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Wailea 2023 Year End Market Report

Posted by benjamen.harper@gmail.com on December 14, 2023
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The Wailea, HI real estate market, as of late 2023, presents a dynamic and intriguing landscape for potential buyers and sellers. This article will provide an in-depth analysis of the current market conditions, including a summary of listings and broader market trends.

Summary of Listings in Wailea, HI

There are 135 homes currently listed for sale in Wailea, HI. The listings range from luxurious single-family homes to high-end condos, each offering unique features and amenities. Here’s a glimpse at some of the top listings:

  1. The Pinnacle of Luxury: A sprawling estate listed at $39 million, featuring 7 bedrooms, 7 bathrooms, and encompassing over 6,352 sqft on a 1.43-acre lot​​.
  2. Modern Elegance: A modern home priced at $36 million, with 4 bedrooms, 4.5 bathrooms, spread over 4,802 sqft on a 0.47-acre lot​​.
  3. Exclusive Condo Living: A luxury condo listed at $17.5 million, offering 3 bedrooms, 3 bathrooms, and 3,850 sqft of living space on a 26.4-acre lot​​.
  4. Oceanfront Opulence: A house for $21 million, featuring 5 bedrooms, 4.5 bathrooms, and a massive 5,882 sqft area on a 3.14-acre lot​​.

Market Conditions in Wailea, HI

The Wailea real estate market reflects broader trends observed across Maui and the national market:

  • National Trends: Across the U.S., home sales have slowed significantly, reaching their lowest pace since August 2010. This is attributed to a combination of decreased inventory, rising prices, and fluctuating mortgage rates. Nationally, the inventory of homes fell by 5.7%, and median home prices rose by 3.4% year-over-year​​.
  • Local Maui Trends: In Maui, new listings decreased by 23.8% as of November 2023 compared to the previous year. Closed sales saw a decline of 35.1%, and the median sales price increased by 4.4%. Interestingly, the inventory of properties for sale went up by 5.8%​​.
    • Single-Family Homes vs. Condos: For single-family homes, new listings were down 24.8%, and closed sales decreased by 29.7%. The median sales price for single-family homes rose by 7.1%. Conversely, the condo market experienced a 23.4% decrease in new listings and a 39.7% decrease in closed sales, with the median sales price also rising by 7.1%. However, condo inventory saw a significant increase of 40.7%​​​​.
  • Buyer’s Market in Wailea: As of November 2023, Wailea is considered a buyer’s market, indicating that the supply of homes is greater than the demand. The median listing price was $2.2M, a 9.8% increase year-over-year, while the median sold price was $1.9M. Homes sold for 4.76% below the asking price on average, and the median days on the market for homes in Wailea has increased from the previous year​​.

What This Means for Buyers and Sellers

  • Buyers: The current market conditions in Wailea offer opportunities, especially for those interested in condos. The increase in inventory provides more options and potentially more negotiating power. The trend of homes selling below asking price further benefits buyers.
  • Sellers: Despite the broader market slowdown, sellers in Wailea can be optimistic due to the continued rise in home prices. However, with the increasing days on the market, sellers might need to be patient and strategic in their pricing and marketing approaches.

Conclusion

The Wailea, HI real estate market in late 2023 is characterized by a unique mix of rising prices, increasing inventory, especially in the condo sector, and a shift towards a buyer’s market. This environment presents distinct opportunities and challenges for both buyers and sellers. Potential buyers have more options and negotiating power, especially in the condo market. Sellers, while benefiting from rising prices, may need to adjust strategies in response to the longer time properties are staying on the market.

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