Maui Single Family Home Report For November, 2020:
This is the November, 2020 real estate market report for single family homes sold on Maui Hawaii through October, 2020.
In October 107 single family homes sold on Maui with a median price of $867,500 and an average price of $1,224,740. At the end of October there were 338 single family homes for sale on Maui which is approximately 3.8 months of inventory. Wailuku and Kahului had the highest number of sold homes with 16 sold homes each during October while Kapalua had the highest median sale price for sold homes with a median sale price of $3,326,000 in October. One home sold in Kapalua during October 2020.
Through October, 848 single family homes have sold on Maui with a median price of $785,125 and an average price of $1,104,887. The median sale price has increased 5.9% during 2020. The average sale price has increased 2.2% during 2020. Wailuku has the highest number of sold homes with 195 in 2020. Kapalua has the highest median sale price for sold homes with a median sale price of $3,063,000 in 2020. The average Days On Market for sold homes on Maui is 138 during 2020. Maui homes are selling for an average of 97% of list price during 2020. Maui single family home sales are down 10.6% compared to the same period through October 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. Maui home sales have decrease, inventory has decreased, and values continue to increase.
**Total Maui home sales are down over 10.6% from the same time period last year through September 2019. Median home values have continued to increase. Inventory levels are still 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 have partially rebounded since June. At this point, low inventory and low interest rates are fueling buyer demand. As long as inventory remains low we can likely expect Maui home values to continue to increase for the near future. If we do see inventory increase we may see home values plateau and possibly decrease. There is no sign of this happening anytime soon.
***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 seven months we have seen home and condominium sales decrease significantly. In June home sales started to rebound. Although homes sales activity has rebounded, activity is still lower than what we saw during the same time period in 2019. 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. Trends are just now starting to show the affect COVID has had on Maui real estate sales. Unusually low inventory with low interest rates is fueling the increase of home values at this time on Maui. As long as home inventory and interest rates remain low we can expect this trend to continue.
****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.
Maui Home Sales October, 2020:
Maui Home Sales Year To Date Through October, 2020:
