Maui Real Estate Market Performance Review: December 2024 Insights
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Quick Facts
Maui Real Estate Market Performance Review: December 2024 Insights
Maui Real Estate Market Update: December 2024
As we wrap up the year, it’s exciting to report that Maui’s real estate market has shown resilience and adaptability. In this update, we’ll dive into the latest statistics and trends affecting the market, providing you with valuable insights to navigate the current landscape.
New Listings and Inventory
December saw a significant increase in new listings for single-family homes, with 93 new listings hitting the market. Condominium listings, on the other hand, saw a decrease of 7.7% compared to the same period last year. Inventory levels also varied, with a 63.2% increase for single-family homes and a 105.3% increase for condominiums.
Sales and Market Trends
In December, there were 56 single-family homes sold, which is 7 fewer than the prior month. When compared to December 2023, this represents a decrease of 1.8%. Condo sales, however, reported an increase of 4 units compared to November, with 53 sales. When compared to this time last year, condo sales decreased by 43.6%.
Days on the Market and Average Sales Price
The average days on the market for single-family homes decreased to 129 days in December, representing a 34.4% increase compared to December 2023. For condos, the average days on the market decreased from 130 days in November to 117 days in December, representing an 18.2% increase compared to this same time last year.
The median sales price for single-family homes in December was $1,374,238, which is an increase of 14.5% compared to December 2023. For condos, the median sales price increased to $860,000 in December, representing a 1.2% increase compared to this same time last year.
Key Takeaways
December’s real estate market on Maui presented a mixed bag of trends. While new listings for single-family homes increased, condo listings saw a decrease. Inventory levels varied, but sales and market trends offer insights into the current state of the market.
For buyers, the increased competition for single-family homes might require a strategic approach to finding the perfect property. Conversely, condo buyers may find a wider selection of options to choose from.
As we head into the new year, it’s essential for sellers to be aware of the changing market dynamics and adjust their pricing and marketing strategies accordingly.
What’s Next?
Stay tuned for our next market update to learn more about the trends and patterns shaping Maui’s real estate landscape. In the meantime, we invite you to explore our blog for expert insights and tips on navigating the local real estate market.
Resources
Ready to learn more about Maui’s real estate market? Download our full market report or explore our latest blog articles for more information.
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