Life on Maui is famously set at a relaxed, slow pace. For those who watch the Maui housing market daily, changes can seem gradual. However, for those who check in less frequently, the pace might appear faster. If you haven't been following the Maui housing market lately, you might be surprised by how quickly things have changed. Over the past few years, we typically saw 30 to 40 properties hit the market per week. As of this writing, we've seen 97 new properties in the past 7 days alone.
In May 2022, we saw the lowest point of available condo inventory at only 172 across our entire MLS, which includes Molokai and Lanai. Over the past couple of years, that number has steadily increased. By September 2023, there were 231 condos actively for sale across all three islands in Maui County. However, the rate of increase has skyrocketed in the past week, and now there are 593 available condos for sale in our market, including those on Molokai and Lanai. This means the condo market has more than doubled in size in the past 9 months. The sudden surge in available condos has been a shock to the system, creating more opportunities on Maui than we've seen in years.
What does this mean for buyers and sellers? How can you take advantage of this rapidly changing market? For buyers, the increased inventory means more choices and potential for better deals. For sellers, it means more competition, requiring strategic pricing and marketing to stand out.
Navigating this dynamic market requires expertise and insight. Call or text me at 808-707-9001, or email me at Marcus@the808team.com to learn about the new strategies and negotiations you should be considering with us at your side right now. Let's work together to make the most of the current Maui housing market trends.
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