Maui Real Estate Statistics October 2022

As we navigate through the real estate market together, I am sharing monthly real estate statistics from the REALTORS® Association of Maui (RAM). 

All the charts and commentary below are from RAM’s Report © 2022 ShowingTime.

• The inventory of newly listed homes fell to 83 in October 2022, down from 98 in the same month in 2021.
• Condominium listings fell dramatically in October 2022, with only 91 new listings compared to 182 in October 2021.

• In October alone, the pending sales recorded for single-family homes in 2022 were 49 compared to 103 in October 2021, representing a 52.4% decrease. 
• The statistics for condominiums followed the trend, with a 54% decrease with 74 new pending sales in October 2022 compared to 161 in the same month in 2021.

• In October, there were 76 single-family homes sold, which is more in line with where sales were this summer, after a drastic decrease in September. This also represents a decrease of 31.5% when compared to October 2021.
• There were 89 condos sold last month on Maui, representing a 33.6% decrease when compared to this time last year.

• The average days on the market for single-family homes increased from 114 days in September to 144 days in October 2022, representing a change by 44%.
• The average days on the market for condos jumped from 74 days in September to 84 days in October, a 5% rise.

• The median sales price for single-family homes in October 2022 on Maui was $1,056,500 which represents an increase of 13.5% when compared to this time last year.
• For condos, the median sales price last month stayed at $800,000 for the second month in a row. This represents an increase of 19% when compared to this time last year.

• When it comes to single-family homes, there was a slight change from 2022 to 2021 in terms of average sales price, increasing by 2.8% in 2022 from 2021 with an ASP of $1,763,370 compared to $1,716,093 last year. And it increased significantly for condominiums, from $962,441 in 2021 to $1,076,774 in 2022.
• In October alone, the ASP in 2022 for single-family homes increased by 49%, with an average price of $1,844,236 compared to $1,238,060 in the same month last year. However, the trend for condominiums was the inverse, with a 14.6% drop from September 2021 to September 2022.

We have moved past the historical buying spree in 2021 and have entered a new market. Maui is near and dear to my heart and I welcome the opportunity to discuss the market with you. I’m easily reached via email at Josh@HawaiiLife.com, by calling 808.283.2222, or online.