Maui Single Family Home Report For July, 2020:
This is the July, 2020 real estate market report for single family homes sold on Maui Hawaii through June, 2020.
In June 71 single family homes sold on Maui with a median price of $761,500 and an average price of $969,877. At the end of June there were 403 single family homes for sale on Maui which is approximately 4.7 months of inventory. Wailuku had the highest number of sold homes with 20 in June while Kapalua had the highest median sale price for sold homes with a median sale price of $3,850,000 in June. Only one home sold in Kapalua during June.
Through June, 455 single family homes have sold on Maui with a median price of $765,173 and an average price of $1,053,814. The median sale price has increased 3.2% during 2020. The average sale price has decreased 2.6% during 2020. Wailuku has the highest number of sold homes with 109 in 2020. Kapalua has the highest median sale price for sold homes with a median sale price of $3,150,000 in 2020. The average Days On Market for sold homes on Maui is 144 during 2020. Maui homes are selling for an average of 97.1% of list price during 2020. Maui single family home sales are down 15.6% compared to the same period through June 2019.
2019 Maui Single Family Homes: 1,117 single family homes sold on Maui with a median price of $741,355 and an average price of $1,081,560. The median sale price increased 4.4% during 2019. The average sale price increased 5.7% during 2019. Wailuku had the highest number of sold homes during 2019 with 248 total sales while Kapalua had the highest median sale price for sold homes with a median sale price of $2,550,000 through during 2019. The average Days On Market for sold homes during 2019 was 133 days. Homes sold for an average of 96.7% of list price during 2019.
*It is common for home prices to increase this time of year due to it being peak season for Maui. This year is very different, but home values have continued to increase.
**Home sales on Maui increased in June compared to May, but are still down over 20% from June of 2019. Median home values have not decreased at this time. Inventory levels are slowly decreasing which is likely helping to keep home values stable. Concerns over the economy likely has affected both pending and recent home sales on Maui, but both home sales and pending sales rebounded partially in June. Over the past 30-45 days I have noticed a large increase of new listings of single family homes priced under $700,000. These may be homeowners who need to sell and have priced their homes below market value for a quick sale. If this is the case, we could possibly see home values decrease until the local economy starts to recover and residents are able to go back to work. If home values are decreasing we should have the data within 30-60 days.
***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 a decrease in new listing activity as well as an increase in listings being taken off the market temporarily or canceled. 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 and possibly home values on Maui.
Maui Home Sales June, 2020:
Maui Home Sales Year To Date Through June, 2020:
