Dec. 29, 2020
Maui Condo Report For December 2020:
This is the December 2020 condominium market report for condos sold on Maui Hawaii through November 2020.
Maui Condo Sales November 2020: In November 130 condominiums sold on Maui with a median price of $518,520 and an average price of $886,023. At the end of November there were 713 condominiums for sale on Maui which is approximately 7.1 months of inventory. Kihei had the highest number of sold condos with 48 in November while Wailea/Makena had the highest median sale price for sold condos with a median sale price of $1,300,000 in November.
Maui Condo Sales Year To Date: Through November 1,166 total condos have sold on Maui with a median price of $560,000 and an average price of $811,658. This includes both fee simple and leasehold condos. The median sale price has increased 8.6% during 2020. The average sale price has increased 15.8% during 2020. Kihei has the highest number of sold condos during 2020 with 389 total sales while Wailea/Makena has 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 is 143 during 2020. Maui condos have sold for an average of 97.3% of list price during 2020. Maui condo sales are down 21.4% compared to the same period through November 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. 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: Through November, 1,084 total fee simple condos have sold on Maui with a median price of $585,000 and an average price of $847,528. The median sale price for fee simple condos has increased 11.4% during 2020. The average sale price for fee simple condos has increased 17.7% during 2020. Kihei has the highest number of sold fee simple condos through November 2020 with 381 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 through November 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 November, 82 total leasehold condos have sold on Maui with a median price of $294,000 and an average price of $337,468. The median sale price for leasehold condos has increased 23.8% during 2020. The average sale price for leasehold condos has increased 19.4% during 2020. Napili/Kahana/Honokowai has the highest number of sold leasehold condos through November 2020 with 31 total sales while Kaanapali has the highest median sale price for sold leasehold condos with a median sale price of $407,500 through November, 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.
*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 eight months we have seen home and condominium sales decrease significantly. Condos have been impacted more than homes. Maui condo values have decreased three out of the last eight months. Maui condo sales were down 8.5% compared to November 2019. Total condominiums sales on Maui are down 21.4% in 2020 compared to the same time period during 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 large increase in condos available for sale. Trends are just now starting to show the affect COVID has had on Maui condo sales. These trends are showing that we may see a possible decrease in Maui condo values if inventory continues to increase and demand remains low. So far condo values on Maui have increased during 2020 and sales have rebounded during October and November.
**Condominium sales on Maui decreased for the eighth consecutive month compared to what we would normally see. Median condo values have decreased three out of the last eight months. Maui condos are often purchased as second properties or investment properties. Reduced flights and the previously required quarantine 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. Condo sales activity on Maui is way down compared to normal. Condo inventory has increased with 7.1 months of inventory at this time. During November 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. The typical rule of thumb is 6 plus months of inventory is considered a buyers market. We may be on the verge of seeing Maui condo values possible decrease if Hawaii's economy does not return to normal. Visitors started to return October 15, 2020. It may take a few more months to see if visitor activity helps improve the condominium market on Maui. On a very positive note condominium sales on Maui rebounded during October and November.
Maui Condo Sales November, 2020:
Maui Condo Sales Year To Date Through November, 2020:
Maui Fee Simple Condo Sales Year To Date Through November, 2020:
Maui Leasehold Condo Sales Year To Date Through November, 2020:
