Maui Real Estate Crash ??? Part 2

[@poonekar]

Great data Jesse! I appreciate you taking the time to share these numbers. A few questions if you don't mind answering ... On the mainland we are seeing that properties below the median have multiple offers and are closing over the asking price but houses well above the median are selling for lower than asking. Is this something you are seeing in Maui as well? Another key piece of data while looking at the market is DOM. How are days on market looking in Maui now compare to past few years? Is there a way to break this data down based on properties that are short-term permitted vs not?

[@JesseGWald]

Aloha Rahul. Thanks for the thoughtful questions. 1. I wouldn't necessarily say that above or below median price determines whether the property is selling for over asking price. The properties that are priced appropriately (at most recent comps) are selling quickly and sometimes over asking price regardless of the price range. 2. DOM is important, but on Maui the realtors association counts the days on market from listing to closing instead of listing to pending contract so the DOM can be impacted by length of escrow which isn't necessarily a good indicator of demand. That said DOM remains around the same as 2019-2021, but is slightly up from 2021-2022. 3. A breakdown of stats based on short term rentals vs long term rentals isn't readily available... but I might compile that info in a future info if people are interested ;).

[@poonekar]

@@JesseGWald Mahalo for taking the time to answer my questions!

[@marshawald]

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