Maui Single Family Home Report For October, 2020:
This is the October, 2020 real estate market report for single family homes sold on Maui Hawaii through September, 2020.
In September 107 single family homes sold on Maui with a median price of $785,000 and an average price of $1,109,209. At the end of September there were 337 single family homes for sale on Maui which is approximately 3.9 months of inventory. Wailuku had the highest number of sold homes with 27 sold homes in September while Kapalua had the highest median sale price for sold homes with a median sale price of $15,500,000 in September. One home sold in Kapalua during September 2020.
Through September, 751 single family homes have sold on Maui with a median price of $775,000 and an average price of $1,089,872. The median sale price has increased 4.5% during 2020. The average sale price has Increased .08% during 2020. Wailuku has the highest number of sold homes with 179 in 2020. Kapalua has the highest median sale price for sold homes with a median sale price of $2,800,000 in 2020. The average Days On Market for sold homes on Maui is 139 during 2020. Maui homes are selling for an average of 96.9% of list price during 2020. Maui single family home sales are down 11.1% compared to the same period through September 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.
**Home sales on Maui increased in September compared to August. Total Maui home sales are down over 11% 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. Over the past 120 days I have noticed an 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. 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 six 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 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. 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 is scheduled to 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 September, 2020:
Maui Home Sales Year To Date Through September, 2020:
