Here are the island wide Maui sales stats for homes and condos for July, 2020. The sales stats are for homes and condominiums sold on Maui through June, 2020. The amount of single family homes that sold in June increased significantly compared to May, but is still 20% less than the amount of homes that sold during June 2019. During June the median sale price for homes decreased compared to May. The amount of condominiums that sold in June increased compared to May. Although we saw an increase in condo sales in June the amount of sales was 45.5% lower than June 2019. During June the median sale price for condos decreased compared to May. There was a little bit of a rebound in sales activity in June for both homes and condos. Pending sales for both homes and condos on Maui increased in June as well. This may be a sign that buyer concerns are decreasing.
*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.
Single Family Homes:
In June 71 single family homes sold 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.
Through June 455 single family homes have sold 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. 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.
2019 Home Sales: 1,117 single family homes sold 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 5.4% during 2019. The average Days On Market for sold homes on Maui was 133 during 2019. Maui homes sold for an average of 96.7% of list price during 2019.
**Home sales on Maui decreased significantly in May compared to April and then partially rebounded in June. 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.
Condominiums:
In June 67 condominiums sold 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.
Through June 630 condominiums have sold with a median price of $569,500 and an average price of $769,806. The median sale price has increased 10.5% during 2020. The average sale price has increased 9.8% 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.
2019 Condo Sales: 1,606 condominiums sold with a median price of $515,500 and an average price of $700,943. The median sale price increased 7.7% during 2019. The average sale price increased 3.1% during 2019. The average Days On Market for sold condominiums on Maui was 138 during 2019. Maui condos sold for an average of 97.5% of list price during 2019.
**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.
