Aug. 11, 2020
Maui Condo Report For August 2020:
This is the August, 2020 condominium market report for condos sold on Maui Hawaii through July, 2020.
In July 91 condominiums sold on Maui with a median price of $502,530 and an average price of $742,111. At the end of July there were 656 condominiums for sale on Maui which is approximately 6.4 months of inventory. Kihei had the highest number of sold condos with 28 in July while Kapalua had the highest median sale price for sold condos with a median sale price of $1,982,500 in July.
*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 four months we have seen home and condominium sales decrease significantly. July was the second consecutive month we saw median prices decrease for Maui condos. Although Maui condo sales rebounded on July compares to June, sales were down 43.8% compared to July 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 an increase in condos available for sale. Trends are just now starting to show the affect COVID has had on Maui real estate sales. These same trends are showing some softening in Maui condo values.
**Condominium sales on Maui decreased significantly for the fourth consecutive month compared to what we would normally see. Median condo values decreased in July for the second consecutive month 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 July, but overall condo sales activity on Maui is way down compared to normal. Condo inventory has increased with 6.4 months of inventory at this time. During July 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.
Maui Condo Sales Year To Date: Through July 721 total condos have sold on Maui with a median price of $565,000 and an average price of $766,310. This includes both fee simple and leasehold condos. The median sale price has increased 9.6% during 2020. The average sale price has increased 9.3% during 2020. Kihei has the highest number of sold condos during 2020 with 244 total sales while Wailea/Makena has the highest median sale price for sold condos with a median sale price of $1,112,500 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. Maui condo sales are down 25.9% compared to the same period through July 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.
Maui Fee Simple Condo Sales Year To Date: Through July, 670 total fee simple condos have sold on Maui with a median price of $585,900 and an average price of $797,990. The median sale price for fee simple condos has increased 11.6% during 2020. The average sale price for fee simple condos has increased 10.8% during 2020. Kihei has the highest number of sold fee simple condos through July 2020 with 239 total sales while Kaanapali has the highest median sale price for sold fee simple condos with a median sale price of $1,550,000 through July 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 July, 51 total leasehold condos have sold on Maui with a median price of $299,000 and an average price of $350,120. Napili/Kahana/Honokowai has the highest number of sold leasehold condos through July 2020 with 21 total sales while Kaanapali has the highest median sale price for sold leasehold condos with a median sale price of $405,000 through July, 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.
Maui Condo Sales July, 2020:
Maui Condo Sales Year To Date Through July, 2020:
Maui Fee Simple Condo Sales Year To Date Through July, 2020:
Maui Leasehold Condo Sales Year To Date Through July, 2020:
