Time for our latest weekly update on Maui Real Estate market activity. For the seven day period between September 9th and September 15th, new pending sales dipped slightly from the week prior. After a quieter start to September, closed transactions increased. New inventory over the seven days is down from the high numbers we were seeing in August. Keep reading for more details.
This Week’s New Pending Sales
Maui Realtors reported 56 new pending sales over the seven day period between September 9th and September 15th. That is down 7% from the previous seven day period. It matches the 56 pending sales over the same 7 day period of 2019.
Notable Numbers From This Week’s Pending Sales
- Of the 56 new pending sales, 28 are homes, 24 are condos and 4 are vacant lots.
- Of the 24 pending condo sales, 13 are located in developments that allow vacation rentals.
- Four properties over $2,000,000 went under contract between the 9th and the 15th. They include 3 homes and 1 condo. One of the homes is a beachfront estate in Keawakapu listed for $9,800,000.
This Week’s Closed Transactions
Maui Realtors reported 54 sales over the seven day period between September 9th and September 15th. That is a 38% increase over the previous seven day period. It is worth noting that this weeks totals are more in line with recent sales numbers, while last week was something of an outlier. The 54 sales are 8% higher than the same seven day period of 2019. Also of note, Maui set a new highest sales price for the Covid era. A beachfront estate on Kapalua Place sold for $15,500,000.
This Week’s New Inventory
After a massive influx of new inventory in August, weekly new listings are down in September. Maui Realtors listed 59 properties over the seven day period between September 9th and 15th. That is down 16% from the previous seven day period. It is down 21% from the same seven day period last year.
There are 37 new condo listings this week. While not quite the 50 plus new listings a week we were seeing in August, this still is enough to increase inventory. The increased inventory is softening prices in some developments. That said, we aren’t seeing big price drops as many sellers are holding out despite increasing days on market.
There are only 19 new single family home listings over the seven day period between September 9th and September 15th. That is below the number that went pending over the same seven day period. The single family home market on Maui continues to see contracting inventory. That in turn is putting upward pressure on prices.
Only 3 lots came on the market this week. While the inventory of lots for sale is not shrinking to the same extent as the inventory of homes, the inventory levels remain pretty steady.
Contact The Maui Real Estate Team, Inc.
Overall, the Maui Real Estate market continues to be resilient. Remote workers are relocating to the island and there are still local residents buying. We also now have a date for the soft reopening of tourism. The pre-travel testing program starts on October 15th. It is hard to say what kind of boost that could have on the market until we get a better sense of visitor numbers. The Maui Real Estate Team continues to be busy working with buyers and sellers. Contact The Maui Real Estate Team if you are interested in buying or selling property on Maui. We look forward to learning more about your needs.