Hottest Single-Family Market in Years
Singe-family residential inventory is extremely low with only 449 active listings on the entire island of Maui in Septemeber of 2020. Compare that to 5 years ago where we had 613 single-family homes for sale on Maui in September 2015. Buyer demand in this sector has been increasing steadily throughout COVID-19 and with fewer homes on the market, it's certainly a seller's market in single family residential. New construction is certainly not keeping up with demand and only a handful of larger residential developments are underway in places like Ilima and Anuhea at Kehalani. Prices have remained very stable and well-built luxury homes are selling very quickly.
Maui Condo Market September 2020
The number of condos for sale on Maui has started to increase beginning back in August and September was another good month for new listings in the condo market. If you've been following my market reports for the past few months you'll notice the trend that many short-term rentable condo owners were reluctant to sell early in the pandemic due to fears of lower prices and longer time on the market. Now that tourists are returning soon and we have reason to expect a return to income for these units, more are coming on the market and signs indicate, maybe at least temporarily, this has become a neutral market leaning towards a buyer's market. These condo trends are also possible to break down by complex where some complexes such as Papakea, have become basically flooded with inventory making it more of a buyer's market than other complexes. Sales for the month were down roughly 30% from September of 2019.
Maui Real Estate Market Through the First 3 Quarters of 2020
As you can see from the supporting infographic from Title Guarantee, year over year data shows just how COVID-19 has affected total sales of real estate on Maui in 2020. While the single-family market is hot right now, we are still seeing fewer sales, especially on West Maui, due to less inventory and fewer mainland buyers being able to come to see these homes in person. But, the reason the market is so hot is that new listings go extremely quickly and typically with multiple offers.
Those familiar enough with areas and properties are still buying via virtual tours and other means, but overall sales are down due to the first couple months of the pandemic when everyone went into a holding pattern. In the condo market, the impact is much starker and will likely have more a lasting impact on pricing until buyer demand resumes.
Conclusion
Everyone is looking forward to returning to some sense of normalcy with the return of visitors on October 15th, but we do expect several months of trial and error with the reopening. If you're looking to visit Maui under the new quarantine rules nad have any questions, feel free to give me a call at 808-214-4799 and I would be happy to answer any questions I can.
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Get started on your journey to owning property on Maui by getting in touch with us at Maui Elite Property.
Posted by Evan Harlow R(S) 82003 on
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