Pending Sales Hit a High Since the Start of Covid and Other Notable Numbers
The only thing we can expect at this point is the unexpected. True words when it comes to the state of the world. While Maui is a lot less turbulent than much of the world, these words resonate as I comb through the data from the latest seven day tracking period. Weekly new pending sales were the highest since the start of Covid-19. Closed transactions were again surprisingly lower. New listings are down a little from the week prior. Keep reading for more details on this week’s numbers.
This Week’s New Pending Sales
Maui Realtors reported 67 new pending sales over the seven day period between September 23rd and September 29th. That is 16% increase over the previous seven days. That is 29% higher than the same seven day period of 2019. After a month of pretty consistent activity between 52 and 60 pending sales, this is a pretty healthy bump in activity. Late September isn’t the time of year when you would expect the busiest week for new transactions over the last six months.
Notable Numbers from This Week’s Pending Sales
- The 67 pending sales included 25 homes, 37 condos and 5 lots.
- The 37 pending condo sales is the highest weekly total since I started tracking activity during Covid-19. I have to say that the bump in condo activity is unexpected. I know there is some anticipation among Realtors that vacation rental condo activity might pick up when tourism starts to reopen on October 15th.
- Of the 37 pending condo sales, 19 are located in developments that allow vacation rentals. This means that the stronger pending sales are almost equal parts non-vacation rental and vacation rental condos.
- Demand for land is pretty steady albeit a couple pending sales a week slower than what we saw in late July and August.
- The luxury market continues to see strong activity. This week 5 homes and 3 condos priced for more than $2,000,000 went under contract.
This Week’s Sales Activity
Maui Realtors reported 42 sales over the seven day period between September 23rd and September 29th. That is a 13.5% increase over the 7 days prior. It is 28% lower than the same seven day period of 2019. This is the second week in a row of quieter sales. These two weeks remain something of anomaly with no significant dip in pending sales over the last two months to drive the lower sales. It is worth noting that there was a pretty healthy bump in closed transaction right after this tracking period on September 30th and October 1st. Expect higher sales in the next update.
This Week’s Volume of New Inventory
Maui Realtors brought 79 properties to market in the seven day period between September 23rd and September 29th. That is a 5% decrease from the seven days prior. It is 7% lower than the same seven day period of 2019.
Once again, condos comprised the greatest portion of the new listings to come to market. There were 43 new condo listings over this seven day period. While pending sales were up over this period, this marks another net increase in active condo inventory.
While new home inventory is down from last week, it is still the second biggest week for new home listings since July. This is also the second week in a row where new listings exceeded pending sales resulting in a net increase in inventory. As with last week, buyers looking at lower price points may not have noticed the increase. The median price of new home listings is over $1,000,000 and the average price is over $2,000,000. In the scheme of things, the slight increase in inventory over the last two weeks is pretty negligible in the scheme of things. The overall supply of single family homes for sale remains limited.
There was another modest uptick in land inventory this week. With inventory still relatively tight, I can’t see any big changes in the land market forthcoming.
Contact The Maui Real Estate Team
Market conditions remain surprisingly resilient. Personally, buyers I represented were in a couple of bidding wars for homes over the last ten days. While that isn’t uncommon with properties around and below the island’s median sales price, these multi offer situations were at higher price points. That marks a shift.
There is still variability in market conditions by location, property type and price point. Under these circumstances, quality representation and market knowledge is important. Contact The Maui Real Estate Team if you are considering buying or selling property on Maui. We look forward to learning about your real estate needs and offering our assistance and expertise.