Maui Market Snapshot Q1 2024

 Existing home sales in the U.S. saw a consecutive second-month improvement, surpassing economists' forecasts and registering the most significant monthly increase in a year, as reported by the National Association of REALTORS®(NAR). This uptick in home sales coincides with fluctuating mortgage rates and high sales prices, suggesting strong buyer demand as we head into the spring selling season.

 On Maui, new listings surged by 24.3% for single-family homes and 38.8% for condominiums. Pending sales rose by 8.0% for single-family homes, while they dipped by 2.6% for condominiums. Median sales prices climbed by 13% to $1,300,000 for single-family homes and by 3.8% to $830,000 for condominiums. Days on market increased by 8.9% for single-family homes but decreased by 29.7% for condominiums.

 The recent spike in home sales is likely attributed to a decline in mortgage rates. Buyer interest continues to be strong, and the restricted inventory has contributed to pushing the median existing-home sales price up year-over-year for the eighth consecutive month, marking sustained annual price growth.

Click HERE to see the full Maui Market Report for the First Quarter of 2024.