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Maui Real Estate Market Update August 2024

Residential Market Update

Maui Real Estate Market Update – August 2024

As we move through 2024, the Maui real estate market continues to reflect both opportunity and challenge for buyers and sellers alike. Let’s dive into some of the notable trends and insights from August 2024.

Single-Family Home Market: Steady Growth

The single-family home market on Maui demonstrated resilience with sales increasing by 11% compared to last year. The median sales price saw a 10% rise, bringing it to $1.3 million. This price increase reflects the limited availability of homes under $1 million, except in areas like Wailuku and the occasional upcountry listing. The key takeaway for sellers is the importance of strategic pricing—properties that required price adjustments took an average of 47 days longer to sell compared to homes sold at or above the asking.

Condominium Market: A Mixed Picture

The condo market presented a more nuanced picture. A fresh wave of La'i Loa condos in Wailea closed in August, which skewed the overall market data. Excluding these new developments, the market remained relatively stable with a median sales price of $888,000. However, affordability concerns and pending legislation are putting pressure on the desirability of Maui’s condos. On average, condos stayed on the market for 89 days.

Luxury Market: High-End Sales Dominate

Maui’s luxury real estate market continues to shine, particularly with single-family homes priced over $2.5 million and condos over $1.5 million. Notably, in the West Maui region, properties have been closing at prices as high as $17 million. The luxury market remains competitive with many high-end properties receiving offers close to the listing price.

Regional Highlights

  • West Maui: Known for its luxury properties, this area saw several significant sales, including multi-million-dollar homes in Kaanapali and Kapalua.
  • South Maui: Wailea and Makena continue to attract interest, particularly for condominiums, with a median sales price of $4.5 million in this region.
  • Central Maui: More affordable compared to other regions, Central Maui saw consistent activity, especially in Wailuku to other regions, Central Maui saw consistent activity, especially in Wailuku.

Final Thoughts

Whether you're considering buying or selling, understanding the nuances of the Maui real estate market is crucial. The market is showing signs of strength, particularly in the luxury segment, but affordability challenges and strategic pricing remain key factors for success.

For more detailed insights, you can explore the full Maui Market Report or contact a local real estate professional to guide you through your specific needs.

Maui Market Report

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About The Smith Team

Ken Smith, a Maui resident for 35 years, brings his extensive local knowledge and passion for the island to his successful real estate career. Alongside his daughter-in-law, Melissa Smith, and Greg Smith, the Smith Team provides a wealth of experience and dedication to clients seeking to buy or sell property in Maui.

Melissa Smith, a third-generation Maui native, combines her deep understanding of the island's growth with a commitment to exceptional service. She empowers clients with knowledge to make informed decisions in finding their dream homes. With a background as a top agent and a Broker's license, Melissa's expertise is invaluable.

Gregory P. Smith, a lifelong Maui surfer, channels his passion for the island and its natural beauty into his real estate profession. His enthusiasm, deep market knowledge, and dedication to exceeding client expectations make him an exceptional agent.

The Smith Team's combined local expertise, commitment to client service, and understanding of the unique Maui real estate market make them an ideal choice for those looking to navigate the island's property landscape. Their proven track record ensures a smooth and successful experience for both buyers and sellers.