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Featured Properties

Kamaole Sands 8-207

Kihei, HI 96753

This unit is blessed with a highly sought after deep and large lanai, South facing ocean & Upcountry view, valued by the present owners and guests as not all one bedroom units are afforded this amount of lanai space.

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30 Ahinahina Pl B

Kula, HI 96790

PEACEFUL – PRIVATE – SERENE – Come home to this lovely, Lower Kula custom-built 3-bedroom/2 bath, 2-story home.

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197 Kainui Loop 61B

Kihei, HI 96753

Prime location with its sweeping ocean and Haleakala views and elevated location on South Maui’s renowned Wailea Blue Golf Course, 3 bed and 2.5 bath, 2 car garage Kai Malu 61B is a 2-level fully furnished town home featuring upgrades fit for the most discerning buyer.

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HOT OFF THE PRESS:

New Year, New Month, New Start, and New Opportunities

Hauʻoli Makahiki Hou!

As we bid the roller coaster of 2022 goodbye, we can all look towards 2023 with renewed optimism here on Maui.

Wintertime harkens the return of Humpback whales, big waves on the North Shore, and endless sunny beach days, all of which will help to recharge and revitalize our weary spirits.

In addition to North Shore swells, the winter months are also bringing positive financial news to the islands. Economist Carl Bonham, of the University of Hawaii Economic Research Organization foresees a steady decline in the Inflation throughout the upcoming year which may reach as low as 2.75% in the second quarter alone. He feels the inflation rate could even drop to 2.5% by Q3. This should help to make living on and visiting Maui much more affordable in 2023.

The Maui real estate market experienced many highs and lows in 2022. But, as we look ahead to 2023, the market is continuing to adjust itself and is ultimately heading towards a more ‘balanced’ state. Typically, we define a ‘balanced’ market as one where the inventory supply is between 4 and 6 months. More than 6 months is considered a “buyer’s market” and less than 4 months is called a “seller’s market.” For the last 2 years, Maui—along with most of the mainland—was experiencing an extreme seller’s market. For example, at its peak, Maui’s condo supply was just 0.75 months! That’s only a 3-week supply. Ouch.

However, the most recent island stats (November 2022) show that the Maui condo inventory supply is now up to 1.8 months and single-family homes are at 3.4 months. So, although we still consider this a seller’s market, it appears to be trending in a much more balanced direction. This is primarily due to a significant reduction in closed-sales transactions, a trend that’s persisted since the first half of the year. Even still, the median price on Maui for November 2022 remained solid at $856,250 for condos and $1,025,000 for homes.

Some clients have been waiting for interest rates to drop before buying a new home. In fact, the Mortgage Bankers Association is forecasting a steady decline in interest rates, to 5.2% by Q4 2023. But at Romvari Realty, we have seen buyers that want to take advantage of less purchasing-competition by buying now rather than waiting. They can then refinance when the rates drop later in 2023. They realize that lower interest rates will lead to increased demand which will cause property prices to rise again. Does it sound like this defeats the purpose of waiting for interest rates to drop in the first place? We agree! Feel free to reach out to our team at Romvari Realty, and we will be happy to provide you with even more helpful buying advice.

But first, one more buyer bonus tip: our most recent successful buyers have not waited to see if or when a seller might lower their listing price, but instead decided to trial lower-than-asking offers as a means to test the seller’s motivation. As the market continues to become more balanced, this strategy has repeatedly paid off for our Romvari Realty agents and clients.

And for our seller’s: don’t worry, we haven’t forgotten about you! There is still time to take advantage of this waning seller’s market. Maui continues to have very strong visitor arrival numbers, which means now is the time to think seriously about listing your property. December through April is considered Maui’s winter high season, with a steady influx of visitors from the U.S. mainland and Canada. Many of these folks are coming from cold, snowy, and—dare I say?—dreary conditions. Once they thaw out and ease into the low-stress island lifestyle, most don’t want to leave! Many are already planning next year’s return trip before they step foot on their flight home. And for some visitors, the draw to island life proves so strong that they will decide to pursue a condo or home purchase before they’re forced to return to a chillier climate.

So, what is the point of all this? The very best opportunity you have to sell is when these potential buyers are still on island. Reach out to our Romvari Realty team today for sage guidance on how best to prep your property and take advantage of peak visitor season before you miss it.

All this talk of tourism may lead you to ask, “Just how strong is Maui’s visitor industry right now?” Well, take a look at these super solid YTD-Oct Stats from the Department of Business, Economic Development, & Tourism: