Maui Real Estate Blog
Weekly Maui Real Estate Market Update July 24, 2020
The seven day period between July 15th and July 21st brought an increase in buyer activity on Maui. We also saw an increase in sales over this period as closed transactions start to reflect stronger buyer demand in June. New inventory was down slightly from the previous two weeks. Find out more details below as we review last week’s numbers.
This Week’s New Pending Sales
Maui Realtors reported 51 new pending sales during the seven day period between July 15th and July 21st. That is a 24% increase over last week’s pendings, but still 22% below the same seven day period of 2019. After a drop in activity the week prior, more buyers took the plunge during the last seven day period. I would expect to continue to see fluctuations in activity.
Notable Numbers from This Week’s New Pending Sales
- This week’s new pending sales include 20 homes, 26 pending condo sales and 5 lots.
- This is the second straight week when new condo pendings outpaced home pendings. I am reticent to call this a trend at this point. Throughout Covid-19, overall demand has been higher for homes than condos on Maui.
- The 26 condo pendings is the highest seven day total since the end of February and the beginning of March.
- Of the 26 new condo pending sales, 15 were vacation rentable. One more was a resort condo that prohibits vacation rentals.
- The five pending lots is down slightly from last week’s six. That said, buyer activity for land is higher over the last month compared to earlier in the pandemic.
- This was a pretty busy week for high end buyers with four properties priced over $2,000,000 going under contract. The week prior, a home priced for $15,500,000 became the highest priced property to go under contract during Covid-19 to date. It held that distinction for just one week. A beachfront home in Kapalua listed for $16,500,000 went under contract this week establishing a new high water mark.
This Week’s Closed Transactions
Maui Realtors reported 43 sales in the seven day period between July 15th and July 21st. That is 30% higher than last week and 23% below the same seven day period of 2019. The 43 sales is the second highest weekly total since late April. Sales should be a little higher over the next few weeks as they reflect the increased buyer activity in June.
This Week’s New Inventory
Maui Realtors brought 77 new properties to market between July 15th and July 22nd. That is a 7% decrease from the week prior and 5% below the same seven day period of 2019. I would say this is still a pretty healthy supply of new inventory.
Once again, new condo inventory led the way with 45 new listings. While this was a pretty big week for pending condo sales, there was still a net increase in condo inventory. This is a continuation of overall trends. Condos are the one part of the market where growth in inventory merits watching. Some developments on island are starting to see elevated inventory levels.
While there were more new home listings this week than pending sales, the overall trend in the home market remains a general decrease in inventory. The lack of inventory is particularly acute at lower price points in the market.
There were only 3 new lots that came on the market this week resulting in a net decrease in inventory. That said, the more recent trend is an increase in land listings.
Contact The Maui Real Estate Team
The Maui Real Estate market remains surprisingly resilient considering the state of the world. We are supporting a number of buyers and sellers as they navigate these unusual market conditions. Contact The Maui Real Estate Team if you are considering buying or selling property on Maui. We would welcome the chance to talk and learn more about your real estate needs.