Maui Real Estate Blog
October 26th Weekly Maui Real Estate Market Update
As we move into the middle of October, a lot of new pending sales shows buyer demand for the Maui Real Estate market remains strong. Closed transaction took another anomalous dip. While new inventory ticked up again led by new condo listings. Keep reading for all of the numbers for October 14th-20th.
This Week’s Pending Sales
Maui Realtors reported 61 new pending sales over the six day period between October 14th and October 20th. That is approximately a 2% increase over the seven days prior. It is 15% more activity than the same period of 2019.
Notable Numbers From This Week’s Pending Sales
- This is the fourth straight week of 60 or more new pending sales
- The 61 new pending sales included 28 homes, 27 condos and 6 lots.
- Of the 27 condo pendings, 17 are located in developments that allow vacation rentals.
- The high end market continues to see heightened levels of activity. Six homes and one condo priced over $2,000,000 went under contract this week.
This Week’s Closed Transactions
Maui Realtors reported 37 properties sold over the seven day period between October 14th and October 20th. This is 36% below the prior seven days. It is 26% below the same seven days of 2019. The low sales numbers were driven largely by a lack of single family home sales. Only 11 homes closed.
I have to say the sales numbers make me scratch my head a little. Dating back to mid-July, the lowest weekly pending sales number is 51. Since the start of September, there have been four weeks with 42 sales or less. We are seeing a few properties fall out of escrow, but not enough to quite explain the difference between pending and sales.
This Week’s New Inventory
Maui Realtors listed 87 properties between October 14th and 20th. This is a 45% increase over last week. It is 14% higher than the same seven days of 2019.
Last week, I asked the question as to whether we might see more condo owners decide to bring their property to market with visitors back on island. The answer to that question is a resounding yes. The 53 condos that came to market is the highest weekly total since the last week of August. The next question is whether we continue to see higher levels of condo inventory going to market or if the surge is limited to immediately around the reopening.
The 53 new condo listings is well over the 27 that went under contract over the same period. After a couple of weeks of slower inventory growth, the condo inventory jumped again. This is going to be really interesting to follow the inventory over the next few weeks. As asked above, will we see a lot of new listings? On the other end of the spectrum, might we see an increase in demand for vacation rental condos with visitors/potential buyers back on island.
The 26 new home listings is less than the 28 new pending home sales. This means another modest decrease in inventory. As with recent weeks, the decrease in inventory is particularly pronounced at lower price points with few home listings coming to market under $800,000. The median price of the new home listings this week came in at $1,422,500. The average price of the new home listings is $2,373,125. Limited inventory and strong buyer demand is pushing up home values in many of the markets around the island.
The land inventory saw another modest increase with 8 new listings compared to 6 new pending sales. Overall, inventory in the land market seems to be pretty steady. If anything, pricing seems to be increasing modestly in a number of markets around the island. This is particularly the case Upcountry and in Haiku. Those markets are seeing more activity.
Contact The Maui Real Estate Team
Market activity remains very strong on island. Buyer demand is fueled by two separate dynamics. Local buyers with steady employment are taking advantage of very low interest rates. There is also a healthy pool of off island buyers who are relocating to the island. The work from anywhere ethos is causing a fair number of people to make the move to Maui. Contact The Maui Real Estate Team if you are thinking of buying or selling property on island. We are working hard to bring our clients success in these dynamic market conditions. We look forward to talking and learning more about your real estate needs.