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October 2023 Maui Real Estate Statistics: Insights and Analysis

Posted by benjamen.harper@gmail.com on November 24, 2023
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In this comprehensive report, we delve into the October 2023 Maui real estate statistics to provide you with a detailed overview of the market’s performance. From inventory levels to new listings, pending sales, and closed transactions, we will analyze key data points and offer insights into the current state of the Maui real estate market.

Meta Description: Explore the Maui real estate market’s performance in October 2023, including inventory levels, new listings, pending sales, and closed transactions. Gain valuable insights into the impacts of recent events on the market.

Table of Contents

October Market Activity

October 2023

Let’s begin our analysis by looking at the market activity in October 2023. This month, we witnessed significant fluctuations in key real estate metrics, including new inventory, pending sales, and closed transactions. These numbers provide valuable insights into the current market conditions and trends.

October 2022

To gain a better perspective, it’s essential to compare the current data with that of the previous year. October 2022 serves as a benchmark, allowing us to assess the changes and developments that have occurred in the Maui real estate market over the past 12 months.

October 2021

Looking back further to October 2021, we can observe longer-term trends and how the market has evolved over the past two years. This historical data provides context for understanding the current state of the market.

October 2020

The October 2020 data allows us to analyze real estate market performance during the early stages of the pandemic. Understanding how the market reacted to the challenges of that time can offer valuable insights into its resilience.

October 2019

October 2019 represents a point of reference before the pandemic’s onset. Comparing the current data with that of October 2019 helps us assess the market’s performance relative to a pre-pandemic baseline.

October 2018

Finally, examining October 2018 data gives us insights into the market’s longer-term trajectory and how it has evolved over the past five years.

End of October Maui Home Inventory

To understand the current state of the Maui real estate market comprehensively, it’s crucial to look at inventory levels. The end of October home inventory data, broken down by price points and communities, offers valuable insights into the distribution of available properties.

Five Notable Things About the End of October Home Inventory

  1. Inventory Increase: Active inventory of homes for sale increased by 7.5% between the end of September and the end of August. This increase seems to stem more from low buyer activity rather than a surge in new listings.
  2. Price Point Impact: Active inventory increased across all price points below $3,000,000. Notably, there was no change in active listings for properties priced above $3,000,000.
  3. Pending Sales: The number of pending home sales increased by just one between the end of September and the end of October, indicating a relatively subdued level of buyer activity.
  4. Community Variations: Most Maui communities did not see any change in active listings, while inventory increased in a few communities, with Kihei and Haiku experiencing the most significant increases. Active inventory decreased in just one community.
  5. Lahaina District: In contrast to the overall trend, the Lahaina district saw a slight increase in pending home sales, with four more pending sales compared to the end of August. These sales are primarily located in areas outside the burn zone, notably in the Launiupoko neighborhood.

End of October Maui Condo Inventory

Similar to the analysis of home inventory, we will now delve into the condo market by examining end-of-October condo inventory data. This data will provide insights into the distribution of available condos across different price points and districts.

Five Notable Things about the End of October Maui Condo Inventory

  1. Inventory Surge: Active condo inventory increased by almost 16% between the end of September and the end of October. This significant surge is notable and indicates changes in the market.
  2. Price Point Variations: While active inventory increased in most price points, there were exceptions. Inventory decreased in the $250,000-$499,999 and $2,000,000-$2,999,999 price ranges. Importantly, there was no inventory available below $250,000.
  3. Pending Sales Decline: Pending condo sales decreased in the majority of price points, with increases occurring only in the $750,000-$999,999 and over $10,000,000 price ranges. No pending sales were recorded between $5,000,000 and $9,999,999.
  4. District Inventory Shifts: Active condo inventory increased in nearly all districts between the end of September and the end of October. Notably, Ka’anapali and the Napili, Kahana, and Honokowai area saw significant increases. Lahaina remained unchanged with no active listings due to the impact of the August fire.
  5. Market Impact: The surge in active listings in Ka’anapali can be attributed to the area’s closure for tourism until November 8th. The presence of displaced residents and fewer tourists have affected the potential buyer pool. Additionally, high interest rates have deterred buyers, as reflected in the high percentage of cash transactions.

Market Thoughts

In light of the data and trends observed in the October 2023 Maui real estate market, it’s evident that the month has been relatively quiet. Several factors have contributed to this subdued activity, including the aftermath of the August fires and higher interest rates.

The impacts of the fires are notably visible in West Maui, where condo inventory in Ka’anapali has surged by 82% between the end of August and the end of October. This increase is reflective of the challenges faced by residents and the reduced tourism-driven buyer activity.

The rise in interest rates has also played a significant role in the market dynamics. Rates reaching as high as 8% in October have deterred many buyers, with a substantial percentage of transactions being cash purchases. This trend highlights the challenges faced by financed buyers in a high-priced market.

Additionally, the impact of high interest rates is not just financial but also affects the availability of insurance proceeds for property replacement. Many residents impacted by the fires are struggling to find suitable housing, further complicating the market’s dynamics.

It is essential to recognize that behind the data and market analysis lies a human component. The challenges faced by Maui residents in the aftermath of the fires are a stark reminder of the broader impacts on the community.

Frequently Asked Questions

Q: What are the key insights from the October 2023 Maui real estate statistics?

A: The October 2023 data highlights a relatively quiet month in the Maui real estate market. Factors such as the aftermath of the August fires and higher interest rates have contributed to subdued market activity.

Q: How have high interest rates affected the Maui real estate market?

A: High interest rates, which reached as high as 8% in October, have deterred many buyers, resulting in a higher percentage of cash transactions. This trend reflects the challenges faced by financed buyers in a market with elevated property prices.

Q: What are the impacts of the August fires on the Maui real estate market?

A: The fires have significantly affected the West Maui market, particularly in Ka’anapali, where condo inventory surged by 82%. The closure of the area for tourism and the presence of displaced residents have impacted the buyer pool.

Q: How has the availability of insurance proceeds influenced the market?

A: The availability of insurance proceeds for property replacement has been affected by high interest rates, limiting some residents’ ability to buy replacement properties. This, in turn, has influenced the market dynamics.

Q: What can be done to assist Maui residents impacted by the fires?

A: Maui residents who have long-term housing available are encouraged to sign up online at Maui Hale Match to help those struggling to find suitable housing. Various initiatives and resources are available for those looking to assist people impacted by the fires.

Q: How can I stay updated on the Maui real estate market?

A: For the latest updates on the Maui real estate market and additional information, you can contact our team for personalized assistance and insights. We are here to provide guidance and support for your real estate needs on the beautiful island of Maui.

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