Maui Real Estate Market Overview

September 2024

Maui Real Estate Market Overview - September 2024

The September 2024 Maui Market Report presents a detailed analysis of real estate trends, revealing key shifts in both single-family home and condominium sectors. Here's a summary of the insights from this month's data:

Single-Family Home Market

Despite a slowdown in sales volume, Maui’s single-family home market continues to set record prices. The median sale price for single-family homes hit $1,408,287, showing resilience in the face of broader economic challenges.

Key highlights:

• Prices on the Rise: Even as transactions slowed, buyers showed willingness to pay more, with some properties selling above list price.
• Buyer Activity: Indicators such as pending sales suggest a potential increase in buyer interest, possibly fueled by decreasing mortgage rates, making it an opportune moment for those waiting on the sidelines.
• Diverse Performance by Region: Certain areas like Wailea/Makena and Kapalua in South and West Maui, respectively, continue to command high average prices, while others see fluctuating demand

Condominium Market

The condominium market presents a contrasting picture, with significant regional variation.

• Resort Condo Demand: Properties within resort areas, particularly in Wailea/Makena and Kaanapali, show strong and sustained demand, while properties listed under the Minatoya List struggle to move.

Price Stabilization: With fewer new condo listings entering the market, price stabilization is expected, especially in lower entry-level units. This trend aligns with declining mortgage rates, creating more favorable conditions for prospective buyers.

Luxury Market

Maui's luxury market remains robust, with several high-end transactions recorded, particularly in the $2.5M+ range for single-family homes and $1.5M+ for condos. Notable sales include a staggering $18 million single-family home transaction.

Breakdown of Luxury Sales:

• Single-family homes in Kapalua and Wailea/Makena dominated the luxury market.
• There was also significant activity in the condominium sector, with sales in Wailea/Makena and Kaanapali leading the charge.

Luxury Transactions by Price Range:

• $2.5M - $5M: Active sales continue in this segment, especially in resort areas.

$10M+: High-value properties, like those in Kapalua, continue to attract ultra-high-net-worth buyers.

Regional Trends

Each region of Maui showed varying performance in the market:

• South Maui (Wailea/Makena, Kihei): High-end real estate remains in demand, particularly in resort areas, while more moderately priced properties show some cooling.
• West Maui (Kapalua, Kaanapali): Kapalua stands out with high-value transactions, whereas other parts of West Maui face softer demand.
• Upcountry (Kula/Ulupalakua/Kanaio): This region experiences more modest market activity compared to coastal areas, but retains stable pricing.

Molokai & Lanai: These smaller markets remain niche, with limited but notable transactions.

Final Thoughts

In conclusion, while some areas of the Maui real estate market are cooling, the luxury and resort condo sectors remain buoyant. Buyers looking to capitalize on lower mortgage rates may find now an ideal time to enter the market, especially in high-demand, upscale areas like Wailea, Makena, and Kapalua.

Market Outlook: With interest rates on a downward trend and buyer competition set to increase, market participants should keep a close eye on these metrics. Price growth in certain regions may continue despite broader economic uncertainty, particularly for premium properties in desirable resort locations.

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