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The above chart shows us that in no small way, real estate has seen some of the most dramatic increase in equity accumulation in recent history. If you bought your home in November of 2020 for $630,000, by the following April, a mere five months later, that same house would have sold for $830,000. but hang on a second because exactly one year later your $630,000. investment is now only sitting on the market for a week and closes escrow in an average of 60 days at the handsome price of $1,000,000.
It is fairly common knowledge the fed is hell-bent on curbing inflation and the tool typically used in accomplishing that end is raise the prime lending rate which in april 2022 we saw the rate hit 5.42% which turned out to be the magic number to halt inflation in the housing market because the following month we began to see the declines,
Using the Maui county median sale price model above, we can now expect a sale price of $880,000. It may leave some wondering if we will see the declines proportionate to the increases.
What is the housing market like in Wailuku today?
In September 2022, Wailuku home prices were down 12.9% compared to last year, selling for a median price of $675K. On average, homes in Wailuku sell after 33 days on the market compared to 63 days last year. There was 1 homes sold in September this year, down from 11 last year.
What is the housing market like in Kihei today?
In September 2022, Kihei home prices were up 10.5% compared to last year, selling for a median price of $813K. On average, homes in Kihei sell after 71 days on the market compared to 52 days last year. There were 34 homes sold in September this year, down from 67 last year.
What is the housing market like in Wailea today?
In September 2022, Wailea home prices were up 19.9% compared to last year, selling for a median price of $1.4M. On average, homes in Wailea sell after 81 days on the market compared to 79 days last year. There were 19 homes sold in September this year, down from 46 last year.
What is the housing market like in Lahaina today?
In September 2022, Lahaina home prices were up .0% compared to last year, selling for a median price of $815K. On average, homes in Lahaina sell after 61 days on the market compared to 81 days last year. There were 28 homes sold in September this year, down from 68 last year.
What is the housing market like in Makawao today?
In September 2022, Makawao home prices were down 7.6% compared to last year, selling for a median price of $998K. On average, homes in Makawao sell after 57 days on the market compared to 80 days last year. There were 4 homes sold in September this year, down from 9 last year.
What is the housing market like in Kaanapali today?
In September 2022, Kaanapali home prices were up 100.9% compared to last year, selling for a median price of $1.9M. On average, homes in Kaanapali sell after 80 days on the market compared to 76 days last year. There were 12 homes sold in September this year, down from 30 last year which makes Kaanapali the winner in the "best in investments" category if there were such a thing.
What is the housing market like in Kapalua today?
In September 2022, Kapalua home prices were up 18.3% compared to last year, selling for a median price of $1.5M. On average, homes in Kapalua sell after 42 days on the market compared to 107 days last year. There were 8 homes sold in September this year, down from 16 last year.
Bottom Line:
If ever there were a classic example of an economic 'cause and effect', the housing market would be it. Even more shocking to Americans' wallets, the Fed isn't done yet. In updated projections, the Fed signaled plans to lift rates by another 1.25 percentage points before the year is over putting yet even more downward pressure on real estate values.
Consider Ascentia Maui to be your resource for all Real Estate Needs with a heavy emphasis on Probate, Trusts, Conservatorships and Guardianship Sales. You can also count on Ascentia Maui as your 'Boots on the Ground' for Cleaning, Lawn service Surveys, Inspections, Contractors or anything you may need.
ascentia Maui, LLC is an organization that operates under the brokerage licensing of Keller Williams Realty Maui. Paragraph
285 W. Kaahumanu ave. #201 Kahului, Hawaii 967362w
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