“What a year!” sums up 2020. I just don’t have the words on so many levels. Even in Maui Real Estate- who knew the market would bounce back after the lockdown. Unpredictable, unprecedented! All I can say is that activity is up, escrows are up and prices are still rising. Before I continue on with this report I would like to take a moment to say I hope we all have a better 2021 and that I truly hope you and yours are safe and healthy..
For December 2020
From Realtor’s Association of Maui: December is normally one of the slower months of the year (people are typically more focused on the holidays, sun, surf) and things would start to pick up by 2nd week of January, but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.
New Listings decreased 18.9 percent for Single Family homes but increased 0.7 percent for Condominium homes.
Pending Sales increased 60.3 percent for Single Family homes and 23.0 percent for Condominium homes.
Inventory decreased 42.2 percent for Single Family homes but increased 29.5 percent for Condominium homes.
Median Sales Price increased 16.9 percent to $865,000 for Single Family homes and 22.3 percent to $629,000 for Condominium homes.
Days on Market increased 3.2 percent for Single Family homes and 6.3 percent for Condominium homes.
Months Supply of Inventory decreased 39.2 percent for Single Family homes but increased 67.5 percent for Condominium homes.
Percentage of List price received for both Single Family Homes and Condominiums was approx. 97%.
According to Realtors Association of Maui: With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.
Maui Real Estate 2020 Year End Market Report
Information from Realtors Association of Maui. Data is deemed reliable but not guaranteed.
Out-of-state residents bought nearly 30 percent of homes on Maui in the first three quarters of last year, the state’s chief economist said. Mainland buyers represented 27.4 percent and foreign buyers 1.4 percent, state Department of Business, Economic Development and Tourism Chief Economist Eugene Tian told The Maui News recently.
Below is a graph of Maui Properties (combined single family homes, condos, land- entire MLS) of median price since 2015-2020
Contact me for questions or interest regarding Maui Real Estate.
A hui hou… until we meet again.