Featured Properties

1437 Front St.

Lahaina, HI 96761

Extremely rare, highly prized, this is the lifestyle you’ve been waiting for.

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532 Komo Ohia St

Wailuku, HI 96793-2169

Breathtaking newly remodeled 4 bedroom, 2.5 bath single family home located on the mountainside of Wailuku in the master planned community, Ohia at Kehalani.

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171 Eleu Pl

Kihei, HI 96753

Significant opportunity for investors or primary residence with rentals. Its convenient location is just a short walk to the beach, a half-mile to Waipuilani Park, shopping, and a multitude of dining options.

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Aloha ~

The whales may have moved on for this year, but we’ve still had plenty of excitement in the Aloha State over the past month!

First and foremost, on April 1, Fred Romvari who represents the Romvari Team, was honored as one of the top 3% of real estate agents on Maui! We were so proud to see him and the Romvari Realty team in this select group of professionals. Out of 1,900+ Maui agents, just 58 made the list!

April has also been our first full month with no mask mandate since the start of the pandemic. With restrictions lifted, some of our favorite big events returned, including the 30th annual Celebration of the Arts and the 50th annual Maui Marathon. Major concerts are back at the Maui Arts and Cultural Center, the trade winds are blowing, and the jacarandas are blooming. If you’re not already here, you should be!

Speaking of travel, did you hear what Hawaiian Airlines announced this week? As soon as next year, they’ll offer free Wi-Fi through SpaceX’s Starlink service on flights between the continental U.S. and the Hawaiian Islands! Hawaiian will be the first major airline to offer Starlink, which uses low-orbit satellites to create “the best connectivity experience available in the air,” according to Peter Ingram, Hawaiian Airlines president and CEO.

Okay, now that we’ve covered some general island news, let’s focus on what’s happening with the market!

Believe it or not, Maui set sales price records - AGAIN - in March! Last month’s median for single-family homes hit $1,177,500, representing a 19.5% increase over the same month in 2021 and topping the previously set record of $1,157,500 (from January 2022). And the median price for condos came in at $820,000, an increase of 27.6% year-over-year!

What’s one major explanation for these eye-popping numbers? Two words: low inventory.

There were 253 homes for sale on Maui in March 2021, but only 188 in March 2022—a 25.7% decrease. Likewise, there were 385 condos on the market in March 2021, but only 153 in March 2022—a staggering drop of 60.3%! In both categories, we saw the lowest single-month inventories since 2010.

As you might guess based on the low inventory, closed home sales also declined 17.1% from March 2021 to March 2022, and closed condo sales dropped 23.7%. As it turns out, Maui is just following a national trend; did you know that home sales recently hit a six-month low across the U.S.?

If you’re a buyer, or if you plan to be one anytime soon, there’s a glimmer of hope … Builders around the country are speeding up production to increase the supply of homes. Nationwide, building starts have increased by 22.3% since March 2021!

And if you’re a seller, there’s no question you’ll love these first-quarter 2022 statistics for Maui:

63% of homes sold at or above list price, and 33% were cash deals
71% of condos sold at or above list price, and 44% were cash deals
On average, homes sold within 103 days and condos sold within 53

So how did the sales break down by region? Well, from Q1 2021 to Q1 2022, median home prices increased:

In Kapalua from $2.7M to $4.3M
In Kaanapali from $2.4M to $2.65M
In Kula from $1,290,000 to $1,716,000
In Napili/Kahana/Honokowai from $1,100,000 to $1,503,000
In Haiku from $1,075,000 to $1,412,500
In Kihei from $909,500 to $1,250,000
In Hana from $780,000 to $1,645,000
In Wailuku from $777,500 to $879,653
In Makawao from $775,000 to $860,000
In Kahului from $740,000 to $875,000

But year-over year home price decreases were seen:

In Wailea/Makena, from $4,036,000 to $3,293,750
In Lahaina, from $2,821,000 to $2,182,500
In Paia, from $1,900,000 to $1,297,500

From Q1 2021 to Q1 2022, median condo sales prices increased:

In Wailea from $1,448,000 to $1,575,000
In Kapalua from $1,102,500 to $1,450,000
In Kaanapali from $925,000 to $1,600,000
In Lahaina from $556,990 to $758,000
In Kihei from $525,000 to $696,500
In Napili/Kahana/Honokowai from $515,000 to $655,000
In Maalaea from $457,500 to $550,000

As we’re sure you can see, this is an ever-changing market that requires expertise to navigate! But whether you’re thinking of selling, buying, or both, we’re here with the experience and the local knowledge you need. Please don’t hesitate to reach out to us with any of your real estate questions!

maui real estate stats - click here!