Here are the island wide Maui sales stats for homes and condos for June, 2020. The sales stats are for homes and condominiums sold on Maui through May, 2020. The amount of single family homes that sold in May decreased significantly compared to April. Home sales decreased 50% in May compared to April. During May the median sale price for homes increased. The amount of condominiums that sold in May decreased significantly compared to April. We had seen a decrease in April as well. The downward trend for condominium sales on Maui has continued. During May the median sale price for condominiums increased although sales continue to decline.
*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 home and condominium sales decrease significantly. During this same time median prices have also increased. If this trend continues we may see home and 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 home and condominium values.
Single Family Homes:
In May 42 single family homes sold with a median price of $800,000 and an average price of $1,286,487. At the end of May there were 410 single family homes for sale on Maui which is approximately 4.9 months of inventory.
Through May 384 single family homes have sold with a median price of $765,345 and an average price of $1,069,244. The median sale price has increased 3.2% during 2020. The average sale price has decreased 1.1% during 2020. The average Days On Market for sold homes on Maui is 142 during 2020. Maui homes are selling for an average of 97.1% of list price during 2020.
2019 Home Sales: 1,117 single family homes sold 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 5.4% during 2019. The average Days On Market for sold homes on Maui was 133 during 2019. Maui homes sold for an average of 96.7% of list price during 2019.
**Home sales on Maui decreased significantly in May compared to April. Home values have not decreased at this time. Inventory levels are normal for this time of year. If sales remain low we may see inventory increase. Concerns over the economy likely has affected both pending and recent home sales on Maui.
Condominiums:
In May 54 condominiums sold with a median price of $680,000 and an average price of $759,717. At the end of April there were 560 condominiums for sale on Maui which is approximately 5.1 months of inventory.
Through April 563 condominiums have sold with a median price of $575,000 and an average price of $766,917. The median sale price has increased 11.5% during 2020. The average sale price has increased 9.4% 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 Condo Sales: 1,606 condominiums sold with a median price of $515,500 and an average price of $700,943. The median sale price increased 7.7% during 2019. The average sale price increased 3.1% during 2019. The average Days On Market for sold condominiums on Maui was 138 during 2019. Maui condos sold for an average of 97.7% of list price during 2019.
**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.
Original post at https://www.mauihawaiihomesearch.com/blog/maui-hawaii-real-estate-market-report-june-2020/
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