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Maui Hawaii Real Estate Market Report January, 2021 | Maui Realtor

By
Real Estate Agent with Keller Williams Realty Maui RS-79390

Here are the island wide Maui sales stats for homes and condos for January, 2021. The sales stats are for homes and condominiums sold on Maui through December, 2020. The amount of single family homes that sold in December increased slightly compared to November and was 8.2% higher than December 2019. Total homes sales on Maui are down 5.8% compared to the same time period in 2019. During December the median sale price for homes increased slightly compared to November. Inventory for single family homes has continued to remain low which is fueling demand and a steady increase in values during 2020. The amount of condominiums that sold in December increased significantly compared to November and was 35.2% higher than December 2019. During December the median sale price for condos increased compared to November. The Maui condominium market has rebounded significantly the last few months of 2020.

Single Family Homes:

In December 105 single family homes sold with a median price of $865,000 and an average price of $1,650,182. At the end of December there were 286 single family homes for sale on Maui which is approximately 3.1 months of inventory. During December 2019 there were 495 homes for sale. The amount of homes for sale on Maui has decreased 42.2% over the past year. Demand for Maui homes is high and inventory is low. This is pushing values up.

Through December 1,055 single family homes have sold with a median price of $795,575 and an average price of $1,175,950. The median sale price has increased 7.3% during 2020. The average sale price has increased 8.7% during 2020. The average Days On Market for sold homes on Maui is 135 during 2020. Maui homes are selling for an average of 97% 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.

Condominiums:

In December 169 condominiums sold with a median price of $629,000 and an average price of $829,383. At the end of December there were 685 condominiums for sale on Maui which is approximately 6.7 months of inventory. The amount of condominiums for sale on Maui has increased 29.5% over the past year. The last three months of 2020 were the best months for condominium sales on Maui since the start of COVID. 

Through December 1,336 condominiums have sold with a median price of $570,000 and an average price of $813,762. The median sale price has increased 10.6% during 2020. The average sale price has increased 16.1% during 2020. The average Days On Market for sold condominiums on Maui is 142 during 2020. Maui condos have sold for an average of 97.3% 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 97.5% of list price during 2019.

 

*COVID-19 continues to impact the Maui Real Estate Market. Initially the impact was quite significant. Both home sales and condominium sales on Maui decreased dramatically. After a few months home sales rebounded and the single family home market has remained a strong sellers market due to low inventory and low interest rates. Condominium sales on Maui took longer to recover. It looked bad for the condo market on Maui through Spring and into late Summer as sales lagged and inventory soared. Inventory increased dramatically, but we saw condo sales activity start to improve in late summer. During the final quarter of 2020 the Maui condo market was very strong and we saw condo sales outperform the final quarter of 2019. Both home values and condominium values increased on Maui during 2020. With COVID rates on the rise there is still some uncertainty ahead, but at this time the Maui single family home market remains strong and the Maui condominium market is continuing to improve.

**Tourism on Maui open back up starting October 15, 2020. If all goes well it may take as many as three years for tourism to return to pre COVID levels. We have just recently started to see an improvement in the Maui condominium market even with tourism slowly returning. November data showed that occupancy at resorts and vacation condos was around 20% in November. Normal occupancy rates in November are closer to 80%.

Maui Hawaii home and condominium sales stats for December 2020.

Maui Real Estate Search

 

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