Maui Condo Report For July 2020:

This is the July, 2020 condominium market report for condos sold on Maui Hawaii through June, 2020.

In June 67 condominiums sold on Maui with a median price of $503,000 and an average price of $794,081. At the end of June there were 590 condominiums for sale on Maui which is approximately 5.5 months of inventory. Kihei had the highest number of sold condos with 19 in June while Wailea/Makena had the highest median sale price for sold condos with a median sale price of $2,782,500 in June.

*COVID-19 continues to impact the Maui Real Estate Market. It is too early to tell how it may affect the local housing market longterm. Over the last three months we have seen home and condominium sales decrease significantly. June was the first time we saw median prices decrease for both homes and condos. If this trend continues we may see home and condo values flatten and possibly decrease. With Real Estate Agents considered nonessential throughout Maui County through parts of March and April no showings of homes or condominiums were allowed. This affected pending sales for March and April, 2020 and closed sales starting in April and May, 2020. We have seen an increase in condos available for sale. Trends are just now starting to show the affect COVID has had on Maui real estate sales. These same trends may also be showing some softening in condo values Maui.

**Condominium sales on Maui decreased significantly for the third consecutive month compared to what we would normally see. Median condo values decreased in June for the first time since COVID. Maui condos are often purchased as second properties or investment properties. Reduced flights and required quarantine has prevented many buyers from being able to travel to Maui to view properties. Concerns over the economy likely has affected both pending and recent condominium sales on Maui. There was a slight increase in both sales and pending sales in June, but overall condo sales activity on Maui is way down compared to normal. Condo inventory is also up with 5.5 months of inventory at this time. During June 2019 there was 4 months of inventory. With the amount of inventory and reduced demand we are on the cusp of seeing a buyers market for Maui condominiums.

Maui Condo Sales Year To Date: Through June 630 total condos have sold on Maui with a median price of $569,500 and an average price of $769,806. This includes both fee simple and leasehold condos. The median sale price has increased 10.5% during 2020. The average sale price has increased 9.8% during 2020. Kihei has the highest number of sold condos during 2020 with 216 total sales while Wailea/Makena has the highest median sale price for sold condos with a median sale price of $1,100,000 during 2020. The average Days On Market for sold condominiums on Maui is 149 during 2020. Maui condos have sold for an average of 97.5% of list price during 2020. Maui condo sales are down 22.3% compared to the same period through June 2019

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.

Maui Fee Simple Condo Sales Year To Date: Through June, 587 total fee simple condos have sold on Maui with a median price of $595,000 and an average price of $801,220. The median sale price for fee simple condos has increased 13.3% during 2020. The average sale price for fee simple condos has increased 11.7% during 2020. Kihei has the highest number of sold fee simple condos through June 2020 with 192 total sales while Kaanapali has the highest median sale price for sold fee simple condos with a median sale price of $1,679,500 through June 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: Through June, 43 total leasehold condos have sold on Maui with a median price of $289,000 and an average price of $340,965. Napili/Kahana/Honokowai has the highest number of sold leasehold condos through June 2020 with 18 total sales while Kaanapali has the highest median sale price for sold leasehold condos with a median sale price of $420,000 through June, 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.

Maui Condo Sales June, 2020: