent rise in inventory, contributed to this increase, particularly following a decline in sales the previous month. The Midwest, South, and West regions all saw monthly gains.
As of February, the total inventory stood at 1.01 million units, showing a 2% increase from the previous month and a 3.1% increase from the same time last year. This translates to a three-month supply at the current sales pace, according to NAR. While this increase offers buyers additional options in their home search, it's important to note that inventory levels remain below the 5-6 months’ supply considered indicative of a balanced market. Consequently, demand continues to outpace supply, leading to a continued rise in existing-home sales prices, which have increased by 5.1% year-over-year to reach $379,100.
Maui Statistics: On Maui, there were notable shifts in the real estate market during February. Year over, year, new listings experienced a modest increase of 2.4% for single-family homes and a substantial surge of 52.1% for condominiums. Pending sales, however, saw a slight decline of 5.1% for single-family homes, while condominiums experienced a healthy increase of 8.0%.
Inventory levels showed differing trends, with a decrease of 10.7% for single-family homes but a notable increase of 78.8% for condominiums. Median sales prices also displayed contrasting movements, with a significant increase of 15.9% to $1,250,760 for single-family homes, while condominium prices decreased by 18.6% to $744,500.
The number of days on the market increased by 14.2% for single-family homes but decreased by 22.0% for condominiums. Additionally, the months' supply of inventory decreased by 2.3% 4.2 months for single-family homes but saw a substantial increase of 129.2% to 5.5 months for condominiums.
What stands out most to me is we have more abundant condominium options than we have seen in a long while on Maui. This may be due to the threats of change in the Short Term Vacation Rental properties that are zoned Apartments. These concerns are heightened since the Maui wildfires.
The data in this article was obtained from the National Association of REALTORS® and the REALTORS® Association of Maui.
Posted by Jyoti Grazaino on
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