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Maui Hawaii Real Estate Report For Single Family Homes June, 2020

By Jesse Coffey

Real Estate Agent with Keller Williams Realty Maui RS-79390

June 16, 2020 01:45 PM

Maui Single Family Home Report For May, 2020:

This is the June, 2020 real estate market report for single family homes sold on Maui Hawaii through May, 2020.

In May 42 single family homes sold on Maui 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. Wailuku had the highest number of sold homes with 12 in May while Wailea/Makena had the highest median sale price for sold homes with a median sale price of $4,360,000 in May. Only one home sold in Wailea/Makena during May.

Through May, 384 single family homes have sold on Maui 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. Wailuku has the highest number of sold homes with 89 in 2020. Wailea/Makena has the highest median sale price for sold homes with a median sale price of $2,600,000 in 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 Maui Single Family Homes: 1,117 single family homes sold on Maui 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 5.7% during 2019. Wailuku had the highest number of sold homes during 2019 with 248 total sales while Kapalua had the highest median sale price for sold homes with a median sale price of $2,550,000 through during 2019. The average Days On Market for sold homes during 2019 was 133 days. Homes sold for an average of 96.7% of list price during 2019.

*It is common for home prices to increase this time of year due to it being peak season for Maui. This year is very different, but home values have continued to increase.

**Home sales on Maui decreased significantly in May compared to April. Home values have not decreased at this time. Inventory levels for homes are normal for this time of year. If sales remain low we may see inventory start to increase. Concerns over the economy likely has affected both pending and recent home sales on Maui.

***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 sales decrease significantly. During this same time median prices have also increased. If sales continue to decrease we may see home 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 values.

Maui Home Sales May, 2020: