Maui Real Estate Market Report for March 2024 -

In our latest real estate market update for March 2024, we dive into the recent trends and statistics shaping the Maui Real Estate Market.
Here's a breakdown of the key highlights:
Existing-Home Sales Surge: According to the National Association of REALTORS® (NAR), U.S. existing-home sales grew by 3.1% month-over-month, reaching a seasonally adjusted annual rate of 4.00 million units. This marks the strongest sales pace since August 2023, surpassing economists' expectations.
Factors Driving Sales Growth: Falling interest rates in the previous year, combined with an increase in inventory, contributed to the climb in existing-home sales. Monthly gains were particularly notable in the Midwest, South, and West regions.
New Listings and Pending Sales: New listings saw a 2.4% increase for single-family homes and a substantial 52.1% increase for condominium homes. While pending sales dipped by 5.1% for single-family homes, they rose by 8.0% for condominiums.
Inventory Trends: Inventory for single-family homes decreased by 10.7%, whereas condominium inventory witnessed a significant 78.8% increase. This divergence in supply dynamics impacted the market dynamics differently.
Pricing Analysis: Median sales prices experienced varied movements, with a notable 15.9% increase to $1,250,760 for single-family homes and an 18.6% decrease to $744,500 for condominiums. These fluctuations reflect the shifting demand and supply dynamics in the market.
Days on Market and Months Supply of Inventory: Days on market increased for single-family homes but decreased for condominiums. The months supply of inventory decreased for single-family homes but saw a substantial increase for condominiums.
Total Inventory and Market Outlook: Total inventory heading into February increased by 2% from the previous month, standing at 1.01 million units. Despite this uptick, the market remains undersupplied, with demand continuing to outpace supply.
Despite buyers having more options, the current inventory levels remain below the balanced market threshold of 5-6 months' supply. Consequently, existing-home prices have continued to rise, climbing by 5.1% year-over-year to $379,100.
Watch our full update for a detailed analysis of these trends and their implications for buyers and sellers in today's market.
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