Jan. 21, 2021
Maui Condo Report For January 2021:
This is the January 2021 condominium market report for condos sold on Maui Hawaii through December 2020.
Maui Condo Sales December 2020: In December 169 condominiums sold on Maui with a median price of $629,000 and an average price of $829,383. At the end of December there were 685 condominiums for sale on Maui which is approximately 6.7 months of inventory. Kihei had the highest number of sold condos with 54 in December while Wailea/Makena had the highest median sale price for sold condos with a median sale price of $1,498,000 in December.
Maui Condo Sales For 2020: During 2020 1,336 total condos sold on Maui with a median price of $570,000 and an average price of $813,762. This includes both fee simple and leasehold condos. The median sale price increased 10.6% during 2020. The average sale price increased 16.1% during 2020. Kihei had the highest number of sold condos during 2020 with 444 total sales while Wailea/Makena had the highest median sale price for sold condos with a median sale price of $1,300,000 during 2020. The average Days On Market for sold condominiums on Maui was 142 during 2020. Maui condos sold for an average of 97.3% of list price during 2020. Total Maui condo sales were down 17% in 2020 compared to 2019. This was due to COVID. Although the middle of 2020 was slow, the last three months for condominium sales on Maui were very strong.
2019 Maui Condo Sales: 1,606 total condos sold on Maui with a median price of $515,500 and an average price of $700,943. This includes both fee simple and leasehold condos. The median sale price increased 3.1% during 2019. The average sale price decreased 3.1% during 2019. Kihei had the highest number of sold condos during 2019 with 643 total sales while Wailea/Makena had the highest median sale price for sold condos with a median sale price of $1,199,000 during 2019. The average Days On Market for sold condominiums on Maui was 132 during 2019. Maui condos sold for an average of 97.5% of list price during 2019.
Maui Fee Simple Condo Sales Year To Date: During 2020 1,247 total fee simple condos sold on Maui with a median price of $595,000 and an average price of $847,281. The median sale price for fee simple condos increased 13.3% during 2020. The average sale price for fee simple condos increased 17.7% during 2020. Kihei had the highest number of sold fee simple condos during 2020 with 435 total sales while Wailea/Makena has the highest median sale price for sold fee simple condos with a median sale price of $1,300,000 during 2020.
2019 Fee Simple Maui Condo Sales: 1,536 total fee simple condos sold on Maui with a median price of $525,000 and an average price of $720,007. The median sale price for fee simple condominiums increased 3.1% during 2019. The average sale price for fee simple condominiums decreased 3.1% during 2019. Kihei had the highest number of sold fee simple condos during 2019 with 637 total sales while Wailea/Makena had the highest median sale price for sold fee simple condos with a median sale price of $1,199,000 during 2019.
Maui Leasehold Condo Sales Year To Date: During 2020 89 total leasehold condos sold on Maui with a median price of $299,000 and an average price of $344,125. The median sale price for leasehold condos increased 25.9% during 2020. The average sale price for leasehold condos increased 21.8% during 2020. Napili/Kahana/Honokowai had the highest number of sold leasehold condos during 2020 with 35 total sales while Kaanapali has the highest median sale price for sold leasehold condos with a median sale price of $407,500 during 2020.
2019 Leasehold Maui Condo Sales: 70 total leasehold condos sold on Maui with a median price of $237,500 and an average price of $282,624. Napili/Kahana/Honokowai had the highest number of sold leasehold condos during 2019 with 37 total sales while Kihei had the highest median sale price for sold leasehold condos with a median sale price of $480,950 during 2019.
*Total Maui condominium sales are down 17% from the same time period last year through December 2019. Median condo values have continued to increase. Inventory levels did increase at the start of Covid, but started to decrease the last three months of 2020 which helped to boost condo values on Maui. Concerns over the economy likely has affected both pending and recent home sales on Maui, but both sales and pending sales have rebounded since late Summer. At this point inventory is still high, but low interest rates and the return of visitors are fueling the current buyer demand.
**COVID-19 continues to impact the Maui Real Estate Market. Initially the impact was quite significant. Both home sales and condominium sales on Maui decreased dramatically. After a few months home sales rebounded and the single family home market has remained a strong sellers market due to low inventory and low interest rates. Condominium sales on Maui took longer to recover. It looked bad for the condo market on Maui through Spring and into late Summer as sales lagged and inventory soared. Inventory increased dramatically, but we saw condo sales activity start to improve in late summer. During the final quarter of 2020 the Maui condo market was very strong and we saw condo sales outperform the final quarter of 2019. Both home values and condominium values increased on Maui during 2020. With COVID rates on the rise there is still some uncertainty ahead, but at this time the Maui single family home market remains strong and the Maui condominium market is continuing to improve.
***Tourism on Maui open back up starting October 15, 2020. According to the State of Hawaii, if all goes well it may take as many as three years for tourism to return to pre COVID levels. It may take many months before we start to see how tourism may impact the Maui housing market. November data showed that occupancy at resorts and vacation condos was around 20% in November. Normal occupancy rates in November are closer to 80%.
Maui Condo Sales December, 2020:

Maui Condo Sales Year To Date Through December, 2020:

Maui Fee Simple Condo Sales Year To Date Through December, 2020:

Maui Leasehold Condo Sales Year To Date Through December, 2020:
