Earlier this week, the Realtors Association of Maui released their official February Maui Real Estate Statistics. The numbers that they presented were pretty similar to what we had posted in our “Unofficial Stats” earlier in the month. The only real difference was that there was one additional home sale reported in the official stats. That raised the monthly total to 65 homes.
If you read our blog regularly, you would know that the one part of the official stats that I hone in on is the executive summary. Specifically, we like to look at the inventory tracking. Shrinking inventory is having a significant impact on the market. This month, there was a small increase in home inventory. Condo inventory decreased, and land inventory was essentially the same with only one additional land listing. While there has been a fluctuation in inventory on a monthly basis, the general trend has been a decrease in all types of properties. Here is the difference in inventory between March of this year and March of last year:
- Home inventory is down 15%.
- Condo inventory is down 16%.
- Land inventory is down 22%.
The thing to note is that those numbers are not representative of the market across the board. If you were to look at the inventory at or below market median sales prices, the decrease in inventory has been far more significant. Within certain geographies, the scarcity extends well above Maui’s median price points. That being said, it is safe to say inventories are essentially unchanged from a year ago at the highest price points. Determining the relative abundance or absence of inventory in the price ranges and geographies that meet your needs is going to have an impact on your strategy as a buyer or a seller.
Contact The Maui Real Estate Team if you have questions about the market or you are considering on buying or selling Maui property. We would welcome the opportunity to sit down for a free consultation to discuss your needs.
