How's the Market?

Well, it may finally be happening. The market looks like it might begin to cool. The average 30-year fixed rate mortgage rose to more than 5% in April, the highest in a decade. This surge in rates has caused the pool of eligible buyers to shrink. Mortgage applications are down, with refinancing applications, in particular, dropping more than 70% compared to this time last year. The rising cost of homeownership is forcing Americans to adjust their budgets, with many electing to move from the larger, more expensive cities to locations with a lower cost of living. 

On Maui, here are a few high level stats that illustrate what's happening in our local market in April:

• New Listings down 25.4% for Homes, 23.3% for Condos
• Pending Sales down 14.7% for Homes, 36.2% for Condos
• Inventory down 24.8% for Homes, 50% for Condos
• Median Sales Price up 27.4% to $1,242,500 for Homes, and 18.1% to $815,000 for Condos
• Days on Market remained flat for Homes but decreased 54.5% for Condos
• Months Supply of Inventory down 19% for Homes, 55% for Condos

Click here to view the full 22-page report for April 2022.

Have questions?

I love to talk Maui real estate! Contact me at 808-281-4711 or diane@dianebercik.com.