Maui Condo Report For June 2020:
This is the June, 2020 condominium market report for condos sold on Maui Hawaii through May, 2020.
In May 54 condominiums sold on Maui with a median price of $680,000 and an average price of $759,717. At the end of May there were 560 condominiums for sale on Maui which is approximately 5.1 months of inventory. Kihei had the highest number of sold condos with 24 in May while Kaanapali had the highest median sale price for sold condos with a median sale price of $1,567,500 in May.
*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 two months we have seen condominium sales decrease significantly. During this same time median prices have also increased. If sales continue to decrease we may see Maui 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. It may take another 30 to 60 days to see the affect COVID-19 will have on the Maui condo values.
**Condominium sales on Maui decreased significantly for the second consecutive month compared to what we would normally see. Condo values have not decreased at this time. 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.
Maui Condo Sales Year To Date: Through May 563 total condos have sold on Maui with a median price of $575,000 and an average price of $766,917. This includes both fee simple and leasehold condos. The median sale price has increased 11.5% during 2020. The average sale price has increased 9.4% during 2020. Kihei has the highest number of sold condos during 2020 with 197 total sales while Kaanapali has the highest median sale price for sold condos with a median sale price of $1,212,500 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.
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 May, 525 total fee simple condos have sold on Maui with a median price of $595,000 and an average price of $797,381. The median sale price for fee simple condos has increased 13.3% during 2020. The average sale price for fee simple condos has increased 10.7% during 2020. Kihei has the highest number of sold fee simple condos through May 2020 with 192 total sales while Kaanapali has the highest median sale price for sold fee simple condos with a median sale price of $1,679,500 through May 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 May, 38 total leasehold condos have sold on Maui with a median price of $279,500 and an average price of $346,026. Napili/Kahana/Honokowai has the highest number of sold leasehold condos through May 2020 with 17 total sales while Kaanapali has the highest median sale price for sold leasehold condos with a median sale price of $470,000 through May, 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 May, 2020:
Maui Condo Sales Year To Date Through May, 2020:
Maui Fee Simple Condo Sales Year To Date Through May, 2020:
Maui Leasehold Condo Sales Year To Date Through May, 2020:
