Maui’s Real Estate market started 2021 on a similar foot to how it ended 2020. Strong buyer demand continues to persist. I haven’t quite gotten back to weekly posting, but this week’s post should at least have us caught up. I will take a brief look at the numbers over the seven day period between December 30th and January 5th followed by a more in depth look at the very busy week between January 6th and January 12th. Keep reading for more numbers.
Buyer Activity Between December 30th and January 5th
Christmas time is traditionally thought of as the start of peak buyer season on Maui. This correlates with the start of peak visitor season. That said, the weeks right after Christmas and around the new year tend to be something of a mixed bag for Maui Real Estate. Some years, buyer activity is particularly robust. Other years it is more quiet. Despite comparatively low visitor numbers, the seven days between December 30th, 2020 and January 5th, 2021 showed solid activity.
- Maui Realtors reported 62 pending sales between the 30th and the 5th. That is 11% higher than the week prior. It is 63% more activity than the same seven day period last year.
- The 62 pending sales include 21 homes, 35 condos and 6 lots.
- The high end market remains busy with 9 properties priced $2,000,000 or above going under contract.
- Sales were solid with 65 closed transactions. This reflects the solid buyer demand from October through early December.
- New inventory was limited between the 30th and the 5th with 40 new listings. That includes only 12 homes and 1 lot.
While this week represented represented a solid start for our “typical” buyer season, the numbers for the 6th-12th of January are pretty eye popping.
New Pending Sales January 6th-12th
Maui County Realtors reported 92 new pending sales over the seven day period between January 6th and 12th. That is a 48% increase in buyer activity over both the seven days prior and the same seven day period of 2020.
Notable Numbers From the Pending Sales Between January 6th-12th
- The 92 pending sales included 35 homes, 47 condos and 10 lots.
- This is a highest number of weekly pending sales than any seven day period of 2020.
- The 47 new pending condo sales represents the highest weekly total since I began tracking this data during Covid.
- Of the 47 pending condo sales, 26 are vacation rental friendly condos. Another 6 new pending condo sales are located in resort developments that prohibit vacation rentals.
- The high end market continues to be busy with 10 new pending sales over $2,000,000. That includes 7 homes and 3 condos.
- The 10 new pending land sales ties the previous Covid era weekly high.
January 6-12 Closed Transactions
Maui Realtors reported 57 closed transactions over the seven day period between January 6th and 12th. That is 10% lower than the seven days prior. That is 68% higher than the same seven day period of 2020.
New Inventory Between January 6th and January 12th
Maui Realtors listed 74 properties over the seven day period between January 6th and 12th. That is an 85% increase in new listings over the week prior. It is 4% lower than the same seven day period of 2020.
Of the 74 new listings, 22 are single family homes. That is well below the 35 new home pending sales this week. That means a further reduction in inventory. Thus far, the new year is not bringing a respite from our home inventory shortage.
Forty new condo listings came to market between the 6th and the 12th. Normally, that would represent a pretty strong week for new inventory. That said, it is still below the 48 new pending condo sales. The condo inventory is not as limited as the single family home inventory. It is worth noting that there is also a fair amount of variability in the supply depending on geography and price point.
The land inventory is the only market segment with a net increase this week thanks to 12 new listings. That compares to 10 pendings. This modest increase is hardly anything to move the market. As a whole the inventory of lots for sale remains pretty stable.
Contact The Maui Real Estate Team
Needless to say, the numbers point to continued robust market activity. Buyer demand remains strong and supply limited. Contact The Maui Real Estate Team if you are thinking of buying or selling property. We look forward to working with you and learning more about your real estate needs.
