Maui Condo Report For March 2021:
This is the March 2021 condominium market report for condos sold on Maui Hawaii through February 2021.
Maui Condo Sales February 2021: In February 166 condominiums sold on Maui with a median price of $556,990 and an average price of $823,919. At the end of February there were 503 condominiums for sale on Maui which is approximately 4.3 months of inventory. Kihei had the highest number of sold condos with 48 in February while Wailea/Makena had the highest median sale price for sold condos with a median sale price of $1,410,000 in February.
Maui Condo Sales Year To Date For 2021: Through February 281 total condos sold on Maui with a median price of $560,000 and an average price of $812,264. This includes both fee simple and leasehold condos. The median sale price has decreased 1.8% during 2021. The average sale price has decreased .02% during 2021. Kihei has the highest number of sold condos during 2021 with 93 total sales while Wailea/Makena has the highest median sale price for sold condos with a median sale price of $1,325,000 during 2021. The average Days On Market for sold condominiums on Maui is 141 during 2021. Maui condos have sold for an average of 97.4% of list price during 2021. Total Maui condo sales are up 7.3% in 2021 compared to the same time period in 2020.
*It's too early in the year to factor two months of data. Based on current trends we will see Maui condo values increase during 2021.
**Condo sales on Maui rebounded late 2020 after a slow year due to COVID. It is too early to tell how COVID may affect Maui condo sales during 2021.
2020 Maui Condo Sales: 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. Maui condominium sales were affected by COVID during 2020.
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 2021: Through February 268 total fee simple condos sold on Maui with a median price of $565,500 and an average price of $828,808. The median sale price for fee simple condos has decreased 5% during 2021. The average sale price for fee simple condos has decreased 2.2% during 2021. Kihei has the highest number of sold fee simple condos during 2021 with 92 total sales while Wailea/Makena has the highest median sale price for sold fee simple condos with a median sale price of $1,325,000 during 2021.
*It's too early in the year to factor two months of data. Based on current trends we will see Maui condo values increase during 2021.
2020 Fee Simple Maui Condo Sales: 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 2021: Through February 13 leasehold condos have sold on Maui with a median price of $299,900 and an average price of $471,208. The median sale price for leasehold condos has increased .003% during 2021. The average sale price for leasehold condos has increased 36.9% during 2021. Napili/Kahana/Honokowai has the highest number of sold leasehold condos during 2021 with 7 total sales while Kaanapali has the highest median sale price for sold leasehold condos with a median sale price of $400,000 during 2021.
*It's too early in the year to factor two months of data. Based on current trends we will see Maui condo values increase during 2021.
2020 Leasehold Maui Condo Sales: 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 up 7.3% from the same time period last year through February 2020. It's too early in the year to know if Covid is a factor, especially since Maui condo sales finished the 2020 year very strong. 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. At this point condo inventory on Maui has returned to pre-covid levels.
**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 opened back up starting October 15, 2020. If all goes well it may take as many as three years for tourism to return to pre COVID levels. We have just recently started to see an improvement in the Maui condominium market even with tourism slowly returning. January data showed that occupancy at resorts was down over 55% and occupancy at vacation condos was down over 46% compared to January 2020.
Maui Condo Sales February, 2021:
Maui Condo Sales Year To Date Through February, 2021:
Maui Fee Simple Condo Sales Year To Date Through February, 2021:
Maui Leasehold Condo Sales Year To Date Through February, 2021:
