The sky was about to express a pink tone and the Outrigger Canoes on Sugar Beach was a colorful contrast. In the midst of everything going on in our world, it reminded me of what a legendary waterman said, “Breathe…rhythm and flow”.
August 2020 Maui Real Estate Statistics and Housing Report is in.
Realtors Association of Maui reported:
The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.
New Listings decreased 4.4 percent for Single Family homes but increased 97.0 percent for Condominium homes. Pending Sales increased 26.7 percent for Single Family homes but decreased 20.0 percent for Condominium homes. Inventory decreased 25.9 percent for Single Family homes but increased 53.9 percent for Condominium homes.
Median Sales Price decreased 3.2 percent to $799,000 for Single Family homes but increased 18.9 percent to $591,000 for Condominium homes.
Days on Market decreased 5.1 percent for Single Family homes but increased 45.0 percent for Condominium homes.
Months Supply of Inventory decreased 18.0 percent for Single Family homes but increased 97.4 percent for Condominium homes.
As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term
As I said before, real estate is local and even on an island like Maui, different neighborhoods and condo complexes can have differing market conditions. For example (as of this writing) there are ONLY 5 active listings in Maui Meadows, 7 of the total number (12) listings are under contract. So, do not put a broad stroke from the data. Therefore, it is critical to contact a trusted realtor on Maui to help you navigate this data in order to make informed decisions.
You can also read what Maui News reported here.https://www.mauinews.com/news/local-news/2020/09/condo-listings-prices-jump-in-august/
To read the full Maui Real Estate Market and Housing report click here.
How is Maui real estate faring against outer islands? Read the Hawaii Statewide report here.
Call me at 808-276-1832 to discuss your interest in the Maui real estate market. I am here to offer you years of experience, a good listening ear, commitment to your goals, and much aloha. Whether you are a seller or a buyer, I appreciate the opportunity to be of service.
Until we meet again. A hui hou…
REALTOR®(S), CRS, e-Pro, SFR, GREEN
Maui Real Estate Advisors LLC
161 Wailea Ike Dr. A-102, Wailea, HI 96753