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Maui Hawaii Real Estate Report For Single Family Homes January 2021

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

Maui Single Family Home Report For January, 2021:

This is the January, 2021 real estate market report for single family homes sold on Maui Hawaii through December, 2020.

Maui Home Sales December 2020: In December 105 single family homes sold on Maui 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. Kihei had the highest number of sold homes with 21 sold homes during December while Kapalua had the highest median sale price for sold homes with a median sale price of $4,450,000 in December. Five homes sold in Kapalua during December 2020.

Maui Home Sales Year To Date: Through December, 1,055 single family homes have sold on Maui 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. Wailuku has the highest number of sold homes with 228 in 2020. Kapalua has the highest median sale price for sold homes with a median sale price of $3,500,000 in 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. Maui single family home sales are down 5.8% compared to the same period through November 2019.

2019 Maui Single Family Home Sales: 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.

*Total Maui home sales are down over 5.8% from the same time period last year through December 2019. Median home values have continued to increase. Inventory levels have remained low which is likely helping to keep home values stable. Concerns over the economy likely has affected both pending and recent home sales on Maui, but both home sales and pending sales have rebounded since June. At this point, low inventory and low interest rates are fueling buyer demand. As long as inventory remains low we can likely expect Maui home values to continue to increase for the near future. If we do see inventory increase we may see home values plateau and possibly decrease. There is no sign of this happening anytime soon.

**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. According to the State of Hawaii, if all goes well it may take as many as three years for tourism to return to pre COVID levels. It may take many months before we start to see how tourism may impact the Maui housing market. 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 Home Sales December, 2020:

Maui Single Family home sales December 2020.

Maui Home Sales Year To Date Through December, 2020:

Maui Hawaii single family home sale statistics through December 2020.

Maui Home Search

 

Original post at https://www.mauihawaiihomesearch.com/blog/maui-hawaii-real-estate-market-report-for-single-family-homes-january-2021/

Comments (2)

Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Some impressive statistics.  It would be interesting to know where the people who buy on Maui come from

Jan 27, 2021 06:11 PM
Jesse Coffey
Keller Williams Realty Maui - Lahaina, HI

Thank you Ed Silva!

Mar 12, 2021 09:55 AM