Maui Hawaii Real Estate Market Report December, 2020

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

Here are the island wide Maui sales stats for homes and condos for December, 2020. The sales stats are for homes and condominiums sold on Maui through November, 2020. The amount of single family homes that sold in November increased slightly compared to October and was 37.8% higher than November 2019. Total homes sales on Maui are down 7.1% compared to the same time period in 2019. During November the median sale price for homes decreased slightly compared to October. 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 November increased compared to October. Although condominium sales increased in November compared to October the amount of condominium sales on Maui during November was 8.5% lower than November 2019. During November the median sale price for condos decreased compared to October. 

*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 eight months we have seen home and condominium sales decrease. Home sales have rebounded the past five to six months and condo sales have rebounded recently, although total condo sales for 2020 are well below 2019 sales. 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 for homes and a large increase in new listing activity for condominiums. Trends are just now starting to show the affect COVID has had on Maui real estate sales. These trends are showing that home values have remained strong due to low inventory levels. Condo sales are way down, condo values decreased three out of the last eight months, and condominium inventory is increased significantly. Recently we have seen improvement with condominium sales on Maui.

Single Family Homes:

In November 102 single family homes sold with a median price of $852,500 and an average price of $1,277,878. At the end of November there were 330 single family homes for sale on Maui which is approximately 3.8 months of inventory. During November 2019 there were 482 homes for sale. The amount of homes for sale on Maui has decreased 31.5% over the past year. Demand for Maui homes is high and inventory is low. This is pushing values up.

Through November 950 single family homes have sold with a median price of $790,000 and an average price of $1,123,480. The median sale price has increased 6.6% during 2020. The average sale price has increased 3.9% during 2020. The average Days On Market for sold homes on Maui is 136 during 2020. Maui homes are selling for an average of 97.1% 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.

**Home sales on Maui decreased significantly in May compared to April, partially rebounded in June, and have returned to almost normal since July. Median home values are continuing to increase. Inventory levels are slowly decreasing which is likely helping to keep home values stable. Concerns over the economy have likely been a factor contributing to the low inventory. I have seen more homes than usual priced below $700K listed for sale the last six months. These may be homeowners who need to sell and have priced their homes below market value for a quick sale. If this is the case, we could possibly see home values start to decrease until the local economy starts to recover and residents are able to go back to work. There are concerns that impacted homeowners may not be able to pay their mortgages and we could even see some homeowners start losing their homes. At this time home values are still continuing to increase on Maui while inventory continues to decrease. As long as inventory for single family homes remains low we can expect home values on Maui to continue to increase.

***Tourism on Maui opened back up 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%.

Condominiums:

In November 130 condominiums sold with a median price of $518,520 and an average price of $886,023. At the end of November there were 713 condominiums for sale on Maui which is approximately 7.1 months of inventory. The amount of condominiums for sale on Maui has increased 33.5% over the past year. October and November were two of the best months for condominium sales on Maui since the start of COVID. 

Through November 1,166 condominiums have sold with a median price of $560,000 and an average price of $811,658. The median sale price has increased 8.6% during 2020. The average sale price has increased 15.8% during 2020. The average Days On Market for sold condominiums on Maui is 143 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.

**Condominium sales on Maui rebounded in October and November after several months of sluggish sales compared to what we would normally see. Although Maui condo sales improved during October and November, sales for the year are way down and surprisingly median condo values overall are up compared to 2019. With that being said we have seen condo values down three out of the last eight months. Maui condos are often purchased as second properties or investment properties. Reduced flights and previously required quarantine had prevented many buyers from being able to travel to Maui to view properties. Concerns over the economy has affected both pending and recent condominium sales on Maui. Condo inventory is way up with 7.1 months of inventory at this time. During November 2019 there was 4 months of inventory. With the amount of inventory and reduced demand we are on the cusp of seeing a buyers market for Maui condominiums. If tourism does not return to normal levels on Maui there is a possibility that we could see condominium prices decrease and there is the very real potential of owners losing properties due to foreclosure if they cannot generate rental income to assist with covering mortgage payments. With two consecutive months of increased sales it appears that the Maui condominium market may be rebounding.

***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. It may take many months before we start 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 October 2020.

Maui Real Estate Search

 

Original post at https://www.mauihawaiihomesearch.com/blog/maui-hawaii-real-estate-market-report-december-2020/

Posted by
Jesse Coffey - Realtor
285 W Kaahumanu Ave #201
Kahului, HI. 96732
Ph  (916) 872-7775
Hawaii RS-79390
California BRE #01879755
 
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Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

A most interesting market report for Maui.  A very special place indeed

Dec 30, 2020 02:16 PM #1
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