Kihei Single Family Real Estate Market by the Numbers
How’s the real estate market in Kihei? I get asked this question quite frequently…rightfully so with interest rates increasing and low inventory. According to Fidelity National Title & Escrow of Hawaii Maui Real Estate Report, single-family home sales in the 3rd quarter of 2022 decreased by 26% from 2021. The latest data from REALTORS® Association of Maui, Inc (RAM) shows median sales price increased a whopping 38% and average sales price increased 2.5%. Active listing YTD has decreased by 13.6%. At the time of writing this blog, interest rates quoted by Guaranteed Rate are over 7% for 30-year fixed loan. Consider these numbers and you can see the velocity in sales has decreased, but sales prices are still increasing. The pace at which prices have increased has slowed down compared to 2021. A market snapshot provided by RAM shows average sales price increased 61.6% from 2020 to 2021. Is the market coming to a halt with these numbers in mind? …Not necessarily and I’ll go into factors to consider when selling or buying a home.
Desirability of a Property
Location is one of the most important aspects of a property. Many buyers are asking if the property is near a beach, hospital, airport, restaurant, entertainment, grocery store, etc. The main thing is the property should fit their lifestyle…makes sense! Thankfully, Kihei has a lot to offer when it comes to lifestyle. Flexibility in a floor plan is also imperative. The cost of a home is often much more here than it is in other parts of the United States, so having rental options is ideal. These are just some of the things to consider when selling a home or buying a home. Check out 308 Kaiolohia — convenient location and flexible floor plan.
Let’s talk if you looking to sell your property and how to navigate this current market. I can be reached at 808.796.6956 or email@example.com.