In Maui County, the typical sales price for a single-family home in January 2023 was $1.16 million, slightly more than in December 2022, according to a report by the Realtors Association of Maui. Condominium sales in January averaged $657,500, which was the lowest level in the previous year. Also, there were much fewer closed transactions and new listings than there were a year earlier. The paper points out that as sales slow, time on the market rises, giving buyers more negotiating leverage. According to reports, the US home market is in the process of rebalancing, with many buyers and sellers exercising caution as they wait to see where the market is going.
Read the entire article via the Maui News here.