The Maui real estate market update for October 2022 is here! In the last month, we saw climbing numbers for average days on the market, median sales price, and the number of closed sales. There was also a slight increase in the number of new listings after September’s record-low number of new listings.
In October, there were 78 single-family homes sold, which is more in line with where sales were this summer, after a drastic decrease in September. This also represents a decrease of 30% when compared to October 2021. The average days on the market for single-family homes increased slightly from 82 days in September to 110 days in October 2022. This represents an increase of 57% when compared to this time last year. The median sale price for single-family homes in Maui was $1,072,500 which represents an increase of 15% increase when compared to this time last year.
There were 89 condos sold last month on Maui, representing a 34% decrease when compared to this time last year. The average days on the market for condos increased when compared to September from 63 days to 72 days in October. This represents an increase of 24% when compared to this time last year. For condos, the median sales price last month stayed at $800,000 for the second month in a row. This represents an increase of 19% when compared to this time last year.