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Maui Hawaii Real Estate Market Report For Condominiums October, 2020

By Jesse Coffey

Real Estate Agent with Keller Williams Realty Maui RS-79390

October 15, 2020 02:51 PM

Maui Condo Report For October 2020:

This is the October 2020 condominium market report for condos sold on Maui Hawaii through September 2020.

Maui Condo Sales September 2020: In September 85 condominiums sold on Maui with a median price of $495,000 and an average price of $718,181. At the end of September there were 754 condominiums for sale on Maui which is approximately 7.6 months of inventory. Kihei had the highest number of sold condos with 24 in September while Kapalua had the highest median sale price for sold condos with a median sale price of $2,850,000 in September. One condominium sold in Kapalua during September.

Maui Condo Sales Year To Date: Through September 915 total condos have sold on Maui with a median price of $560,000 and an average price of $787,535. This includes both fee simple and leasehold condos. The median sale price has increased 8.6% during 2020. The average sale price has increased 12.4% during 2020. Kihei has the highest number of sold condos during 2020 with 300 total sales while Wailea/Makena has the highest median sale price for sold condos with a median sale price of $1,225,000 during 2020. The average Days On Market for sold condominiums on Maui is 149 during 2020. Maui condos have sold for an average of 97.3% of list price during 2020. Maui condo sales are down 24.3% compared to the same period through September 2019

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. The average Days On Market for sold condominiums on Maui was 132 during 2019. Maui condos sold for an average of 97.5% of list price during 2019.

Maui Fee Simple Condo Sales Year To Date: Through September, 844 total fee simple condos have sold on Maui with a median price of $586,250 and an average price of $825,408. The median sale price for fee simple condos has increased 11.7% during 2020. The average sale price for fee simple condos has increased 14.6% during 2020. Kihei has the highest number of sold fee simple condos through September 2020 with 293 total sales while Kaanapali has the highest median sale price for sold fee simple condos with a median sale price of $1,550,000 through September 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 September, 71 total leasehold condos have sold on Maui with a median price of $260,000 and an average price of $337,336. Napili/Kahana/Honokowai has the highest number of sold leasehold condos through September 2020 with 29 total sales while Kaanapali has the highest median sale price for sold leasehold condos with a median sale price of $412,500 through September, 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.

*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 six months we have seen home and condominium sales decrease significantly. Condos have been impacted more than homes. Maui condo values have decreased three out of the last four months. Maui condo sales were down 28.6% compared to September 2019. Total condominiums sales on Maui are down 24.3% in 2020 compared to the same time period during 2019. 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 large increase in condos available for sale. Trends are just now starting to show the affect COVID has had on Maui condo sales. These trends are showing that we may see a possible decrease in Maui condo values if inventory continues to increase and demand remains low.

**Condominium sales on Maui decreased for the sixth consecutive month compared to what we would normally see. Median condo values have decreased three out of the last four months. 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. Condo sales activity on Maui is way down compared to normal. Condo inventory has increased with 7.6 months of inventory at this time. During September 2019 there was 3.6 months of inventory. With the amount of inventory and reduced demand we are on the cusp of seeing a buyers market for Maui condominiums. The typical rule of thumb is 6 plus months of inventory is considered a buyers market. We may be on the verge of seeing Maui condo values possible decrease if Hawaii's economy does not open back up. Visitors will be able to return starting October 15, 2020. It may take a few more months to see if visitor activity helps improve the condominium market on Maui.

Maui Condo Sales September, 2020: