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.
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
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
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.