As we delve into the real estate market in West Maui, we cannot ignore the slowing market, which has been impacted by a variety of factors, including tougher restrictions on lending, including stated loans and higher than normal interest rates. Then there is inventory, or the lack of it that is. In my opinion, the major statistic to understand and one Zillow does not address is, sales volume and its impact on the near future.
So with that said, I will take the opportunity to share. In West Maui we are in an over-correction hangover state with individual unit sales being drastically down even compared to normal market years. Despite these challenges, it's worth noting that prices are still very strong, however we have seen price decreases in West Maui occurring at a much higher rate than in previous years.
Getting back to sales volume. There is this thing called Absorption Rate.
What is Absorption Rate?
Basically it's the rate at which homes are sold, which measures supply and demand in a real estate market over a time period. As you'll see below, per unit sales volume is way down and the 176 properties for sale in West Maui was once 2 months of inventory, is now about 5 months. If I was a market analyst on MSNBC, I would be telling my audience to keep watching this number and let's see if or how quickly that number gets to 12+ months of property inventory. When that realization happens, the once Seller's market will turn Buyers. Stay tuned.
For your review we have included West Maui home, land, and condo sales reports, covering some of the most popular areas in the region, including Kaanapali, Kapalua, Lahaina, and Launiupoko. We'll be taking a detailed look at the 2023 First Quarter real estate sales volume, days on market, list versus sold price, price per square foot, and many other important metrics that will help you understand the current state of the market.
We understand that the West Maui - Lahaina real estate market can be complex, and that's why we will be providing you with clear and concise information to help you navigate the market with ease. By the end of this blog, you will have a solid understanding of the real estate landscape in West Maui, giving you the confidence you need to make informed decisions about your real estate investments.
So, whether you are a buyer, seller, or investor, join us on this journey as we explore the latest trends and developments in the West Maui real estate market. Get ready to dive into the data and gain a deeper understanding of this unique and dynamic market resort market.
Q1 2023 Lahaina Zip Code 96761
West Maui Homes
26 sold
avg list $4.3M
avg sale $3.99M
med list $2.33M
med sale $2M
high $20,750,000
low $795K
West Maui Condos
84 sold
avg list $1.14M
avg sale $1.11M
med list $849K
med sale $865K
high $5.25M
West Maui Land
3 sold
avg list $1.06M
avg sale $948K
med list $975K
med sale $940K
high $1.12M
low $780K
Years Past | West Maui Real Estate By Comparison
113 units sold
37.66 units sold per month
- -52% from 2022
- -58% from 2021
Currently, there are 63 units pending escrow
176 properties are actively listed in West Maui
Interested in buying or selling in West Maui? Jeff Onderko, a local real estate professional, would be happy to answer your real estate questions and help you find the perfect Lahaina home for your family.
