Steady as she goes for buyer activity with new pending sales similar to last week. Weekly sales dropped in something of an anomaly. New inventory creeps up again with new home listings leading the way. Find out more details on this week’s numbers below.
This Week’s New Pending Sales
Maui Realtors reported 58 new pending sales over the seven day period between September 16th and the 22nd. That is around a 4% increase over last week. It is a 35% increase over new pending sales during the same seven day period of 2019. Buyer activity has been pretty consistent over the last five weeks with new pendings ranging between 54 and 60 properties.
Notable Numbers from This Week’s Pending Sales
- The 56 new pending sales include 29 homes, 25 condos and 4 lots.
- Of the 25 condos, 16 are in developments that allow vacation rentals.
- The demand for higher priced properties remains strong. Five listings priced over $2,000,000 went under contract between the 16th and the 22nd. That includes 3 homes and 2 condos. The highest priced property to go under contract is a $12,000,000 listing in Makena. This 2 acre compound is located across the street from the ocean.
This Week’s Closed Transactions
Maui Realtors reported 37 closed transactions between September 16th and the 22nd. This is down 32% from the seven days prior. It is 35% lower than the same seven day period of 2019. I wouldn’t read too much into this decrease in sales. Keep in mind sales are a lagging indicator of buyer demand, and we didn’t see any significant dip in pending sales over the last couple of months. I think this week is just an outlier.
This Week’s New Inventory
After a couple of quieter weeks to start September, there was a bit of a resurgence in new listings over this seven day period. Maui Realtors brought 83 properties to market between September 16th and September 22nd. That is a 41% increase over the new inventory during the seven days prior. It is a 1% increase over the same seven day period of 2019.
This week was anomalous in that there was more new home inventory than new condo inventory. This is the first time that this has happened since I started these weekly posts. This is also the first time in a while that the inventory of homes for sale increased with more new listings than properties going under contract.
If you have been searching for lower priced homes, you may not have noticed this uptick in new home inventory. The median price of new listings was $1,149,000. The average price was $1,710,192.
It is worth noting that one week of increased home inventory is not a trend. It may very well be an outlier. That said, I will be keeping a closer eye on both the number and price point of new home listings in the coming weeks.
There was a net increase in condo listings again over this last seven day tracking period. The new condo inventory for the month of September remains pretty consistent with 38, 37 and 36 listings respectively over the last three seven day periods. The question is whether the soft reopening of tourism on October 15th will spur additional demand for condos.
Land inventory ticked up slightly this week with listings exceeding pending sales. Overall, the land inventory remains pretty steady. There is a slight uptick in land inventory over the last four weeks, but not enough to impact market conditions.
Contact The Maui Real Estate Team
As we enter the first week of fall, buyers remain active. This is typically a little quieter time of the year for buyers, but Covid appears to be skewing the seasonality of purchases. Buyers looking for homes are finding a tougher market. On the other end of the spectrum, condo buyers have a much bigger inventory to choose from. Contact The Maui Real Estate Team if you are considering buying or selling property on Maui. We are working hard to help our clients navigate the real estate market. These weekly updates speak in pretty broad brushes, but there is variability in market conditions by property type, location and price point. We look forward to learning more about your needs and briefing you on market conditions specific to your interests.
