How Is The Maui Market?
On Maui, we're seeing some interesting shifts in the real estate market.
- New listings for single-family homes have increased by 17.0%, and for condos, they're up by 9.8%. This means more options are becoming available for buyers.
- However, pending sales have taken a hit, dropping by 25.4% for single-family homes and 40.4% for condos. This indicates that fewer homes are going under contract right now.
- Inventory levels have also risen significantly, with a 25.8% increase for single-family homes and a whopping 198.2% increase for condos. More homes on the market can be great news for buyers, giving them more choices.
- Interestingly, while the median sales price for single-family homes has jumped by 30.8% to $1,350,000, condo prices have remained flat. This could suggest that the demand for single-family homes is driving prices up, while the condo market is stabilizing.
- The average days on the market have increased slightly for single-family homes by 4.4%, meaning homes are taking a bit longer to sell. Conversely, condos are selling faster, with days on the market decreasing by 6.3%.
- One major shift is that Maui has moved into a buyer's market territory for condos, with over six months of supply available. This means buyers have more leverage and options, potentially leading to better deals.
Overall, the Maui market is experiencing a mix of increased inventory, stable or rising prices, and a shift towards a buyer's market for condos. It's a dynamic time, with opportunities and challenges for both buyers and sellers.
State Wide:
Hawaii's real estate landscape is undergoing fascinating shifts, reflecting a broader trend across all islands. Inventory is on the rise, but sales have significantly dropped, suggesting either a temporary fluctuation or a new market phase. Historically, summer attracts more visitors and potentially more contracts, which could absorb the increased inventory. In this video with our broker, Dylan Nonaka, we'll explore the latest Hawaii market trends and their implications for prospective buyers and sellers.
- Big Island Housing Market: Inventory on the Big Island has surpassed 2,000 units, marking a significant monthly increase. However, sales across all islands dropped dramatically in June compared to May.
- Kauai Housing Market: Active listings on Kauai rose to 412, with a noticeable drop in sales from May to June.
- Maui Housing Market: Maui's inventory rose to nearly 1,000 listings, with sales dropping from 151 in May to 126 in June. Notably, Maui has shifted to a buyer's market with over six months of supply.
- Oahu Housing Market: Oahu's inventory increased to 2,609 active listings, with sales decreasing from 771 in May to 642 in June.
- Hawaii Housing Market Overall: The trend of increasing inventory and decreasing sales is consistent across all Hawaiian islands, with median prices remaining high.
Did you know The Agency Team is the most successful Team in Hawaii? We can help you state wide. Please let me know if you are looking on other islands.
US Trends:
In the U.S. real estate market, we've seen some notable changes recently.
- Existing-home sales have declined for the third month in a row, dropping by 0.7% from the previous month and 2.8% from last year. This decrease is largely due to higher mortgage rates and rising sales prices, which are making it tougher for buyers to jump into the market.
- The total housing inventory has grown by 6.7% month-over-month, reaching 1.28 million units. This means there are more homes available for sale, which can be a good thing for buyers.
- However, even with this increase in supply, home prices continue to rise. The median existing-home price has climbed to $419,300, which is a 5.8% increase from the same period last year and a record high for the month.
- Despite the growing inventory, the demand is still strong, and homes are selling relatively quickly. The typical home now spends about 33 days on the market, which is down from 38 days the previous month.
In summary, the U.S. market is experiencing a mix of rising inventory and increasing home prices. While there are more homes available, higher mortgage rates and prices are keeping some buyers on the sidelines. If the inventory continues to grow and prices start to stabilize, we might see a more balanced market in the near future.