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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.