May 2020 Market Update
Image by Olya Adamovich on Pixabay
Maui Real Estate Update
May 28, 2020
I hope you and your family are staying well!
We received good news from Mayor Victorino’s office this week that most county activities, businesses, and industries will be allowed to open on Monday. There will still be restrictions, but it is very encouraging that we may begin to enjoy more aspects of our lives and start to rebuild our economy. The latest press release from the Mayor’s office with news of the openings can be found HERE. The Maui County COVID-19 page with the latest rules and resources can be found HERE.
April 2020 stats are in. Residential homes sales are up 8% from 316 homes sold April 2019 YTD to 342 homes sold for April 2020 YTD and condominium sales are down 6% from 543 condos sold to 509 condos sold for the same time period. The median sales price for homes is up 2% from $750,000 to $762,000, and the median sales price for condos is up 10% from $517,000 to $569,000 from April 2019 YTD to April 2020 YTD. For a detailed report of each area on Maui for homes, condos, and land, please CLICK HERE.
South Maui leads the County with 33% of sales closed, followed by West Maui at 28% of sales closed, Central Maui at 19%, Upcountry at 10%, North Shore at 5%, and East Maui at 1% of sales closed.
The number of new residential listings has dropped 25% from 577 to 435 from April 2019 YTD to April 2020 YTD and the number of new condominium listings has dropped 9% from 686 to 626 new listings for the same time period.
The number of pending residential sales has dropped 28% from 422 to 302 from April 2019 YTD to April 2020 YTD and the number of pending condominium sales has dropped 35% from 570 to 371 pending sales for the same time period.
Month to date figures as of May 25, 2020 are showing an uptick in pending sales from April 2020 to May 2020. Here is a link to that data. It’s too early to tell if that trend will continue, but it is encouraging news that supports forecasts for continued improvement in the market as the economy improves and home sellers and buyers regain the confidence to proceed with their home selling and buying plans.
Lawrence Yun, Chief Economist of the National Association of Realtors, predicts that home prices will remain steady and then slowly start to rise as the economy opens. Read more about this HERE. I will continue to update you with our local market stats as they become available, and I am happy to answer any specific questions you may have about the Maui market.
Maui County Real Property Tax rates have been established for the 2020-2021 fiscal year that starts on July 1, 2020. Here is a link to the county site the explains the various tax classifications and rates. The first half property tax payment for the 2020-2021 fiscal year based on these new rates will be due on August 20, 2020.
Please reach out to me if I can answer any questions or assist you in any way.