Maui Real Estate Blog
January 7th, 2021, Semi-Weekly, Occasional Maui Real Estate Update
I haven’t quite reclaimed my weekly posting mojo hence the title of this post. That said, I wanted to look at sales activity for the seven day period between December 23rd and 29th. I also wanted to highlight some of the numbers from December 16th-22nd. That was a pretty extraordinary week for real estate activity on Maui. Keep reading for notable numbers from those 14 days.
A Quick Recap of December 16th-22nd
While it may not be getting its own post, this week can’t go without mention. It was far and away the busiest seven day period of 2020. That includes the pre-pandemic market. While it isn’t unusual for us to be outperforming pre-pandemic numbers, the weeks right before Christmas don’t typically see robust market activity. The winter time off island buyers tend to become more active right after Christmas. On island buyers tend to be more focused on the holidays than home buying.
Here are some notable numbers from the 16th-22nd.
- There were 86 new pending sales. That is 21% higher than the previous high for 2020. It is 56% more activity than the same seven day period of 2019.
- The home market was a big driver for this robust week of activity. The 40 new weekly pending home sales is a high for the year.
- Heightened activity at higher price points also played a role. An impressive 11 properties went pending listed over $2,000,000 including 5 over $6,000,000. Of note, 2 homes subsequently fell out of contract.
- The 16th-22nd also saw a lot of high end sales with 9 transactions closing for more than $2,000,000. That includes a $19,000,000 oceanfront sale in Makena. That comes on the heels of an oceanfront estate in Kapalua that Closed for $24,000,000 the week prior. That sale was the highest ever in West Maui.
Needless to say, the 16th-22nd was an extremely busy week for buyers. Now on to our latest seven day tracking period.
New Pending Sales for December 23-29th
Maui Realtors reported 56 new pending sales over the seven day period between December 23rd and December 29th. This is a 35% drop in activity from the the extremely busy seven days prior. That said, it is 65% higher than the same seven day period of 2019. It is worth remembering that this seven day period includes Christmas. The drastic increase over last year provides some context for the high demand this year.
Notable Numbers From The Pending Sales Between December 22nd-28th.
- The 56 pending sales include 23 homes, 30 condos and 3 lots.
- The 30 condo sales include 16 vacation rentals . There are 4 additional condos located in resort areas that prohibit vacation rentals.
- Seven properties listed for more than $2,000,000 went under contract. They include 5 homes and 2 condos.
Closed Transactions Between December 22nd and 28th
Maui Realtors reported 55 sales over the seven day period between December 23rd and December 29th. This is 21% fewer transactions than the seven days prior. It is 62% higher than the same seven day period of 2019. As with the pending sales, we would expect lower numbers compared to the week prior. There is one less day for recorded sales, and some sellers and buyers would want to avoid closing right around Christmas. That said, the 2019 numbers provide some context as to how busy things were comparatively.
New Listings December 23rd-29th
Maui Realtors listed 40 properties in the seven day period between December 23rd and 29th. That is 34% fewer properties than the seven days prior. It is 5% more new listings than the same seven day period of 2019. It is not a big surprise that this is a quieter week for new inventory. Listings that come to market right around the holiday may not get as much visibility with buyers.
Of the 40 new listings, only 12 are homes. This is quite a bit less than the 20 that went under contract. Scarcity of inventory remains a big factor in the single family home market as we enter the new year.
The new listings between the 23rd and 29th included 27 condos. This is also below the 30 condos that went under contract. While there is more condo inventory than home inventory available, buyers may find limited inventory depending on where they are searching.
There was just 1 new land listing to hit the market between the 23rd and the 29th. The land market saw a slight decrease in inventory over December. While there is variability based on geography, the land market also suffers to an extent from a lack of options.
Contact The Maui Real Estate Team
As we enter the new year, buyer activity remains strong and supply limited. At the same time, there seems to be growing instability in the world with Covid numbers continuing to rise and significant political unrest. Will that impact the market? Thus far, the Maui market remains resilient. If anything there is an argument that the relative safe haven of Maui may be appealing to buyers. We continue to work hard for buyers and sellers in these challenging times. Contact The Maui Real Estate Team if you are looking to buy or sell property on Maui. We look forward to talking to you and learning more about your real estate needs.