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
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
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?
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.