April 2024 Maui Market Statistics

Maui April 2024 Year Over Year Statistics

In the latest Maui market update, we've seen some interesting trends: New listings rose by 3.7% for single-family homes and by an impressive 36.6% for condominiums. Pending sales also showed a positive trend, with single-family homes increasing by 5.8%, although there was a slight dip of 31.2% for condominiums. Inventory levels saw a moderate uptick of 1.8% for single-family homes, while condominiums experienced a significant increase of 141.0%.

In terms of pricing, both segments saw growth. The median sales price for single-family homes surged by 16.9% to reach $1,300,000, and condominiums also saw an increase of 8.4% to $962,500. However, there were mixed results in terms of market activity, as days on the market decreased by 10.5% for single-family homes but increased by 22.1% for condominiums.

Another notable change was in the month's supply of inventory, which went up by 2.4% for single-family homes and skyrocketed by 176.9% for condominiums! These figures provide valuable insights into the current state of the real estate market, reflecting both opportunities and challenges in different segments. In real estate market analysis, when inventory levels reach six months or more, it typically indicates a buyer's market. This means that there are more properties available for sale than there are buyers, providing favorable conditions for buyers to negotiate prices and terms more in their favor.

Historic Snapshot Of Maui's Median Prices:

Historical Snapshot of Homeprices on Maui


Nationally

In the latest update from the National Association of REALTORS® (NAR), U.S. existing-home sales experienced a slight decline of 4.3% from the previous month, reaching a seasonally adjusted annual rate of 4.19 million homes. This dip is attributed to higher interest rates and escalating sales prices, deterring some potential buyers from entering the market. The average 30-year mortgage rates have surpassed 7% in recent weeks, contributing to the challenges faced by prospective buyers. Despite this, the median existing-home sales price climbed to $393,500, marking a 4.8% increase from the previous month, as reported by NAR.

On a positive note, the warmer weather has encouraged more sellers to list their properties, leading to a 4.7% month-over-month and 14.4% year-over-year increase in total inventory. However, demand continues to outstrip supply, with properties selling swiftly, and the typical home spending 33 days on the market nationwide, down from 38 days the previous month.

Posted by Jyoti Grazaino on
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