August was a great month for the recovery of the condo market on Maui with some corrections happening in both sales and inventory. For years the Maui condo market has had low inventory and steadily been in a seller's market given the high demand and decrease in construction, especially of short term rentable condos. August saw a 97.4% increase in months supply of inventory and a total increase of 53.9% in total units on the market versus August of 2019. Closed sales were still down 7.7% versus 2019 but that's a huge improvement over the last few months without visitors on Maui to see these units in person.
262 new condo listings in August almost doubled the 133 new listings last August. Notably, the average sales price is also way up to $989,757, but this is definitely an unreliable number because there was an anomaly in the closed sales. 13 of the closed sales were for units that had been under-contract prior to COVID-19 at Luana Garden Villas, the latest luxury addition to the Honua Kai, with prices all over $2,000,000. So, it's important to not misinterpret that prices are going up from this statistic. The median sales price was 591,000, up 18% from last 2019, but still not an indicator that prices are going up due to the anomaly of the Luana Garden Villas batch of closings.
Single Family Homes
Single-family homes have been holding strong throughout the COVID-19 pandemic and August was more of the same. Low inventory and low-interest rates are keeping prices and sales really stable. New listings are down 4.4% to last August and months supply of inventory is down 18% compared to 2019 to 4.1 months. Homes in Wailuku, Kahului, and Kihei have been particularly popular lately with homes in these micro-markets seeing more sales and considerably fewer days on the market than the island-wide average of 129, which is down 5.1% compared to 2019. Homes are selling a little faster right now and it's certainly a great time to list if its something you've been considering.
Kehalani is about to commence sales in its new Anuhea project of 164 single-family homes in the master-planned community in Wailuku. It will offer seven different floor plans in 3,4 and 5 bedroom options with generous living space. Much of the community will have great ocean views benefiting from its location on the Wailuku hillside. Towne Island Homes will be developing the project and Anuhea is guaranteed to be very popular once they hit the market pre-construction. Contact me if you would like more information and would like updates as they become available.
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Get started on your journey to owning property on Maui by getting in touch with us at Maui Elite Property.