Featured Properties

2130 Kauhikoa Rd

Haiku, HI 96708

When peace and tranquillity is a priority in your life you must escape to the privacy of this wonderful all useable 2 acre property in Haiku.

621 Loulu Way

Makawao, HI 96768-8907

Two small dwellings on 1/4 acre lot. Rent one for cash flow. Needs updating. Convenient location between Pukalani & Makawao

50 Nohea Kai Dr Nohea Kai Dr 2-701

Lahaina, HI 96761

A very rare offering! In the last 10-years, only two units came on the market in what is considered the best stack of one bedroom two bath plus den units within the Kaanapali Alii Condominium!


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Aloha ~

It’s hard to believe a whole month has passed since our last newsletter - can you believe how quickly the summer is flying by?! Now that we’re well into July, we have a complete picture of the first half of 2022, and the trends we wrote about last month are holding steady.

First, home sales have continued to cool off. There were 294 residential home closings on Maui in the second quarter of 2022, as compared to 370 in Q2 of 2021. That’s a pretty noticeable decrease of 20.5%!

Second, inventory is up, which is, of course, what we usually expect when sales slow down. Are you familiar with the Months of Inventory (MOI) metric in real estate? It tells us how many months it would take for our entire current home inventory to be bought up, given the current pace of sales. On Maui, our MOI is up 27.5% from Q2 2021 to Q2 2022!

Third, Maui's real estate values remain strong. June’s median single-family home price increased 13.6% year over year, to $1,255,000. And the median price for a condo increased 34.3% (to $832,500) as compared to June 2021.

For the first half of 2022, 60% of Maui homes sold at or above list price, and 33% were cash deals. 67% of condos sold at or above list price, and 43% were cash deals.

And how’s this for a mind-blowing new statistic? Maui properties’ average days on the market decreased 32%, from 56 days in Q2 of 2021 to 38 days in Q2 of 2022!

So when we pull all of these facts and figures together, what does it mean for YOU, the potential sellers and buyers out there?

Homeowners, this remains a good time to sell. Compared to many other markets across the country, Maui has a high percentage of luxury homes, second homes, and investment properties, and this type of real estate tends to be less impacted by factors like rising mortgage interest rates. Check out these notable sales as examples:

  1. A 5-bedroom, 5.5-bath home in Makena sold for a whopping $16.2 million.

  2. Montage at Kapalua Bay condos closed for $8 million, $6.8 million, and $4.5 million.

  3. A Wailea Elua condo got snatched up for $4.2 million.

But buyers, we’ll say it again: Your time is coming! The market continues to shift … we expect inventory to continue to grow, bidding wars to become less common, and home prices to begin to flatten out.

What advice can we give if you’re ready to buy right now?

Well, based on current mortgage rates and the fact that you’re likely to pay the full asking price for a home, it’s more important than ever to know what you can afford. And if you want to give sellers a clear signal that you’re ready and able to buy, a loan pre-approval can help ensure that they take you seriously.

It may also be helpful to have some flexibility when it comes to details like closing and possession dates. And if you’re a first-time buyer, you may want to consider looking for a home that will work for you over the next three to five years, rather than a forever/dream home. Why? Well, it could not only help you get into the market and build equity sooner, but it could also open up more options when it comes to location.

Whatever your circumstances - and whether you’re a buyer, a seller, or both - we’re here for you and happy to guide you through the process, the numbers, and all the ins and outs of our unique local market!


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