Maui Real Estate Advisor - July 2024

Maui Real Estate Advisor - I am Lahaina Lee and this is your Maui real estate advisor preview for July 2024. The inventory of homes for sale is up. The inventory of condos for sale is way up. The number of homes sold was down. The number of condo sold was way down. We finished the month of June with 321 homes for sale. We haven’t had 300 homes for sale on Maui since December 2020. At the time of this report that would be 171 of the 324 for sale or price between $2 million and $75 million. There were only 10 sales in the last month for home is priced $2 million and above. There were only 15 homes sold for less than $1 million. Condominium sales have also slowed, but for condos it’s been a more dramatic slow down. Much of this slow down has been caused by the Maui mayors call to repeal the right of some 7000+ condos to be allowed to do short term rentals. Less than 60 days ago, we had a sellers market in the condominium, segment as defined by less than six months of inventory. At that time, there was just a little over four months worth of condos for sale. Here at the end of June, the beginning of July Inventory is approaching 12 months worth of condos for sale. The median selling price for condos is still at one of the highest levels we have seen. The luxury end of the market, let’s just call it $2 million and above, which is actually more than a little bit low, is very slow. So if you’re shopping in that price range for either condos or homes, now is a good time to be shopping for deals. If you’re hoping to sell a condo, you should pay attention to how much activity your property is getting. If you’re not getting an offer, that’s one thing, but if you’re listing agent is not getting calls and showings and you actually want to sell, be ready to adjust your price.