September 2020 Update
Maui Real Estate Update
September 29, 2020
August 2020 stats are in. Residential homes sales are down 11% from 726 homes sold August 2019 YTD to 643 homes sold for August 2020 YTD and condominium sales are down 24% from 1090 condos sold to 830 condos sold for the same time period. The median sales price for homes is up 2% from $755,000 to $772,500 and the median sales price for condos is up 10% from $515,500 to $565,000 from August 2019 YTD to August 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 32% of sales closed (number of units recorded), followed by West Maui at 27% of sales closed, Central Maui at 20%, Upcountry at 10%, North Shore at 7%, and East Maui at 1% of sales closed.
The number of new residential listings (listings that have been newly listed on the market in a given month) has dropped 15% from 1,070 to 914 from August 2019 YTD to August 2020 YTD and the number of new condominium listings has increased 8% from 1,298 to 1,404 new listings for the same time period. Most notably, the number of new condo listings has risen significantly over the last couple of months.
The number of pending residential sales (properties on which contracts have been accepted in a given month) has dropped 17% from 816 to 674 from August 2019 YTD to August 2020 YTD and the number of pending condominium sales has dropped 36% from 1,091 to 701 pending sales for the same time period.
Both new listings and pending sales have continued to increase through August from their April 2020 lows. 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.
After many delays, a pre-travel testing program is scheduled to begin on October 15, 2020. This will enable travelers to Hawaii to avoid a mandatory 14-day quarantine if they are tested within 72 hours of their flight with a negative test result. This is a much-needed step towards the recovery of Hawaii’s economy. For details on the current and proposed procedures for travel to and within Hawaii, CLICK HERE.
Please reach out to me if I can answer any questions or assist you in any way.