Summer 2023 Maui Real Estate Trends

Summer Bliss on Maui: A Real Estate Perspective

A Bustling Beach Season on Maui Summer's vibrant energy has embraced Maui, turning our tranquil beaches into lively hubs where families and tourists converge. While the packed parking lots and crowded sand might bring to mind a busy California beach on a July day, the crystal-clear waters and dancing palm trees affirm that Maui remains an unspoiled paradise.

Interestingly, visitor numbers in May and June were lower, although spending in restaurants and local businesses was up, reflecting a dynamic yet shifting tourist landscape. As July rolls in with even more activity, the market also offers attractive deals on flights and accommodations.

Weather Wonders The weather has been a consistent friend to us, maintaining around 85 degrees, with the trade winds gently caressing the island. Even Hurricane Calvin's passage only brought a light touch of rain and wind, leaving our paradise undisturbed.

The Maui Real Estate Market: A Summer Analysis Summer is traditionally a time of warmth in the real estate market, but this year has been slightly different. Let's explore the key trends shaping the Maui real estate landscape:

Sales Dynamics

• Home Sales: A national decrease of 20% from June 2022 to June 2023 contrasts sharply with Maui's higher decrease of 34% in closed home sales. From January to June, the number dropped from 568 to 374.

• Condo Sales: Even more pronounced is the decline in condo sales, dropping about 47% over the same period.

These statistics, while seemingly alarming, are consistent with the low inventory story that has characterized the Maui market. High interest rates and quick-selling condos at certain price points depict a complex but resilient market landscape.

Inventory Insights The inventory issue is central to understanding the Maui market:

• Homes: A small increase from 2.9 to 3.7 months of inventory might seem like progress, but the overall numbers still reflect a persistent shortage.

• Condos: Similarly, a doubling of condo inventory to 2.8 months might look positive, but with only 90 sales in June compared to 150 the previous year, the demand continues to outstrip supply.

This illusion of growth in inventory, especially for vacation rentable condos, adds to the challenges of prospective buyers and underlines the importance of timing and expert guidance.

Pending Sales and Selling Prices: Understanding the Trends National trends might point to declining median home sales prices, but Maui's reality is different:

• Steady Growth: With low inventory and high demand, especially from out-of-state buyers, the median home sales prices have remained stable, even showing a slight increase.

• Vacation Rentals: These properties are highly sought-after on Maui, often selling as soon as they are listed, and contribute to the ongoing robustness of the market.

A Vibrant Real Estate Landscape Summer on Maui offers a fascinating blend of bustling beaches, beautiful weather, and a unique real estate environment shaped by inventory challenges, interest rates, and shifting buyer behavior. Whether you are a homeowner, investor, or a prospective buyer, understanding these dynamics can be key to making informed decisions. And as always, the allure of Maui remains irresistible, and our real estate market reflects that enduring appeal.

Feel free to reach out with any questions about Maui or any real estate inquiries. I'm here to offer insights and expertise tailored to your needs.

Gray Marino

808-745-7445

Real Broker, LLC. RS-86136