Maui Real Estate Blog

November 18 Weekly Maui Real Estate Market Update

Maui Real Estate activity remained strong over the seven day period between November 4th and 10th. While much of the world seemed glued to their phone or TV watching election results, buyers continued to submit offers. Closed transactions were strong over this period, while the number of new listings coming to market remained relatively limited. Keep reading below for more details on the numbers.

This Weeks New Pending Sales

This chart shows weekly new pending sales by property type in Maui County over a period running from late February through November 10th. This is a good indicator of current market demand. New Pending sales show current market demand from buyers.
Weekly new pending sales by property type in Maui County, Hawaii during the Covid-19 pandemic. New pending sales are a good indicator of current market demand from buyers.

Maui Realtors reported 63 new pending sales over the seven day period between November 4th and November 10th. That is the same exact number of new pendings as the seven days prior. It is 4% less than the same seven day period of 2019.

Notable Numbers from This Week’s New Pending Sales

  • This is the seventh straight week of over 60 new pending sales.
  • This week’s new pendings include 23 homes, 34 condos and 6 lots.
  • Of the 34 new pending condo sales, 14 are located in vacation rental friendly condos. Three more are located in developments that prohibit vacation rentals.
  • Buyers are returning to some of the entry level condos in Kihei that were quiet through much of Covid-19 with the active inventory steadily decreasing in places like Kihei Villages and Southpointe at Waiakoa.
  • It was another busy week in the high end real estate market. Seven properties listed for over $2,000,000 went under contract including 4 homes, 2 condos and 1 lot.

This Week’s Closed Transactions

This chart shows weekly closed transaction by property type in Maui County. The chart starts in Late February and runs through November 10th.
Weekly closed transactions by property type in Maui County, Hawaii during the Covid-19 pandemic. Closed transactions are a lagging indicator of current market demand. Most transactions take 30-60 days to close after the original signing of the contract.

Maui Realtors reported 67 sales over the seven day period between November 4th and November 10th. That is approximately a 16% increase over the previous seven days. It is 49% higher than the same seven day period of 2019.

How Much New Inventory Hit The Market?

This chart shows weekly new listings by property type in Maui County. The chart runs from late February through November 10th.
Weekly new listings by property type in Maui County, Hawaii during the Covid-19 pandemic.

Maui Realtors listed 68 properties over the seven day period between November 4th and 10th. This is 8% lower than the previous seven day period. It is 24% lower than the same seven day period of 2019.

Once again, the condo market led the way with 43 new listings. With 34 condos going pending, that means a net increase in condo inventory. The condo market is interesting right now. There is pretty good demand coming from buyers. It seems like some of the increase in demand is for entry level non-vacation rental condos as I mentioned above. It’s not clear if that is coming from a resurgence in local buyers or off island buyers at this point.

Only 21 homes came to market between the 4th and the 10th. With 23 properties going under contract, that means a net decrease in active inventory. The median price of the new home listings for this period is an astounding $2,495,000 and the average price of the new listings is $4,446,333. Needless to say, this week didn’t provide much relief for buyers hoping for an increase in lower priced listings. The home market continues to feel upward pricing pressure due to limited inventory.

It was a quiet seven days for land listings with only 4 lots coming to market between the 4th and the 10th. With 6 lots going under contract over the same period, the active inventory of lots shrunk modestly.

Contact The Maui Real Estate Team

The Maui Real Estate market didn’t just survive election week. It thrived with strong buyer demand. While overall market conditions are strong, there is still variability in the market. Contact The Maui Real Estate Team if you are considering buying or selling property on Maui. We would welcome the chance to sit down and listen to your real estate needs and provide market insights specific to your interests.

Pete Jalbert

Maui Real Estate Blog

November 11th Weekly Maui Real Estate Market Update

As the calendar flipped from October to November, buyer demand remained strong on Maui. The seven day period between October 28th and November 3rd is the sixth in a row with 60 or greater new pending sales. Closed transactions were solid over this period. Meanwhile, new inventory for the week increased. Keep reading below for more details.

This chart shows weekly new pending sales in Maui County by property type. The chart starts in late February/early March right as the global impact of Covid started to become apparent. It runs through November third.
This chart shows weekly pending sales in Maui County by property type. It runs from right before Covid-19 started to impact the Maui Real Estate market up until November 3rd. New pending sales are the best indicator of current market demand.

Maui Realtors reported 63 new pending sales between October 28th and November 3rd. That is a 7% decrease from 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

  • This week’s new pending sales include 19 homes, 37 condos and 7 lots.
  • Of the 37 condos, 21 are located in developments that allow vacation rentals. Three more condos are resort area condos in complexes that prohibit vacation rentals.
  • Compared to recent weeks, the high end market was quieter with 3 properties with asking prices in excess of $2,000,000 going under contract.

This Week’s Closed Transactions

This chart shows weekly closed transactions by property type in Maui County. The time period runs from late February up through November 3rd.
This chart shows weekly closed transactions by property type in Maui County during the Covid-19 era. Sales are a lagging inventory of buyer demand in the market.

Maui Realtors reported 58 sales over the seven day period between October 28th and November 3rd. This is a 5% increase over the seven days prior. It is 15% less sales activity than the same seven day period of 2019.

This Week’s New Inventory

This chart shows weekly new Maui Real Estate listings by property type. The chart runs from late February through November 3rd.
This chart shows weekly new listings by property type in Maui County, Hawaii.

Maui Realtors brought 74 new listings to market over the seven day period between the 28th and the 3rd. That is roughly a 40% increase over the seven days prior. It is a 14% drop from the same seven day period of 2019.

There are 47 new condo listings that came to market over this period. While the 37 condos that went under contract during the week ties the Covid-19 era weekly high, the inventory increased thanks to this wave of new listings. The condo market is in something of a state of flux. For three of the last five weeks, we saw a net decrease in inventory. Stronger demand combined with fewer condos coming to market. We also saw a couple of weeks like this one when a large number of new listings hit the market.

At this point, I would say condo inventory trends are uncertain. Will we see a higher number of new listings go to market as we get closer to what is our traditional peak buyer season? What type of a peak buyer/visitor season will we have with a rapid increase of Covid cases on the mainland?

Only 23 new home listings came to market between the 28th and the 3rd. That still represents a very modest boost in inventory when compared to the 19 homes that went pending. The median price of the new listings also slipped well below $1,000,000 for the first time in a while. The median price of $744,900 is due in large part of a number of new listings in the new Upcountry subdivision Kua’aina Mauka. Regardless, the home inventory remains very limited on the island.

Only 4 new land listings came to market over this seven day period. This represents a net decrease in land inventory with 7 lots going under contract during the same period.

Contact The Maui Real Estate Team

As we get further into fall, the Maui Real Estate market continues to chug along with strong buyer demand. Limited inventory remains a big factor in the single family home market. The condo market has far greater supplies of inventory, but condo buyer activity also increased over the month. Contact the Maui Real Estate Team if you are thinking of buying or selling property on Maui. We are working hard to bring our buyers and sellers success in these dynamic market conditions. We would welcome the opportunity to earn your business and help you navigate the market.

Pete Jalbert

Maui Real Estate Blog

November 3rd Weekly Maui Real Estate Market Update

October ends with a bang. The seven day period between the 21st and the 27th was the strongest week for buyer demand during Covid-19. Closed transactions ticked up quite a bit after another one of those anomalously slow weeks. Inventory remains tight with even the condo market showing a rare decrease in net inventory. Take a break from your election week angst and find out this week’s numbers below.

This chart shows weekly Maui Real Estate market new pending sales by property type. The chart starts in late February and early March. The stay at home order for Maui went into effect on March 25th.
Weekly new pending Maui real estate sales by property type. New pending sales are the best indicator of current market demand from buyers.

Maui Realtors reported 68 new pending sales for the seven day period between October 21st and 27th. That is 11% more than the seven days prior. It is 25% more than the same seven day period of 2019.

Notable Numbers From This Week’s Pending Sales

  • The 68 new pending sales included 24 homes, 36 condos and 8 lots.
  • Of the 36 new pending condo sales, 19 are vacation rental friendly. Three of the other new pending sales are higher priced resort area condos that prohibit vacation rentals.
  • Demand in the high end property market remains strong with another 6 new pending sales priced over $2,000,000. That includes 5 homes and 1 condo.

This Week’s Closed Transactions

This chart shows closed transaction by property type in Maui County. It runs from late February and early March all the way to late October.
Weekly closed transactions by property type in Maui County, Hawaii. Sales are a lagging indicator of market demand. Most sales are from 30-60 days prior.

Maui Realtors Reported 55 sales over the seven day period between October 21st and October 27th. That is a 49% increase over the slow seven days prior. It is 11% slower than the same seven day period last year. It is worth noting that last year’s numbers were boosted by 5 new developer closes from longer duration contracts.

This Week’s New Inventory

This chart shows weekly new inventory by property type in Maui County Hawaii from late Febraury and Early March up to the present.
Weekly New Inventory by Property Type in Maui County, Hawaii during the Covid-19 Pandemic

Maui Realtors brought only 53 properties to market over the seven days between October 21st and October 27th. That is a 39% drop from the seven days prior. It is 35% lower than the same seven day period of 2019. After a busy week of new listings that coincided with the state’s reopening of tourism, new inventory plummeted over this seven day period.

There are 28 new condo listings that came to market between the 21st and the 27th. With 36 new pending condo sales over the same period, we are seeing a net decrease in active condo inventory. While there is still quite a bit of inventory in the condo market, the wave of new condo inventory may be subsiding. The question is whether the election or the approach of our traditional tourism season cause upticks in inventory.

The home market continues to see a dearth of new inventory. Maui Realtors only listed 19 homes between the 21st and the 27th. That marks another net decrease in inventory with 24 listings going under contract. Again, the new inventory skews towards higher price points with a median price of $1,750,000 and an average price of $3,017,157. Once again, buyers looking below $800,000 aren’t seeing much in the way of new inventory. The lack of inventory is putting upward pressure on pricing.

Only 6 new land listings came on the market this week. With 8 pending sales, that is a net decrease in inventory. The inventory in the land market remains relatively flat overall.

Contact The Maui Real Estate Team

Market conditions on Maui remain strong with heightened buyer activity and growing scarcity particularly in the home market. We are working hard to represent our buyers and sellers in these extraordinary times. Contact The Maui Real Estate Team if you are thinking about buying or selling property on Maui. We look forward to talking to you and learning more about your needs.

Pete Jalbert

Maui Real Estate Blog

October 26th Weekly Maui Real Estate Market Update

As we move into the middle of October, a lot of new pending sales shows buyer demand for the Maui Real Estate market remains strong. Closed transaction took another anomalous dip. While new inventory ticked up again led by new condo listings. Keep reading for all of the numbers for October 14th-20th.

This Week’s Pending Sales

This is a chart showing the weekly new pending sales by property type in Maui County during the Covid Pandemic.
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 market demand .

Maui Realtors reported 61 new pending sales over the six day period between October 14th and October 20th. That is approximately a 2% increase over the seven days prior. It is 15% more activity than the same period of 2019.

Notable Numbers From This Week’s Pending Sales

  • This is the fourth straight week of 60 or more new pending sales
  • The 61 new pending sales included 28 homes, 27 condos and 6 lots.
  • Of the 27 condo pendings, 17 are located in developments that allow vacation rentals.
  • The high end market continues to see heightened levels of activity. Six homes and one condo priced over $2,000,000 went under contract this week.

This Week’s Closed Transactions

This chart shows weekly closed transactions in Maui County during the Covid Nineteen Pandemic.
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.

Maui Realtors reported 37 properties sold over the seven day period between October 14th and October 20th. This is 36% below the prior seven days. It is 26% below the same seven days of 2019. The low sales numbers were driven largely by a lack of single family home sales. Only 11 homes closed.

I have to say the sales numbers make me scratch my head a little. Dating back to mid-July, the lowest weekly pending sales number is 51. Since the start of September, there have been four weeks with 42 sales or less. We are seeing a few properties fall out of escrow, but not enough to quite explain the difference between pending and sales.

This Week’s New Inventory

Maui Realtors listed 87 properties between October 14th and 20th. This is a 45% increase over last week. It is 14% higher than the same seven days of 2019.

Last week, I asked the question as to whether we might see more condo owners decide to bring their property to market with visitors back on island. The answer to that question is a resounding yes. The 53 condos that came to market is the highest weekly total since the last week of August. The next question is whether we continue to see higher levels of condo inventory going to market or if the surge is limited to immediately around the reopening.

The 53 new condo listings is well over the 27 that went under contract over the same period. After a couple of weeks of slower inventory growth, the condo inventory jumped again. This is going to be really interesting to follow the inventory over the next few weeks. As asked above, will we see a lot of new listings? On the other end of the spectrum, might we see an increase in demand for vacation rental condos with visitors/potential buyers back on island.

The 26 new home listings is less than the 28 new pending home sales. This means another modest decrease in inventory. As with recent weeks, the decrease in inventory is particularly pronounced at lower price points with few home listings coming to market under $800,000. The median price of the new home listings this week came in at $1,422,500. The average price of the new home listings is $2,373,125. Limited inventory and strong buyer demand is pushing up home values in many of the markets around the island.

The land inventory saw another modest increase with 8 new listings compared to 6 new pending sales. Overall, inventory in the land market seems to be pretty steady. If anything, pricing seems to be increasing modestly in a number of markets around the island. This is particularly the case Upcountry and in Haiku. Those markets are seeing more activity.

Contact The Maui Real Estate Team

Market activity remains very strong on island. Buyer demand is fueled by two separate dynamics. Local buyers with steady employment are taking advantage of very low interest rates. There is also a healthy pool of off island buyers who are relocating to the island. The work from anywhere ethos is causing a fair number of people to make the move to Maui. Contact The Maui Real Estate Team if you are thinking of buying or selling property on island. We are working hard to bring our clients success in these dynamic market conditions. We look forward to talking and learning more about your real estate needs.

Pete Jalbert

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