This is the Maui Real Estate Market Report: Weekly Recap.
I have been tracking this data because I wanted to be ahead of the game and see if it indicates where we are headed so I can better advise my clients during these covid-19 times. National and even statewide figures is fine but it still is not specific enough regarding the micro-dynamics for the Maui Real Estate market. It is particularly important to be more timely regarding the pulse of our Maui real estate market. So I have been tracking this data weekly.
Especially during times of uncertainty, I feel data, not drama is important. Not making it better or worse than it is but seeing it just as it is.
Picture of Wailea Beach (Mayor Victorino allowed active and passive activity on certain beaches this past weekend!). I took t his picture this morning during my morning run. Even this palm tree leans towards the Pacific Blue Ocean…
In the Maui Real Estate Report: Weekly recap, I started to track data from March 2, 2020 (our “stay at home order” started March 25, 2020) to see the escrows Pending (properties under contract), Sold data. This is what I provide below. I am also comparing it to same dates last year (2019). I am also tracking more detailed data regarding such as which were vacation rentals, which were 2 Million and above, active listings per week etc. But those are not included here but are available to my clients. I also have not included vacant land data here.
Notes worth mentioning:
Maui homes are outpacing condos in the “pending under contract” graphs. This has not happened in a long while. Let’s keep an eye on this figure as our tourist industry is most likley one of the last areas that will open up. Typically due to flexibilty of use and rental income, vacation rental condos had outpaced single family home figures.
Maui homes 2020 weekly pendings are reaching 2019 numbers. Again a very interesting note.
Sold Data is a lagging indicator. Meaning many units are coming from prior to “shelter at home” date of March 25. The pending under contract figures now will show up in sold data in June and July. So they typically lag 30-45 days behind.
Maui is opening up methodically. According to Maui News reports, the local economy will open up first. The visitor industry will depend much on the logistical planning of testing and contract tracing. It remains to be seen how it will actually be done and when people will feel safe traveling.
Wishing you much good health and much aloha. Should you have an interest in Maui real estate, I would be honored to have the opportunity to discuss with you your plans. I am ready 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 Esatate Advisors LLC email: Jeannie@JeannieKong.com
Source: Realtors Association of Maui. Data is reliable but not guaranteed.