Maui Real Estate Market Report: Weekly Recap in Covid-19 times May 25-May 31, 2020. Due to unprecedented times, I am keeping a weekly outlook on data regarding Maui homes and condos under contract and sales sold. Restaurants on Maui are allowed to have dine in services with guidelines. . Many of the stores are open. Most parks and beaches are open. However the 14 day quaratine for visitors and inter-island vistors are still in effect. Governor Ige did announce this past Monday that inter-island travel quarantine would be lifted on June 16, 2020. Read Here. He said he would address next week on all other travel quarantines. Covid-19 case count remains low on Maui and in Hawaii state-wide. There were no new cases report in Maui County Tuesday. Read here on update on June 2, 2020.
Maui Homes’s weekly Pendings (under contract) has increased this past week. There were 25 homes that went under contract in the May 25-31 period,. This is a short period but it is good news. Last year (2019) same time there were 22 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. 13 homes sold from May 25-31, 2020. Homes average 96% percentage of its asking price. The average “days on the market” was only 89 days (keep in mind pending in escrow days are counted in days on market)!
There were 10 condos that went “pending” under contract the week of May 25-31, 2020. The prior week there were 17 units pending under contract.
Maui Condominium data for May 25-31, 2020 showed 14 condo units sold. Condos averaged 98% of their asking price. The average days on the market was 187 days.
Again, this short window of data is by no means meant to give us a clear directive moving forward. But keeping abreast of it to see if trends develop could be important. Soon our May 2020 monthly report will be available which will give us the monthly overview.
New listings for condos was 22 units compared to 34 in 2019. New Listings for homes were 24 compared to 20 in 2019. This is for the week period of May 25-31.
Wishing all beings to be safe and sound.
A hui hou…
Jeannie Kong-Evarts RS-68054
Maui Real Estate Advisors LLC | 161 Wailea Ike Dr. A-102 | Maui, HI 96753