November 2024 Maui Market Statistics

Maui Real Estate Market Update: Sales Trends & Shifts in Prices

Let’s take a look at what’s happening in Maui’s real estate market right now.

New Listings & Pending Sales
New listings for Single Family homes on Maui have seen a significant jump, rising 33.3%, while condominium listings have barely budged, with only a 0.7% increase. As for pending sales, Single Family homes are doing well, up 3.2%, but condo sales have taken a notable downturn, dropping 35.8%.

Inventory Levels on the Rise
When it comes to inventory, there’s more for buyers to choose from. Single Family home inventory is up by 54.3%, and condo inventory has skyrocketed by 138.5%. That means more options for buyers, though the market is still adjusting to these shifts.

Price Trends
On the pricing front, we’re seeing a positive trend for Single Family homes, with the median price climbing 16.9% to reach $1,300,000. However, condominium prices have dropped, with the median price decreasing 19.7%, now sitting at $715,000.

Days on Market
Homes are staying on the market a little longer. The average days on market for Single Family homes increased by 29.2%, while condos saw a smaller increase of 1.6%.

In Summary
The Maui market is experiencing some interesting shifts right now. There’s an uptick in inventory and more homes to choose from, but the market is also seeing changes in pricing and how long homes are staying on the market. While Single Family homes are seeing price increases, condos are facing some challenges with both sales and prices.

If you're thinking about buying or selling, it’s a good time to stay informed and work with a local expert to navigate these changes!

U.S. Home Sales Show Positive Growth: 

The U.S. housing market is showing signs of resilience! According to the latest data from the National Association of REALTORS® (NAR), existing-home sales saw a solid increase in October, rising 3.4% month-over-month and 2.9% year-over-year. This brought the seasonally adjusted annual rate to 3.96 million units, surpassing economists’ expectations and marking the first annual gain since July 2021.

While more homes are hitting the market, the inventory is still somewhat limited. The number of homes for sale rose 0.7% from the previous month and jumped 19.1% year-over-year, reaching 1.37 million units by November. This brings the total housing supply to a 4.2-month supply at the current sales pace, according to NAR.

Despite the increase in inventory, home prices remain strong at the national level. The median sales price for existing homes reached $407,200, which is a 4% increase from last year’s prices.

What’s driving this uptick? Lower mortgage rates in late summer and early fall appear to have sparked a boost in sales across all four regions of the country.

To sum it up, the housing market is seeing a healthy balance: More homes are becoming available, and while inventory is improving, demand is still keeping prices steady. As we head into the winter months, it’ll be interesting to see how the market continues to evolve!

*Statistics are provided by the Realtors Association of Maui