When it comes to real estate, you could be forgiven for thinking the national news as of late has been a mite grim:
- 30-year rates reached 5% and above in April, the highest we’ve seen since 2009
- Supply chain issues have gunked up the works, causing many delays in everything from construction to the availability of everyday goods
- Inflation rising to the worst it’s been in the past 40 years
- An ongoing scarcity of available units for purchase, both here on the Valley Isle and across the country
It sure seems like a safe bet that all the above would likely contribute to a massive slowdown within Maui County’s real estate renaissance, which has been running hot for well over a year-plus now.
Folks, you ain’t seen nothing yet!
A new record high for single-family homes
Once again, the Valley Isle set a new all-time high for median sales price in single-family homes this year, clocking in at $1.2 million last month, per our friends at the REALTORS® Association of Maui.
That’s the third all-time high we’ve seen so far in 2022!
Up 27.4% from April of 2021, the new record is also 5.5% higher than March’s then-high of $1.18 million, as buyers the world over continue snapping up any and all available units.
Condominiums, meanwhile, just missed out on setting their own new record, with the median
sales price of $815k just missing the mark on March’s $820k. April’s tally still represents an 18% year-over-year increase from 2021.
While the number of sales is down slightly from previous months, interested buyers continue snapping up any and all available units at a record clip. We don’t expect the sales figures to drop anytime soon, as the lack of available inventory will likely continue for much of the year.
The luxury market is indeed still rolling strong, and the fine folks at the GM Maui Group are chomping at the proverbial bit to be your guide and help you secure your future home in paradise—so give us a call and let’s get rolling!