Maui Real Estate Blog

Weekly Maui Real Estate Market Update October 19, 2020

Market activity remained busy on Maui over the seven day period between October 6th and 13th. This was the third straight week with 60 or more new pending sales. Closed transactions were up substantially over the same period of 2019. New listings remained relatively low. Find out more details in the paragraphs below.

This Week’s New Pending Sales

This chart shows weekly new pending sales by property type in Maui County
This chart shows weekly new pending sales in Maui County during the Covid-19 pandemic. New Pending Sales are the best indicator of current market demand.

Maui Realtors reported 60 new pending sales over the 7 day period between October 6th and October 13th. That is 8% fewer new pendings than the seven days prior. It is 43% more activity than the same seven day period of 2019.

Notable Numbers From This Week’s Pending Sales

  • The 60 new pending sales include 19 homes, 32 condos and 9 lots.
  • The 19 new pending home sales is the lowest weekly number since early July. I would venture that low inventory may be a factor in the lower number of pending sales. There are quite a few buyers searching in the $800,000 and under range with limited options to chose from at this time.
  • Of the 32 new pending condo sales, 18 are located in developments that allow vacation rentals.
  • Of the 14 condos in developments that prohibit vacation rentals, 6 are new developer offerings in Kahoma Village in Lahaina.
  • The 9 new land transactions ties the highest total for new land contracts in a week during Covid-19.
  • The luxury market continues to see strong activity. Three homes and three condos priced higher than $2,000,000 went under contract between the 6th and the 13th.

This Week’s Closed Transactions

This chart shows the updated weekly closed transactions by property type during the current covid nineteen pandemic.
Weekly closed transactions by property in Maui County, Hawaii during the Covid-19 pandemic. These numbers are a lagging indicator of market demand. Most transaction in Maui County take between 30-60 days to close.

Maui Realtors reported 58 sales over the seven days between October 6th and 13th. That is down 13% from last week. It is 45% higher than the same seven day period of 2019.

This Week’s New Inventory in Maui County

This chart shows weekly new real estate inventory in Maui County during the covid 19 pandemic
This chart shows weekly new real estate inventory in Maui County, Hawaii by property type.

While up slightly from last week, new inventory remained limited. Between October 6th and 13th, 60 new listings came to market. That is 11% higher than last week. It is 23% lower than the same seven day period of 2019.

Of the 60 new listings, 29 are condos. The 29 new condos is less than the 32 condos that went pending this week. This makes for the rare occasion when condo inventory actually decreased during Covid-19. Last week, the difference between new inventory and pending sales was only one. I am reticent to call this a trend at this point, but the condo market is not showing the significant growth in inventory that we saw as recently as August. The questions at this point are how will the reopening of tourism impact demand, and will more condo owners decide to bring their condos to market with visitors back on island.

The 22 new home listings that came on the market is slightly higher than the 19 homes that went pending over this seven day span. As with recent weeks, home buyers shopping at lower price points weren’t likely to notice this modest increase in inventory. The median price of the new home listings came in at $1,375,000 with 25% of the new inventory priced above $2,000,000. The tight inventory in the home market is continuing to put upward pressure on prices.

The 9 new lots that came on the market matched the 9 lots that went pending. The land inventory remains steady. Prices are holding pretty steady with some modest increases in value.

Contact The Maui Real Estate Team

This last week was a big one for Hawaii with the new pre-travel testing program going into effect on the 15th. We know first hand of buyers who are coming to Maui now that there is a pre-travel testing option to avoid tourism. We will continue to keep a close eye on the market to gauge the impact of tourism’s return on the real estate market.

Contact The Maui Real Estate Team if you are thinking of buying or selling property on Maui. Our agents are working closely with buyers and sellers to navigate the dynamic market conditions. We look forward to hearing from you and learning more about your real estate needs.

Pete Jalbert

Maui Real Estate Blog

Weekly Maui Real Estate Market Report October 9th

It was another strong week for buyer activity on Maui. Closed transactions picked up after a couple of slower weeks. While there was no reprieve from the lack of inventory with a slow week for new listings. Read below for more details on Maui Real Estate market activity between September 30th and October 6th.

This chart shows weekly new Pending Real Estate sales by property type in Maui County.
Weekly new pending sales by property type in Maui County, Hawaii during the Covid-19 pandemic. New pending sales are the best indicator of current buyer demand.

Maui Realtors reported 65 new pending transactions during the seven day period between September 30th and October 6th. This was the second busiest week for new pending sales since the start of Covid-19, trailing only the week prior. This 65 new pending sales are 3% lower than the previous 7 days. It is 18% higher than the same seven day period of 2019.

Notable Numbers from this Week’s Pending Sales

  • The 65 new pending sales included 32 homes, 27 condos and 6 lots.
  • Of the 27 condos, 14 are located in developments that allow vacation rentals.
  • There were 3 homes priced over $2,000,000 that went pending. This is a decrease below the very strong buyer demand in the high end market in recent weeks. That said, there were a few properties that went under contract this week priced just a little below $2,000,000.

This Week’s Closed Transactions

This chart shows weekly closed transactions by property type in Maui County.
Weekly closed transactions by property type in Maui County, Hawaii during the Covid-19 pandemic. This is a lagging indicator of buyer demand. Most transactions on Maui take between 30-60 days to close.

After a few weeks of lower sales, the number of closed transactions picked up sharply. Maui Realtors reported 67 closed transactions between September 30th and October 6th. This is the second highest number of weekly sales on the chart above. The 67 sales is 59% more than the seven days prior. It is 13% below the same seven day period of 2019.

This Week’s New Inventory

This chart shows weekly new inventory by property type in Maui County, Hawaii
Weekly new inventory by property type in Maui County, Hawaii during Covid-19.

New inventory dipped again. Maui Realtors brought 54 properties to market between September 30th and October 6th. That is 32% fewer listings than the week prior. That is 42% below the same week of 2019.

Of the 54 new listings, 28 are condos. That is just one more than the 27 condos that went under contract this week. After weekly gains in inventory throughout Covid-19, this is the first week since May where the number of weekly new condo listings was below 30. It will be interesting to see if new condo inventory numbers start to slow or if this is just an anomaly.

The increase in inventory in the condo market started to impact pricing at selected developments this summer. In general, prices leveled off and there were a few condo complexes with significant inventory that saw some modest drops in value. A month or so ago, I was wondering if the decrease in prices might become more widespread. Thus far, it appears as if a lot of sellers are holding out rather than adjusting their prices.

This will be something to watch going forward particularly with the pre-flight testing program going into effect on the 15th. Will the reopening of travel spur a substantive increase in buyer demand? Will sellers feeling pain from a lack of rental income see enough bookings to provide some relief?

Only 17 homes came on the market between September 30th and October 6th. Like last week, the new inventory skewed towards higher price points. The median price of this week’s new home listings is $1,147,000. The average price is $3,787,000 thanks in part to three new listings priced in excess of $10,000,000. This week’s low new inventory means another week of shrinking inventory. The lack of inventory is putting upward pressure on home values.

Nine new land listings came to market over this last seven day tracking period. With 6 pending sales this week, this marks another modest increase in land inventory. That said, the relatively small increase in inventory over the last couple of months does not appear to be impacting pricing. If anything, land values appear to continue to hold or increase depending on location.

Contact The Maui Real Estate Team

Early fall is typically a quieter time of year for Maui Real Estate. It is a shoulder season for visitors. Fewer visitors mean fewer potential buyers. In true 2020 fashion, that’s not the case this year. Our first substantive increase in visitors isn’t set to happen until the 15th, but we just had the two busiest weeks for buyer activity since the start of Covid-19. We are seeing bidding wars at higher price points than usual. Properties that long languished on the market are going under contract.

Contact The Maui Real Estate Team if you are thinking of buying or selling property on Maui. We continue to work diligently to represent our clients interests in these extraordinary times. We look forward to hearing from you and learning more about your interests.

Pete Jalbert

Maui Real Estate Blog

Weekly Maui Real Estate Market Report October 5th

The only thing we can expect at this point is the unexpected. True words when it comes to the state of the world. While Maui is a lot less turbulent than much of the world, these words resonate as I comb through the data from the latest seven day tracking period. Weekly new pending sales were the highest since the start of Covid-19. Closed transactions were again surprisingly lower. New listings are down a little from the week prior. Keep reading for more details on this week’s numbers.

This Week’s New Pending Sales

A chart showing weekly new pending sales by property type in Maui County Hawaii during the Covid 19 pandemic
This chart shows weekly new pending sales by property type during the Covid-19 pandemic. New pending sales are the best indicator of current buyer demand in Maui County, Hawaii.

Maui Realtors reported 67 new pending sales over the seven day period between September 23rd and September 29th. That is 16% increase over the previous seven days. That is 29% higher than the same seven day period of 2019. After a month of pretty consistent activity between 52 and 60 pending sales, this is a pretty healthy bump in activity. Late September isn’t the time of year when you would expect the busiest week for new transactions over the last six months.

Notable Numbers from This Week’s Pending Sales

  • The 67 pending sales included 25 homes, 37 condos and 5 lots.
  • The 37 pending condo sales is the highest weekly total since I started tracking activity during Covid-19. I have to say that the bump in condo activity is unexpected. I know there is some anticipation among Realtors that vacation rental condo activity might pick up when tourism starts to reopen on October 15th.
  • Of the 37 pending condo sales, 19 are located in developments that allow vacation rentals. This means that the stronger pending sales are almost equal parts non-vacation rental and vacation rental condos.
  • Demand for land is pretty steady albeit a couple pending sales a week slower than what we saw in late July and August.
  • The luxury market continues to see strong activity. This week 5 homes and 3 condos priced for more than $2,000,000 went under contract.

This Week’s Sales Activity

A Chart That shows weekly sales activity by property type during the Covid-19 pandemic in Maui County Hawaii
Weekly Real Estate Sales Activity by property type in Maui County, Hawaii. It is important to note that sales are a lagging indicator of buyer demand. It typically takes 30-60 days for most real estate transactions to close.

Maui Realtors reported 42 sales over the seven day period between September 23rd and September 29th. That is a 13.5% increase over the 7 days prior. It is 28% lower than the same seven day period of 2019. This is the second week in a row of quieter sales. These two weeks remain something of anomaly with no significant dip in pending sales over the last two months to drive the lower sales. It is worth noting that there was a pretty healthy bump in closed transaction right after this tracking period on September 30th and October 1st. Expect higher sales in the next update.

This Week’s Volume of New Inventory

This chart shows weekly new real estate inventory by property type in Maui County during the Covid-19 pandemic.
Weekly new inventory by property type in Maui County, Hawaii during the Covid-19 pandemic.

Maui Realtors brought 79 properties to market in the seven day period between September 23rd and September 29th. That is a 5% decrease from the seven days prior. It is 7% lower than the same seven day period of 2019.

Once again, condos comprised the greatest portion of the new listings to come to market. There were 43 new condo listings over this seven day period. While pending sales were up over this period, this marks another net increase in active condo inventory.

While new home inventory is down from last week, it is still the second biggest week for new home listings since July. This is also the second week in a row where new listings exceeded pending sales resulting in a net increase in inventory. As with last week, buyers looking at lower price points may not have noticed the increase. The median price of new home listings is over $1,000,000 and the average price is over $2,000,000. In the scheme of things, the slight increase in inventory over the last two weeks is pretty negligible in the scheme of things. The overall supply of single family homes for sale remains limited.

There was another modest uptick in land inventory this week. With inventory still relatively tight, I can’t see any big changes in the land market forthcoming.

Contact The Maui Real Estate Team

Market conditions remain surprisingly resilient. Personally, buyers I represented were in a couple of bidding wars for homes over the last ten days. While that isn’t uncommon with properties around and below the island’s median sales price, these multi offer situations were at higher price points. That marks a shift.

There is still variability in market conditions by location, property type and price point. Under these circumstances, quality representation and market knowledge is important. Contact The Maui Real Estate Team if you are considering buying or selling property on Maui. We look forward to learning about your real estate needs and offering our assistance and expertise.

Pete Jalbert

Maui Real Estate Blog

September 26th Weekly Maui Real Estate Market Update

Steady as she goes for buyer activity with new pending sales similar to last week. Weekly sales dropped in something of an anomaly. New inventory creeps up again with new home listings leading the way. Find out more details on this week’s numbers below.

This Week’s New Pending Sales

This chart tracks weekly new pending sales by property type in Maui County, Hawaii during the Covid-19 Pandemic.
Weekly new pending sales by property type in Maui County, Hawaii during the Covid-19 Pandemic. New pending sales are the best gauge of current buyer demand.

Maui Realtors reported 58 new pending sales over the seven day period between September 16th and the 22nd. That is around a 4% increase over last week. It is a 35% increase over new pending sales during the same seven day period of 2019. Buyer activity has been pretty consistent over the last five weeks with new pendings ranging between 54 and 60 properties.

Notable Numbers from This Week’s Pending Sales

  • The 56 new pending sales include 29 homes, 25 condos and 4 lots.
  • Of the 25 condos, 16 are in developments that allow vacation rentals.
  • The demand for higher priced properties remains strong. Five listings priced over $2,000,000 went under contract between the 16th and the 22nd. That includes 3 homes and 2 condos. The highest priced property to go under contract is a $12,000,000 listing in Makena. This 2 acre compound is located across the street from the ocean.

This Week’s Closed Transactions

This chart shows weekly closed transactions by property type in Maui County
Weekly closed transactions by property type in Maui County, Hawaii during the Covid-19 pandemic. Keep in mind that sales are a lagging indicator of buyer demand. Most transactions in Hawaii take 30-60 days to close.

Maui Realtors reported 37 closed transactions between September 16th and the 22nd. This is down 32% from the seven days prior. It is 35% lower than the same seven day period of 2019. I wouldn’t read too much into this decrease in sales. Keep in mind sales are a lagging indicator of buyer demand, and we didn’t see any significant dip in pending sales over the last couple of months. I think this week is just an outlier.

This Week’s New Inventory

This chart shows weekly new inventory by property type in Maui County.
Weekly new inventory by property type in Maui County, Hawaii during the Covid-19 Pandemic

After a couple of quieter weeks to start September, there was a bit of a resurgence in new listings over this seven day period. Maui Realtors brought 83 properties to market between September 16th and September 22nd. That is a 41% increase over the new inventory during the seven days prior. It is a 1% increase over the same seven day period of 2019.

This week was anomalous in that there was more new home inventory than new condo inventory. This is the first time that this has happened since I started these weekly posts. This is also the first time in a while that the inventory of homes for sale increased with more new listings than properties going under contract.

If you have been searching for lower priced homes, you may not have noticed this uptick in new home inventory. The median price of new listings was $1,149,000. The average price was $1,710,192.

It is worth noting that one week of increased home inventory is not a trend. It may very well be an outlier. That said, I will be keeping a closer eye on both the number and price point of new home listings in the coming weeks.

There was a net increase in condo listings again over this last seven day tracking period. The new condo inventory for the month of September remains pretty consistent with 38, 37 and 36 listings respectively over the last three seven day periods. The question is whether the soft reopening of tourism on October 15th will spur additional demand for condos.

Land inventory ticked up slightly this week with listings exceeding pending sales. Overall, the land inventory remains pretty steady. There is a slight uptick in land inventory over the last four weeks, but not enough to impact market conditions.

Contact The Maui Real Estate Team

As we enter the first week of fall, buyers remain active. This is typically a little quieter time of the year for buyers, but Covid appears to be skewing the seasonality of purchases. Buyers looking for homes are finding a tougher market. On the other end of the spectrum, condo buyers have a much bigger inventory to choose from. Contact The Maui Real Estate Team if you are considering buying or selling property on Maui. We are working hard to help our clients navigate the real estate market. These weekly updates speak in pretty broad brushes, but there is variability in market conditions by property type, location and price point. We look forward to learning more about your needs and briefing you on market conditions specific to your interests.

Pete Jalbert

Maui Real Estate Blog

September 18th Weekly Maui Real Estate Market Update

Time for our latest weekly update on Maui Real Estate market activity. For the seven day period between September 9th and September 15th, new pending sales dipped slightly from the week prior. After a quieter start to September, closed transactions increased. New inventory over the seven days is down from the high numbers we were seeing in August. Keep reading for more details.

This Week’s New Pending Sales

Chart that shows weekly new pending sales by property type in Maui County during the Covid-19 pandemic
Weekly new pending sales by property type in Maui County during the Covid-19 pandemic. New Pending Sales are the best indicator of current buyer demand.

Maui Realtors reported 56 new pending sales over the seven day period between September 9th and September 15th. That is down 7% from the previous seven day period. It matches the 56 pending sales over the same 7 day period of 2019.

Notable Numbers From This Week’s Pending Sales

  • Of the 56 new pending sales, 28 are homes, 24 are condos and 4 are vacant lots.
  • Of the 24 pending condo sales, 13 are located in developments that allow vacation rentals.
  • Four properties over $2,000,000 went under contract between the 9th and the 15th. They include 3 homes and 1 condo. One of the homes is a beachfront estate in Keawakapu listed for $9,800,000.

This Week’s Closed Transactions

This is a chart that shows weekly closed transactions by property type in Maui County
Weekly closed transactions by property type in Maui County, Hawaii during the Covid-19 Pandemic. Closed transactions are a lagging indicator of buyer demand.

Maui Realtors reported 54 sales over the seven day period between September 9th and September 15th. That is a 38% increase over the previous seven day period. It is worth noting that this weeks totals are more in line with recent sales numbers, while last week was something of an outlier. The 54 sales are 8% higher than the same seven day period of 2019. Also of note, Maui set a new highest sales price for the Covid era. A beachfront estate on Kapalua Place sold for $15,500,000.

This Week’s New Inventory

This chart shows weekly new inventory by property type in Maui County during Covid-19
Weekly new inventory by property type in Maui County, Hawaii.

After a massive influx of new inventory in August, weekly new listings are down in September. Maui Realtors listed 59 properties over the seven day period between September 9th and 15th. That is down 16% from the previous seven day period. It is down 21% from the same seven day period last year.

There are 37 new condo listings this week. While not quite the 50 plus new listings a week we were seeing in August, this still is enough to increase inventory. The increased inventory is softening prices in some developments. That said, we aren’t seeing big price drops as many sellers are holding out despite increasing days on market.

There are only 19 new single family home listings over the seven day period between September 9th and September 15th. That is below the number that went pending over the same seven day period. The single family home market on Maui continues to see contracting inventory. That in turn is putting upward pressure on prices.

Only 3 lots came on the market this week. While the inventory of lots for sale is not shrinking to the same extent as the inventory of homes, the inventory levels remain pretty steady.

Contact The Maui Real Estate Team, Inc.

Overall, the Maui Real Estate market continues to be resilient. Remote workers are relocating to the island and there are still local residents buying. We also now have a date for the soft reopening of tourism. The pre-travel testing program starts on October 15th. It is hard to say what kind of boost that could have on the market until we get a better sense of visitor numbers. The Maui Real Estate Team continues to be busy working with buyers and sellers. Contact The Maui Real Estate Team if you are interested in buying or selling property on Maui. We look forward to learning more about your needs.

Pete Jalbert

Maui Real Estate Blog

September 11, 2020 Weekly Maui Real Estate Market Update

And the beat goes on. Buyer activity remained steady over the seven day period between September 2nd and September 8th. Closed transactions dipped. While there was still a pretty healthy amount of new inventory over this seven day period, it didn’t quite match the weekly volume of the four weeks prior. Keep reading below for more details.

This Week’s New Pending Sales

This chart shows weekly new pending real estate sales by property type in Maui County during Covid-19
Weekly new pending sales by property type during the Covid-19 pandemic. New pending sales are a good indicator of current buyer demand.

Maui Realtors reported 60 new pending home sales between September 2nd and September 8th. That is the same exact number as the seven days prior. It is also the same number as the same seven day period of 2019.

Notable Numbers from This Weeks Pending Sales

  • The 60 new pending sales include 25 homes, 26 condos and 9 lots.
  • Of the 26 condos, 21 are in developments that allow vacation rentals. Anecdotally, it seems like the uptick in vacation rental condo activity may be a response to softening prices in some developments. Or it could just be a random fluctuation. We shall see in the weeks ahead.
  • The 9 new pending lot sales included 6 oceanfront lots in Haiku. They are all contiguous to each other. Perhaps it is a single buyer?
  • It was another pretty busy week for luxury real estate buyers on Maui. Seven properties priced over $2,000,000 went under contract between the 2nd and the 8th. The seven properties consist of 3 homes, 2 condos and 2 lots.

This Weeks Closed Transaction Numbers

This chart shows weekly real estate sales by property type in Maui County, Hawaii during the Covid-19 pandemic.
Weekly closed transactions by property type in Maui County, Hawaii during the Covid-19 pandemic. Sales are something of a lagging inventory for market demand. Most transactions in Hawaii take 30-60 days to close after going under contract.

Maui Realtors reported 39 closed transactions between September 2nd and September 8th. That is down 34% from the week prior. It is down 29% from the same seven day period of 2019. Keep in mind that sales are a lagging indicator of buyer demand. I wouldn’t read too much into the more dramatic dip in numbers this week. I think it is something of a random fluctuation.

This Week’s New Inventory

This chart shows weekly new inventory by property type in Maui County during the Covid-19 pandemic.
Weekly new inventory by property type during the Covid-19 pandemic.

Maui Realtors brought 70 properties to market between the 2nd and the 8th of September. That is down 27% from the seven days prior. It is 13% more than the same seven day period of 2019. While there is a pretty big drop in new inventory compared to last week, the fact that we are up over the same time last year provides some context.

Once again, condos were the greatest proportion of the new inventory. The 38 condos that came to market exceed the number that went under contract. We continue to see growth in condo inventory. This is softening prices in the condo developments with increasing inventory.

There were only 23 homes that came to market last week. That is below the number that went pending. The home inventory continues to remain limited. Lack of inventory and continued demand is creating some upward pressure on pricing.

The 9 new lot listings that came to market is equal to the 9 that went pending between the 2nd and the 8th. The inventory of lots for sale remains pretty steady. In general, the steady inventory seems to be sustaining current pricing.

Fall is typically a slower time for new inventory on island. It will be interesting to see how this year stacks up compared to years past. My guess is that we won’t be like a typical year. That said, the Covid era market has defied a lot of my expectations thus far.

Contact The Maui Real Estate Team

Buyer activity on Maui remains pretty strong as we enter the fall. Low interest rates are a factor. It also appears as if we are seeing our share of buyers taking advantage of work from anywhere policies. Those factors are offsetting the head winds of closed tourism and a difficult local economy. We are seeing some variability in market conditions based on property type, location and price point. Contact the Maui Real Estate Team if you are a buyer or seller thinking of entering the market. We look forward to learning more about your real estate needs and offering our market expertise.

Pete Jalbert