Maui Hawaii, Ocean, Hawaii Homes, Hawaii Real Estate Market

Maui Real Estate Market Report Q2 2023

  • Mick St John
  • 10/2/23

In the serene heart of the Pacific, Maui’s real estate landscape tells a tale of resilience, adaptability, and hope as it navigates through the ebbs and flows of market dynamics. The last month saw a flurry of activity with 179 fresh properties making their debut on the market and 157 finding new owners, a testimony to the enduring allure of island living amidst a backdrop of a 7.5% interest rate. The figures echo the beat of last year's tempo when 169 properties changed hands between September 1st and October 1st, showcasing a market that's pulsating with both challenges and opportunities.

As we tread through the shadows cast by loss and disaster, the horizon of Maui's real estate market is gradually lighting up with the promise of a brighter tomorrow. The scaffolding of hope is being erected not just by the numbers, but by the burgeoning development projects that are sprouting across the island, catering to a spectrum of economic backgrounds. From the nurturing embrace of modern, low-income housing projects to the opulent lap of elegant, luxury residences, Maui is laying down a mosaic of homes that are as diverse and enchanting as the island's picturesque landscapes. Through these ventures, the island whispers a message of positivity and forward movement, painting an optimistic picture of what lies ahead for Maui's real estate market and its cherished community.

In the tranquil heart of the Pacific, Maui's real estate market has been a theater of evolving narratives. The tale spun by the numbers from the recent quarters unfolds a story of resilience, adaptation, and a spectrum of opportunities for both buyers and sellers. As we delve into the core statistics, a clearer picture of the market's pulse emerges, narrating the journey from Q2 2013 to Q2 2023.

The median sold price of homes stands steadfast at $1.15M, mirroring the figure from Q1 2023. Although this marks a 7.1% dip from the $1.24M in Q2 2022, when we cast our gaze further back to Q2 2013, a remarkable leap of 111% from $546K unveils itself. This trajectory highlights the long-term appreciation in home values on the island, a testimony to Maui's strong real estate market.

With each square foot of space being a gateway to the island's serene vistas, the average sold price per square foot has become a metric of value. The current rate of $866 per square foot, though down by 9% from $956 in Q1 2023 and 6.6% from $927 in Q2 2022, showcases a substantial growth of 108% from the $417 in Q2 2013. This ascent underscores the premium that space holds in today's market compared to a decade ago.

As we sail through the numbers, the count of sold listings and the pended properties narrate the rhythm of sales activity. The 202 sold listings in the recent data depict a 13% upswing from 179 in Q1 2023, although it's a stride back by 31.8% from 296 in Q2 2022. Similarly, the 214 pended properties mark a 15% rise from 186 in Q1 2023, yet a step back by 13.4% from 247 in Q2 2022. These figures, juxtaposed against the data from ten years ago, narrate a market that's in a state of flux, yet with a rhythm of its own.

The lens of inventory and the average days on market further bring the market dynamics into focus. With a current inventory of 242, down by 3.6% from Q2 2022, and a sharper decline of 53% from 518 in Q2 2013, the stage is set for a competitive market scenario. The 3.6 months of inventory, down from 4.2 months in Q1 2023, indicates a market leaning towards sellers, yet with a balanced undertone as it's up from 2.5 months in Q2 2022.

Lastly, the average days on market stands at 62, marking an increase from the previous quarters, yet a significant reduction from 111 days in Q2 2013. This metric hints at a market that's become swifter over the decade, yet has seen a pause in the rapid pace of sales recently. Over the past ten years, the median price of a single-family home acquired in 2012 on Maui has witnessed a notable ascent, despite the market's heightened volatility following the pandemic's onset. The value appreciation soared to a remarkable 111%, although this steadfastness in Maui's median home prices is nuanced by various influencing elements.

Examining the evolution of property values over the last decade, it's crucial to acknowledge that the real estate market encountered increased volatility post-pandemic, exacerbated by rising interest rates. The scarcity of properties on the market led to a variance in the kinds of properties exchanged from one month to the next, inducing fluctuations in Maui's real estate valuations. Consequently, relying solely on this timeframe for statistical analysis might not render the most precise depiction of Maui's real estate market trajectory.

In conclusion, as Maui's real estate market navigates through the ebbs and flows of economic tides, the underlying currents of demand, value appreciation, and a balanced inventory, promise a continuum of opportunities. For those with a keen eye on the market, adapting sails to the changing winds could unveil pathways to fulfilling real estate endeavors on this enchanting island.

 
My Featured Listings:
 
 
4965 Hana Hwy, Haiku | More Info
$1,295,000  |  984 sq ft Living  |  .8 acres  |  3BR / 2BA  |  MLS# 399738
 
Welcome to Your Dream Home at 4965 Hana Hwy, Haiku, Maui. Located in Haiku on the North Shore of Maui just minutes away from world famous Jaws Surf Break. This newly renovated 3-bedroom, 2-bath home offers the epitome of island living. With 984 sq ft of meticulously designed living space and an additional outdoor shower, you'll find the perfect blend of comfort and luxury. Situated on 0.8030 acres of CPRed land, the property boasts two additional 120 sq ft office/storage units and offers the potential to build even more, such as a barn or a pool. Imagine the possibilities! Located just 10 minutes from excellent schools and breathtaking waterfalls and hikes, this home puts you in the center of all that the North Shore of Maui has to offer. With shopping, gyms, and eateries also 10 minutes away, and the beach just a 15-minute drive, you'll never be far from your next adventure. Don't miss this rare opportunity to own a slice of paradise. Schedule your private tour today and come see what makes 4965 Hana Hwy a truly exceptional place to call home. Contact us now to make this dream a reality!
 
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170 Door of Faith, Haiku | More Info
$1,350,000  |  708 sq ft Living  |  7.29 acres  |  1BR / 1BA  |  MLS# 399537
 
Welcome to Huelo Point, located on a beautiful oceanfront cliffside area in lush Haiku. Offering expansive views of the Pacific Ocean, Waipio Bay, Hoalua Bay, the slopes of Haleakala and the beautiful yet rugged coastline where the ocean waves make a majestic sounds. Create a breathtaking home on the edge of an tropical oasis. Build a sustainable farm for the surrounding local communities or create a North Shore compound for health and wellness. Conveniently located just 20 minutes from Haiku town or 35 min from the airport in Kahului make this the perfect getaway location. 
 
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190 Door of Faith, Haiku | More Info
$1,500,000  |  5.09 acres  |  MLS# 399535
 
Welcome to 190 Door of Faith, located on a beautiful oceanfront cliffside area in lush Haiku. Offering expansive views of the Pacific Ocean, Waipio Bay, Hoalua Bay, the slopes of Haleakala and the beautiful yet rugged coastline where the ocean waves make a majestic sounds. Create a breathtaking home on the edge of an tropical oasis. Build a sustainable farm for the surrounding local communities or create a North Shore compound for health and wellness. Conveniently located just 20 minutes from Haiku town or 35 min from the airport in Kahului make this the perfect getaway location. 

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