From the Realtors Association of Maui:
Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates.
Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.
New Listings increased 48.0 percent for Single Family homes but decreased 4.5 percent for Condominium homes.
Pending Sales increased 137.7 percent for Single Family homes and 414.8 percent for Condominium homes.
Inventory decreased 54.1 percent for Single Family homes and 37.7 percent for Condominium homes.
Median Sales Price increased 17.4 percent to $980,000 for Single Family homes and 15.3 percent to $640,000 for Condominium homes.
Days on Market decreased 10.0 percent for Single Family homes and 2.7 percent for Condominium homes.
Months Supply of Inventory decreased 60.4 percent for Single Family homes and 43.5 percent for Condominium homes.
While many homebuilders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3D printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in the market.
|For the full Maui Real Estate Market and Housing Report for March 2021 and year to date, click here.
Information from Realtors Association of Maui. Information is deemed reliable but not guaranteed.
Buyers: Don’t get discouraged. Being Prepared with your finances, perseverance, and a great knowledgeable and experienced realtor will increase your chances of success!
Sellers: The market is hot and no one knows the length of this momentum. So take this opportunity to sell in this market but know your local market (even on Maui- different areas, different complexes and neighborhoods have differing conditions) so contact a realtor who is knowledgeable, and EXPERIENCED to increase your success!
A hui hou… stay safe out there. Should you have any questions, please feel free to give me a call.