Maui Real Estate Blog

September 11, 2020 Weekly Maui Real Estate Market Update

And the beat goes on. Buyer activity remained steady over the seven day period between September 2nd and September 8th. Closed transactions dipped. While there was still a pretty healthy amount of new inventory over this seven day period, it didn’t quite match the weekly volume of the four weeks prior. Keep reading below for more details.

This Week’s New Pending Sales

This chart shows weekly new pending real estate sales by property type in Maui County during Covid-19
Weekly new pending sales by property type during the Covid-19 pandemic. New pending sales are a good indicator of current buyer demand.

Maui Realtors reported 60 new pending home sales between September 2nd and September 8th. That is the same exact number as the seven days prior. It is also the same number as the same seven day period of 2019.

Notable Numbers from This Weeks Pending Sales

  • The 60 new pending sales include 25 homes, 26 condos and 9 lots.
  • Of the 26 condos, 21 are in developments that allow vacation rentals. Anecdotally, it seems like the uptick in vacation rental condo activity may be a response to softening prices in some developments. Or it could just be a random fluctuation. We shall see in the weeks ahead.
  • The 9 new pending lot sales included 6 oceanfront lots in Haiku. They are all contiguous to each other. Perhaps it is a single buyer?
  • It was another pretty busy week for luxury real estate buyers on Maui. Seven properties priced over $2,000,000 went under contract between the 2nd and the 8th. The seven properties consist of 3 homes, 2 condos and 2 lots.

This Weeks Closed Transaction Numbers

This chart shows weekly real estate sales by property type in Maui County, Hawaii during the Covid-19 pandemic.
Weekly closed transactions by property type in Maui County, Hawaii during the Covid-19 pandemic. Sales are something of a lagging inventory for market demand. Most transactions in Hawaii take 30-60 days to close after going under contract.

Maui Realtors reported 39 closed transactions between September 2nd and September 8th. That is down 34% from the week prior. It is down 29% from the same seven day period of 2019. Keep in mind that sales are a lagging indicator of buyer demand. I wouldn’t read too much into the more dramatic dip in numbers this week. I think it is something of a random fluctuation.

This Week’s New Inventory

This chart shows weekly new inventory by property type in Maui County during the Covid-19 pandemic.
Weekly new inventory by property type during the Covid-19 pandemic.

Maui Realtors brought 70 properties to market between the 2nd and the 8th of September. That is down 27% from the seven days prior. It is 13% more than the same seven day period of 2019. While there is a pretty big drop in new inventory compared to last week, the fact that we are up over the same time last year provides some context.

Once again, condos were the greatest proportion of the new inventory. The 38 condos that came to market exceed the number that went under contract. We continue to see growth in condo inventory. This is softening prices in the condo developments with increasing inventory.

There were only 23 homes that came to market last week. That is below the number that went pending. The home inventory continues to remain limited. Lack of inventory and continued demand is creating some upward pressure on pricing.

The 9 new lot listings that came to market is equal to the 9 that went pending between the 2nd and the 8th. The inventory of lots for sale remains pretty steady. In general, the steady inventory seems to be sustaining current pricing.

Fall is typically a slower time for new inventory on island. It will be interesting to see how this year stacks up compared to years past. My guess is that we won’t be like a typical year. That said, the Covid era market has defied a lot of my expectations thus far.

Contact The Maui Real Estate Team

Buyer activity on Maui remains pretty strong as we enter the fall. Low interest rates are a factor. It also appears as if we are seeing our share of buyers taking advantage of work from anywhere policies. Those factors are offsetting the head winds of closed tourism and a difficult local economy. We are seeing some variability in market conditions based on property type, location and price point. Contact the Maui Real Estate Team if you are a buyer or seller thinking of entering the market. We look forward to learning more about your real estate needs and offering our market expertise.

Pete Jalbert

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