Featured Properties

Wailea Ekahi 20G

Wailea, HI 96753

Located in the desirable ocean-front complex of Wailea Ekahi, this top-floor unit has stunning ocean views from the living room

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Wailea Palms #2706

Wailea, HI 96753

Stunning Molokini and Kahoʻolawe Views

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249 Kaualani Dr

Pukalani, HI 96768

Single level home in desirable area of Pukalani. Large lanai, with hot tub. Backs up to golf course. 4 car garage!

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Aloha -

Greetings from the Valley Isle! Since school is back in session all over the country, visitor arrivals have slowed here lately, making it an especially peaceful and uncrowded time to enjoy this beautiful island. If you’re not here at the moment, you should make plans to come see us!

We’re looking forward to all kinds of great happenings in the month ahead. For starters, the Kula Country Farms Pumpkin Patch opens on October 1. On the 15th and 16th, we’ll get to enjoy the Maui Steel Guitar Festival - and the following week, Maui will host Hawaii Food and Wine Festival events on October 22 and October 23. To top it all off, the annual Halloween parade and celebration will take place on Front Street in Lahaina at the end of the month.

Alright, now that we’ve covered the fun stuff, let’s get down to what’s happening in the world of real estate …

First off, as you may have heard, the average rate on a 30-year fixed mortgage rose to 6.02% during the week ending September 15 (the highest it’s been since November 2008). But did you also hear that economists with Fannie Mae believe rates have now peaked? So, we’re now expecting a downward trend in mortgage interest rates through 2023.

The interest rate increases we’ve seen to date are slowly accomplishing the goal of creating a more balanced housing market. What does a “balanced” market look like?

Well, according to Redfin, for the four-week period ending September 11, pending home sales and new listings of homes for sale were each down 19%. Based on these numbers, industry experts like Moody’s Analytics are also forecasting falling home prices in the coming year. BUT, CoreLogic, Fannie Mae, Freddie Mac, and Zillow are all predicting continued growth in home prices (although at a much slower pace than we’ve seen in recent years).

So, whose crystal ball is most likely to be accurate??? Well, let’s talk about one especially important indicator of what’s in store for any given housing market: inventory. Typically, home prices fall following a major increase in inventory. And while US housing supply was up 3.4% year-over-year in August, it was actually down 16.6% Maui County.

So, Zillow predicted this month that national home prices will increase just 1.4% over the next 12 months. However, their numbers suggest that Maui home prices will see growth of 3.7% between August 2022 and August 2023.

Eventually, of course, as demand continues to trend downward and more new homes are built, our Maui inventory is likely to increase, too. And over time, that should make a difference in affordability for buyers.

Speaking of buying, Realtor.com says that the week of September 25 through October 1 is the absolute best time to buy a home in 2022! Why? Well, you probably already know that housing market activity peaks during the summer. But thanks to factors like school schedules and changing weather, demand slows in late September/early October. And that means more listings on the market, less competition from other buyers, and possibly even some price reductions.

More options + more savings = a great time to buy!

By the way, if you’re thinking of buying in Wailea anytime soon, you may be interested to hear … there’s a new amendment to the Wailea Community Association’s Covenants that prohibits fractional ownership.

What does that mean? No lot, condo, or single-family home in the south Maui community may be “sold, transferred, conveyed, owned, leased, licensed, occupied, rented or used at any time under a time share ownership plan or time share use plan.” The amendment goes on to say that the title of any lot, condo, or single-family home in Wailea may be divided among no more than three “undivided interests” (for example, three couples) totalling no more than six people.

As always, we’re happy to keep you up-to-date on all of the news on Maui and in the world of real estate! Let us know if we can answer any questions or help you navigate a sale or purchase of your own.

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