Demand for Kihei Condos
The demand for condos in Kihei in 2021 was quite remarkable, REALTORS® Association of Maui, Inc* (RAM) reported a 67.3% increase in closed sales from December 2020-2021. The ability to work remotely and do it from paradise ignited the Maui real estate market.
At the peak of the market, it was difficult for buyers to find an Ocean View, 2 bedroom condo allowing short-term vacation rentals, that wasn’t approaching a million-dollar list price. The demand coupled with interest rates in the mid 3% at the time was a formula for real estate frenzy.
Current Condo Stats
Fast forward to 2022 at the time of writing this article, RAM reports a 12% decrease in Sept 2022 new listings compared to 2021. Average price increased to $828,695 or 29.8% from 2021. Closed sales decreased 24.3%. Keep in mind these statistics are inclusive of condos that allow and do not allow short-term vacation rentals. Prices are staying steady with the low inventory. To help with lower interest rate, lenders are utilizing 2/1 buydowns and adjustable rate mortgages.
Let’s Keep in Touch
Please feel free to contact me for up-to-date Maui real estate market statistics. Let’s talk if you are looking to sell your property and how to navigate this current market. I can be reached at 808.796.6956 or richwu@hawaiilife.com.
*Stats Originated from:
“Local Market Update – December 2021”, REALTORS® Association of Maui, Inc, 11/3/2022.
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