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Maui’s real estate market got off to a slow start in 2023, with total sales down -32% for single-family homes and -65% for condos compared to January of last year. One of the biggest drivers of the reduced sales activity was a 40% decrease in new listings. With all property types combined, Maui has 2.8 months supply of inventory for sale, indicating that while demand has softened, it remains a seller’s market as 1 in every 5 properties sold for above asking price in the last month and days on market has leveled off just above recent lows. With interest rates expected to hold steady around 6%, many experts anticipate that sales activity will see a sluggish pace in the early part of 2023.
