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Aloha friends -

It’s the end of February, the month of love - and we’re loving the latest real estate news we have for you!

Everywhere we look, the numbers tell the same story: there’s no end in sight to the growth in home values.

Want to hear a little about the national picture first?

Based on sales stats through the end of January, Zillow is predicting year-over-year home value appreciation of up to 21.6% through the spring of 2022! After it reaches its peak around May, the annual growth rate may begin to decrease slowly - but it’s likely to stay as high as 17.3% through the beginning of 2023.

And by the way, Zillow is also expecting sales of more than 6.2 million existing homes nationally over the course of 2022. That’s an increase of 1.6% over the already-impressive sales numbers for 2021!

Next, let’s zoom in on the local numbers. Is Maui “on trend?” Oh, absolutely.

In January, the median single-family home price on Maui reached a record-setting $1.16 million, up from a previous record high of $1.105 million (in June 2021). That’s an 18.1% increase over January 2021, when the median home price was $980,000 - and a roughly 33% increase over the same month in 2020, when the median price hovered around $777,500.

Wondering how January’s single-family home sales broke down by region?

• Kihei’s median price was nearly $1,272,500

• Makawao/Olinda/Haliimaile had a median of $870,000

• Kula’s median price came in at $2,223,500

• Kahului came in at $857,000

• Wailuku finished the month at $845,650

• And Lahaina finished at a whopping $2,225,000

And as for condos … well, they’ve somehow managed to perform even better! The median Maui condo sales price for January 2022 was $707,500, up 26.3% (from $560,000) year-over-year.

Here’s how last month’s condo prices played out by area:

• The median for Wailea/Makena was nearly $1,690,000

• Kaanapali was a close second, at around $1,600,000

• The Napili/Kahana/Honokowai median reached $667,000

• And Kihei came in at $652,500

Click here to see a full breakdown of January 2022 Stats

And to top it all off, how about this?!? All of the Kihei, Maalaea, and Lahaina condos that closed in January sold in 75 days or less - and the central Maui condos were snatched up even quicker, in 67 days or less!

So what’s one clear explanation for these ever-growing home values and quick sales? It’s the perfect example of good ol’ supply and demand. We all know everyone wants to own property on Maui! But by the end of January 2022, there were only 187 single-family homes for sale on the Valley Isle - compared to 286 January 2021, and a whopping 511 in January 2020!

Of course, if inflation continues, it could begin to have more of an impact on the market. Remember last month’s newsletter, when we wrote to you about rising interest rates? Well, earlier this month, the average rate on a 30-year mortgage loan increased to 3.92%, the highest we’ve seen since May 2019’s rate of 3.99%.

Whatever happens in the coming months, we’ll keep you up-to-date! Our clients are our #1 priority - from buyers hoping to grab a piece of Maui’s endlessly hot market, to sellers looking to maximize their return on investment. We’re 100% committed to giving you the best possible real estate experience and results!

See what our happy clients have to say!

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