Maui Real Estate Report: May 2020
While businesses start to re-open ever so cautiously (and in phases) in the State of Hawaii, Maui’s housing had some encouraging numbers. Of course, the word “encouraging” is relative as I feel back in April, the mood was certainly more dampened. Some economists suggested a U, V or even a checkmark (Nike swoosh?) type of recovery. Of course, it still remains to be seen but it does appear that there is light at the end of the tunnel. Perhaps pent up demand?
The 14-day travel quarantine for visitors and returning residents from out-of-state is still in effect at least till the end of June 2020 and Governor Ige has indicated it will extend beyond that but no firm date has been given as of this posting. However, interisland travel quarantine will be lifted on June 16, 2020. Read here on logistics and specifics from the Hawaii Tourism Authority.
Maui Real Estate May 2020 figures just came out. So in lieu of weekly update, see below for the monthly report.
From Realtors Association of Maui:
While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.
For Maui County: New Listings decreased 15.5 percent for Single Family homes and 18.8 percent for Condominium homes.
Pending Sales decreased 28.2 percent for Single Family homes and 52.7 percent for Condominium homes.
Inventory decreased 15.5 percent for Single Family homes but increased 6.1 percent for Condominium homes.
Median Sales Price increased 13.5 percent to $800,000 for Single Family homes and 33.3 percent to $680,000 for Condominium homes.
Days on Market increased 13.3 percent for Single Family homes and 28.7 percent for Condominium homes.
Months Supply of Inventory decreased 5.8 percent for Single Family homes but increased 24.4 percent for Condominium homes.
Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.
Check out my new listing at 76 Honuhula. Main house and cottage. Professional photos coming soon. Great opportunity. Click here.
Call me 808-276-1832 to discuss your interest in the Maui real estate market. I am here to offer 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…
Jeannie Kong-Evarts RS-68054
REALTOR®(S), CRS, e-Pro, SFR, GREEN
Maui Real Estate Advisors LLC
Source: Realtors Association of Maui. Information deemed reliable but not guaranteed. All photos by Jeannie Kong-Evarts.