The actual and anticipated impacts of COVID-19 on the real estate market is still unclear, just as Hawaii is now beginning to experience life during a state wide shelter in place emergency proclamation by Governor David Ige. Mortgage rates have been declining steadily from the New Year until the first week of March; those who were able to capitalize on the decreasing rates will benefit in the long run.
According to the Maui Real estate report released by the Maui Association of Realtors (RAM), Maui median home sold price dropped by 5.4% to $747,150, while the median sold price for a condo jumped 5.7% to $555,000.
February Maui Real Estate Quick Facts
- Change in number of sales for all properties: 10.5%
- Change in median sales price for all properties: 4.2%
- Change in number of properties for sale: -15.9%
February saw 83 homes sold, a 5.1% increase from February 2019. Condo sales reached 133 units sold, up 9.9% from 121 in February 2019.
February saw strong demand for both homes and condos with a decrease in days on market. Days on market for homes decreased by 22.7%, while condo days on market decreased by 9.1%.
A total of 114 homes entered escrow, up 18.8% from the same time last year; 155 condos entered escrow, also up 21.1% from the same time last year.
Contact a South Maui Real Estate and Lifestyle Specialist
Ho’olei villas, we are also currently the in house “Sayles” team at Ho’olei Grand Wailea
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.
Anthony Sayles R(S)