Market Report September '21 and YTD

Evan Harlow Maui

What a year it has been so far in the Maui real estate market. There has been an enormous amount of property value appreciation in a short period of time. Record sales prices combined with record-low inventory have made 2021 a challenging year for many buyers. It’s also been an exciting time for buyers with access to extremely low-interest rates and increased Fannie Mae and Freddie Mac maximum loan amounts, now sitting at $937,500 on Maui. 

Condos and Homes Roughly Equal on YTD Sales

1.84 billion dollars of single-family residential properties and 1.772 billion dollars of condominiums have been transacted year to date on Maui. Both represent approximately a 120% increase over the same period of 2020. Year to date average sales price of a single-family property sits at $1,767,867 and $957,057 for a condo.  Thanks to many great clients I've personally sold and currently have under contract over 15 million in sales year to date in 2021.

As the Season Changes, So Might the Market

Seasonally, September represents the beginning of a traditional cooling period in the market that typically lasts through the middle of December.  While we are dealing with other unique variables contributing to the current market conditions(i.e. Low-interest rates, low inventory) we could say that the market looks like it might take a breath, albeit a small one, but we aren’t necessarily cooling. 

The market will need significantly more inventory to begin to cool as buyer demand remains strong. The median sales price for single-family homes dipped 4.6% versus last month to $996,500 while median sales prices for condos were up 11.6% to $722,500.

Months Supply of Inventory 

Our current month’s supply of condo inventory is sitting at 0.7 months while single-family homes have 1.8 months supply. This metric represents the expected time for the current inventory to be sold. See the graph below to see just how low we are on inventory compared to historical data. If you've been looking for a condo for sale in Wailea, you've noticed a few things coming on the market lately, yet if they are priced well you've also seen them go pending quickly.  A couple of great Kapalua condos came on the market in the last two weeks but all went pending very quickly too. 

Buyer Demand Hasn't Gone Anywhere

Buyers are still actively writing purchase contracts and sellers are as reluctant as they have ever been to sell despite record prices. The issue of finding a replacement property has become a real issue for those looking to sell and those that own income-producing properties are seeing record rents and great occupancy percentages giving them little incentive to sell. 

While sales prices seem like they have gone parabolic, they have only recently exceeded the prices witnessed during the boom of the mid-2000’s decade prior to the housing bubble being burst. 

Your Maui Real Estate Search Starts Here

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New Short Term Rental

$2,300,000

Kapalua Ridge 1911,13

100 Ridge Rd, Unit 1911,13, Kapalua

2 Beds 3 Baths 2,114 SqFt Residential MLS® # 406259

Coldwell Banker Island Prop-KP

New Short Term Rental

$725,000

Kihei Sands A3

115 N Kihei Rd, Unit A3, Kihei

1 Bed 1 Bath 619 SqFt Residential MLS® # 406258

Hawaii Life (W)

New

$3,995,000

Haiku

965 Hog Back Rd, Unit 1, Haiku

3 Beds 4 Baths 3,136 SqFt Residential MLS® # 406253

Island Sotheby's Int'l Rlty(W)

New

$895,000

Hale Royale D101

3788 Lower Honoapiilani Rd, Unit D101, Napili/Kahana/Honokowai

2 Beds 2 Baths 1,122 SqFt Residential MLS® # 406252

Coldwell Banker Island Prop-KP

New Short Term Rental

$639,900

Kihei Garden Estates 106C

1299 Uluniu Rd, Unit 106c, Kihei

1 Bed 1 Bath 640 SqFt Residential MLS® # 406251

Coldwell Banker Island Prop(S)

New

$2,150,000

Yokote Subdivision

806 Kukia Pl, Kula/Ulupalakua/Kanaio

3 Beds 2 Baths 1,948 SqFt Residential MLS® # 406249

Keller Williams Realty Maui-Ka

New

$1,329,000

Wailea Fairway Villas C202

3950 Kalai Waa St, Unit C202, Wailea/Makena

2 Beds 2 Baths 949 SqFt Residential MLS® # 406248

Coldwell Banker Island Prop-Ku

New Short Term Rental

$1,135,000

Lauloa 106

100 Hauoli St, Unit 106, Maalaea

2 Beds 2 Baths 950 SqFt Residential MLS® # 406247

Luxe Maui Properties LLC

New

$1,150,000

Wailuku

340 Maika St, Unit 60, Wailuku

0 Beds 0 Baths 0 SqFt Land MLS® # 406246

Compass

New

$655,000

Napili Shores G-156

5315 Lower Honoapiilani Rd, Unit G-156, Napili/Kahana/Honokowai

0 Beds 1 Bath 448 SqFt Residential MLS® # 406244

Susan Jackson Real Estate

New

$1,500,000

Lanikeha

4 Anapuni Loop, Lahaina

0 Beds 0 Baths 0 SqFt Land MLS® # 406243

Century 21 Island Homes

New

$1,525,000

Ke Alii Ocean Villas F203

28 Hauwahine Ln, Unit F203, Kihei

2 Beds 2 Baths 1,375 SqFt Residential MLS® # 406242

Keller Williams Realty Maui-Ki

New

$2,100,000

Kaanapali Hillside

41 Pihaa St, Kaanapali

3 Beds 3 Baths 2,133 SqFt Residential MLS® # 406239

Keller Williams Realty Maui-Ka

New

$4,250,000

Wailea Golf Estates

3919 Waakaula Pl, Wailea/Makena

4 Beds 3 Baths 3,839 SqFt Residential MLS® # 406237

Hawaii Life (W)

New

$1,265,000

Wailuku

523 Kaikoo St, Unit 523, 517 Kaikoo St., Wailuku

0 Beds 0 Baths 0 SqFt Land MLS® # 406236

Big Wave Realty LLC

New

$1,497,000

Wailuku Heights Extension

596 Kuikahi Dr, Wailuku

5 Beds 3 Baths 2,137 SqFt Residential MLS® # 406234

Maui Real Estate Advisors LLC

New

$1,395,000

Wailea Palms 3007

3150 Wailea Alanui Dr, Unit 3007, Wailea/Makena

1 Bed 2 Baths 1,022 SqFt Residential MLS® # 406232

Coldwell Banker Island Prop-KP

New Short Term Rental

$2,495,000

Kaanapali Alii 2-702

50 Nohea Kai Dr, Unit 2-702, Kaanapali

1 Bed 2 Baths 1,441 SqFt Residential MLS® # 406233

Sullivan Properties Inc

New

$2,299,000

Keala O Wailea 6-203

67 Wailea Gateway Pl, Unit 6-203, Wailea/Makena

2 Beds 2 Baths 1,241 SqFt Residential MLS® # 406231

Island Sotheby's Int'l Rlty(W)

New

$695,000

Wailuku

22 Maluhia Dr Dr, Wailuku

2 Beds 1 Bath 1,204 SqFt Residential MLS® # 406230

Hawaii Life (W)

New

$2,950,000

Napili/Kahana/Honokowai

11 Piina Pl, Napili/Kahana/Honokowai

8 Beds 4 Baths 4,026 SqFt Residential MLS® # 406229

A Million Or More Corp

New Short Term Rental

$1,600,000

Kamaole One 9

2230 S Kihei Rd, Unit 9, Kihei

2 Beds 2 Baths 977 SqFt Residential MLS® # 406227

Delmore Realty

New

$1,850,000

Haiku East

55 Palulu Way, Unit Unit A, Haiku

4 Beds 3.5 Baths 2,201 SqFt Residential MLS® # 406226

Coldwell Banker Island Prop(P)

$1,280,000

Maui Kaanapali Villas A615

45 Kai Ala Dr, Unit A615, Kaanapali

1 Bed 1 Bath 920 SqFt Residential MLS® # 406224

Hawaii Life (L)

It's All Up To The Fed At This Point

Until broader economic conditions change with regards to interest rates, expect buyer demand to remain consistent. We should expect the next couple of months to stay below average inventory and perhaps there will be an increase after the Christmas and New Years’ holidays as there usually is in our market. 

If you have any questions or want to discuss the market at greater length, you can always reach me at 808-214-4799 or by sending an email to evan@mauieliteproperty.com.

Take a look at the full breakdown and statistics as provided by Title Guaranty.

MArket Report Maui

Market Report Maui 2

Get In Touch With Evan!

Evan Harlow Maui

Evan Harlow ranks among the best real estate agents on Maui annually and is in the top 1% of Coldwell Banker agents worldwide in production. Evan has the expertise, experience, and work ethic to help you achieve your real estate buying and selling goals. We promise exceptional service and support from the beginning of the process through closing and beyond. See what Evan's clients are saying on Google.

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