Maui Real Estate Market Report: Weekly Recap in Covid-19 times May 18-May 24, 2020. Due to unprecedented times, I am keeping a weekly outlook on data regarding Maui homes and condos under contract and sales sold.
Maui Homes’s weekly Pendings (under contract) is holding steady for several weeks in a row. There were 19 homes the week prior and now 18 homes under contract. This is a short period but it is staying steady. Last year (2019) same time there were 26 homes under contract.
Maui homes weekly sold data is a lagging indicator. As it may take 30, 45, or even 60 days from accepted contract to sales sold/closed. Only 7 homes sold from May 18-24, 2020. But that number should go up as homes pendings had started to increase starting about April 20, 2020. The average % percentage of asking price was 95% this past week. The average “days on the market” were 128 days (keep in mind pending in escrow days are counted in days on market).
Maui Condominiums held on in “pending-under contract” units from the prior week. That is good news. Although the State of Hawaii’s 14 day mandatory travel quarantine is still in effect, there are talks of the lifting of mandatory quarantine for inter-island travelers. The 14 day mandatory quarantine of course has drastically reduced vacation rental occupancy.
There were 17 condos that went under contract the week of May 18-24, 2020 (three of the units were listed at 2 Million and above). The prior week there were 16 units pending under contract (number got adjusted due to delay of data input in our MLS system).
Maui Condominiums sold data had a 22% increase from the prior week. May 18-24, 2020 There were 11 condo units sold. They averaged 96% of their asking price. The average days on the market was 234 days. This shows the importance of pricing your condo right from the start!
Well the Maui real estate market can certainly fluctuate even in our “normal markets” so it is best to look at trends. We shall see what comes up after the travel quarantine gets lifted (as of the writing of this post, there has been no set date). I do feel a sense that buyers and sellers are becoming a bit more comfortable so they are now willing to make plans either to buy or sell. The best I can do is keep track of the data to better inform you. As always, I am here to assist you in your Maui real estate needs with data, a pro-active action plan, and aloha…
On a different note, see below the beautiful bounty I found at the Upcountry Farmers Market this past weekend. Good to get out and support our local farmers!
Support our Maui and Hawaii’s local farmers! Read here for a list.
Also a new pop up store to support our local businesses. Shop here
Until we meet again. A hui hou…
Jeannie Kong-Evarts RS-68054
REALTOR®(S), CRS, e-Pro, SFR, GREEN
Maui Real Estate Advisors LLC
Source: Realtors Association of Maui. Data is reliable but not guaranteed. Please note, that some data may get updated from the prior week. This is due to some people inputting their sold and pending data late. Also note, that vacant land data is not included. Please email or call me should you be interested in that data or other Maui real estate info.