Here are the island wide Maui sales stats for homes and condos for March, 2021. The sales stats are for homes and condominiums sold on Maui through February 2021. The amount of single family homes that sold in February was identical to January and was 21.7% higher than February 2020. During February the median sale price for homes decreased compared to January. Inventory for single family homes has continued to remain low which is fueling demand and a steady increase in values into 2021. The amount of condominiums that sold in February increased significantly compared to January and was 23.9% higher than February 2020. During February the median sale price for condos decreased slightly compared to January. The Maui condominium market has rebounded significantly since late summer 2020 and available inventory has returned to pre-covid levels.
Single Family Homes:
In February 101 single family homes sold on Maui with a median price of $895,000 and an average price of $1,824,061. At the end of February there were 214 single family homes for sale on Maui which is approximately 2.2 months of inventory. During February 2020 there were 517 homes for sale. The amount of homes for sale on Maui has decreased 59.3% over the past year. Demand for Maui homes is high and inventory is low. This is pushing values up.
**We are two months into the new year and the current median and average prices mean very little and should decrease as we move through the year.**
Through February 202 single family homes have sold on Maui with a median price of $931,000 and an average price of $1,666,314. The median sale price has increased 17% during 2021. The average sale price has increased 41.7% during 2021. The average Days On Market for sold homes on Maui is 141 during 2021. Maui homes are selling for an average of 97.5% of list price during 2021.
**We are two months into the new year and the current median and average prices mean very little and should decrease as we move through the year.**
2020 Maui Home Sales: 1,055 single family homes sold with a median price of $795,575 and an average price of $1,175,950. The median sale price increased 7.3% during 2020. The average sale price increased 8.7% during 2020. The average Days On Market for sold homes on Maui was 135 during 2020. Maui homes sold for an average of 97% of list price during 2020.
2019 Maui 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 February 166 condominiums sold on Maui with a median price of $556,990 and an average price of $823,919. At the end of February there were 503 condominiums for sale on Maui which is approximately 4.3 months of inventory. The amount of condominiums for sale on Maui has decreased 4% over the past year. The last three months of 2020 and the first two months of 2021 were the best months for condominium sales on Maui since the start of COVID.
Through February 281 condominiums have sold on Maui with a median price of $560,000 and an average price of $812,264. The median sale price has decreased 1.8% during 2021. The average sale price has increased .02% during 2021. The average Days On Market for sold condominiums on Maui is 141 during 2021. Maui condos have sold for an average of 97.4% of list price during 2021.
2020 Maui Condo Sales: 1,336 condominiums sold with a median price of $570,000 and an average price of $813,762. The median sale price increased 10.6% during 2020. The average sale price increased 16.1% during 2020. The average Days On Market for sold condominiums on Maui was 142 during 2020. Maui condos sold for an average of 97.3% of list price during 2020.
2019 Maui 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 opened 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. January data showed that occupancy at resorts was down over 55% and occupancy at vacation condos was down over 46% compared to January 2020.
Original post at https://www.mauihawaiihomesearch.com/blog/maui-hawaii-real-estate-market-report-for-march-2021/
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