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.
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
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
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.