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April 2024 Market Updates for Maui

U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.

New Listings increased 3.7 percent for Single Family homes and 36.6 percent for Condominium homes. Pending Sales increased 5.8 percent for Single Family homes but decreased 31.2 percent for Condominium homes. Inventory increased 1.8 percent for Single Family homes and 141.0 percent for Condominium homes.

Median Sales Price increased 16.9 percent to $1,300,000 for Single Family homes and 8.4 percent to $962,500 for Condominium homes. Days on Market decreased 10.5 percent for Single Family homes but increased 22.1 percent for Condominium homes. Months Supply of Inventory increased 2.4 percent for Single Family homes and 176.9 percent for Condominium homes.

Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.

All data from the REALTORS® Association of Maui, Inc. Report © 2024 ShowingTime.

Click HERE for the full report.

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