How is the real estate market on Maui?
Maui is a popular destination for tourists, retirees, and second-home buyers, and the island's real estate market has seen strong growth in recent years. Here's a closer look at the current state of the real estate market in Maui:
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Prices: The median sales price for a single-family home in Maui was $900,000 in 2021, an increase of 23% from the previous year. The median sales price for a condominium was $573,000, a 12% increase from the previous year. These price increases reflect strong demand for housing in Maui, particularly in popular areas like Wailea and Lahaina.
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Inventory: The number of homes for sale in Maui has been declining, which has put upward pressure on prices. As of August 2021, there were 338 active single-family home listings and 487 active condominium listings, a decrease of 39% and 20%, respectively, from the previous year.
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Sales: Despite the low inventory, home sales in Maui have remained strong. In 2021, there were 1,191 single-family home sales and 1,659 condominium sales, an increase of 45% and 68%, respectively, from the previous year.
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Vacation Rentals: Maui is a popular vacation rental destination, and many buyers purchase properties with the intention of renting them out when they're not in use. However, new regulations on vacation rentals have been put in place, which may impact the rental income potential of some properties.
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Future Outlook: The real estate market in Maui is expected to remain strong in the coming years, with continued demand for housing from retirees, second-home buyers, and investors. However, rising prices and low inventory may make it challenging for some buyers to find the right property at the right price.
Overall, the real estate market in Maui is strong, with high demand and low inventory driving up prices. If you're interested in buying or selling property in Maui, it's important to work with a knowledgeable real estate professional who can provide insights into the local market and help you navigate the buying or selling process.
If you have questions about the market here on Maui, call me personally and I will answer them.
Gray Marino
808-745-7445
Gray@GrayMarino.com
RS-86136 Real Brokerage, LLC
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