Maui Real Estate Statistics August 2022

Maui Real Estate Statistics August 2022

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Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been particularly hard on homebuilders, causing new-home sales and construction to slow. New Listings decreased 26.7 percent for Single Family homes and 40.1 percent for Condominium homes. Pending Sales decreased 45.3 percent for Single Family homes and 30.7 percent for Condominium homes. Inventory increased 18.7 percent for Single Family homes and 33.1 percent for Condominium homes.

Median Sales Price decreased 5.9 percent to $983,575 for Single Family homes but increased 26.6 percent to $820,000 for Condominium homes. Days on Market increased 4.4 percent for Single Family homes but decreased 21.8 percent for Condominium homes. Months Supply of Inventory increased 60.0 percent for Single Family homes and 87.5 percent for Condominium homes. Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.

Please call or text Eric West at 808-298-2030 to find out what your property is worth or for a free buyers consultation.

Mahalo!

Eric