Maui Real Estate Blog
September 4, 2020 Weekly Maui Real Estate Market Update
Time for our weekly report on Maui Real Estate market activity. New pending sales increased between August 26th and September 1st as did closed transactions. The market also saw another surge of new inventory with new condo listings leading the way. Keep reading for more details on this week’s numbers.
This Week’s New Pending Sales
Maui Realtors reported 60 new pending sales over the seven day period between August 26th and September 1. That is an 11% increase over the previous seven days. It is less than a 2% increase over the same seven day period of 2019.
Notable Numbers from This Week’s New Pending Sales
- The 60 new pending sales include 28 homes, 26 condos and 6 lots.
- Of the 26 condos, 12 of the new pending sales are in developments that allow vacation rentals. Two more of the pending sales are resort area condos that prohibit vacation rentals.
- It was a particularly busy week for luxury home buyers. Maui Realtors reported seven new pending sales over $2,000,000. That includes four homes and 3 condos.
This Week’s Closed Transactions
Maui Realtors reported 59 sales over the seven day period between August 26th and September 1st. That is a 9% increase over the prior seven days. It is a 5% decrease from the same seven day period of 2019.
This Week’s New Inventory
Maui Realtors brought 96 condos to market over the seven day period between August 26th and September 1. That is an 8% increase over the previous seven day period. It is a whopping 37% increase over the 7 day period of 2019.
It will be interesting to watch the difference between new inventory this fall compared to fall of 2019. Historically, fall is one of the quieter times in the Maui Real Estate market as it tends to be a slower time for visitors. Some sellers will pull their properties off the market and relist closer to our winter visitor season. I would expect dynamics might be different this fall.
Once again, it was the condo market that far and away saw the most new inventory over the last seven day tracking period. Realtors listed 60 condos between the 26th and the 1st. Of the 60 condos, 46 are in developments that permit vacation rentals.
As mentioned in previous posts, growing inventory is starting to impact the vacation rental condo market. We are seeing prices go down in complexes where inventory is particularly high.
The 28 new home listings that came to market over this tracking period match the 28 homes that went under contract. Inventory for homes remains relatively limited on island and that is helping to sustain and even increase prices.
The 9 lots that came to market represents a slight uptick in inventory. That said, the overall inventory levels remain pretty steady for land. This is helping to sustain current land prices.
Contact The Maui Real Estate Team
I remain surprised by the resiliency of the local real estate market. Considering our lack of tourism, demand is coming in pretty close to last year’s levels. That said, we are seeing some increasing signs of variability in the market. Navigating dynamic market conditions requires quality representation. The Maui Real Estate Team is working actively with buyers and sellers to help find success in these unusual times. Contact The Maui Real Estate Team if you are considering buying or selling property on Maui. We look forward to listening and learning about your real estate needs.