.png)
Maui Real Estate Market Update: Rising Inventory and Shifting Buyer Demand
The latest real estate data for Maui reveals noticeable changes across both the Single Family and Condominium markets. New listings for Single Family homes dipped slightly by 0.9%, while Condominium listings experienced a more significant decline of 15.3%. Pending sales were also down, 5.8% for Single Family homes and 2.5% for Condominiums suggesting a slowdown in buyer activity across the island. Meanwhile, inventory levels surged, with Single Family home inventory increasing by 54.8% and Condominium inventory jumping by 72.1%, offering prospective buyers more options than we’ve seen in recent months.
Pricing trends also shifted. The median sales price for Single Family homes on Maui saw a slight decrease of 0.3%, bringing the median to $1,295,000. Condominiums, however, experienced a much steeper price drop of 36.8%, with the median price falling to $822,500. In terms of market pace, Days on Market dropped by 17.8% for Single Family homes, signaling continued buyer interest. On the other hand, Condominiums stayed on the market 70.6% longer, reflecting a softer demand in that segment. The Months Supply of Inventory, an important measure of market balance, also rose significantly, up 70.5% for Single Family homes and an even more dramatic 131.3% for Condominiums.
U.S. Housing Market Sees Spring Rebound as Sales Beat Expectations
U.S. existing-home sales showed a welcome rebound in the latest report, rising 4.2% in March to a seasonally adjusted annual rate of 4.26 million units, according to the National Association of REALTORS® (NAR). This increase defied expectations, as economists surveyed by Reuters had predicted a decline to 3.95 million units. Regionally, purchase activity picked up in the South and West, dipped in the Northeast, and remained flat in the Midwest, highlighting a mixed but generally positive trend across the country.
Inventory also saw a notable uptick heading into March, with 1.24 million properties listed for sale. That marks a 5.1% increase from the previous month and a significant 17% jump year-over-year. At the current pace of sales, this represents a 3.5-month supply. Despite mortgage rates holding steady in the mid-to-high 6% range, the increase in housing supply appears to be encouraging more buyers to re-enter the market. Even with rising prices in many areas, the improved inventory is offering some much-needed relief for house hunters in what’s typically one of the busiest seasons for real estate.
Posted by Jyoti Graziano on
Leave A Comment