The March real estate market numbers indicated a level of consistent production, with the impact of COVID-19 yet to rear its head. April sales figures should give an early forecast into how COVID-19 will impact the market, however, we need to keep in mind that real estate prices will lag before we begin to see the true effects COVID-19 will have on housing prices.
The latest market report released by the Realtors Association of Maui (RAM) showed that the number of is on par with February’s production, while median prices rose sharply.
Compared to the same time last year, home prices were down 7% for a total of 89 homes sold, down from 96 sold. Condo sales increased by 3% to 159 condos sold, up from 154 in March 2019.
If we look at economic conditions, residential brokers are anticipating a drop in sales as unemployment rates rise, work hours are reduced, tourism declines, and social distancing requirements are enforced. Lenders are also tightening up lending requirements and may disqualify buyers who were previously approved.
Market supply for homes dropped by 43% in March; the number of homes entering escrow dropped by 42%. While condo supply actually increased by 8.8%, however condos entering escrow dropped by 56.8%.
March 2020 Real Estate Prices
- Median home sold price: $840,000, up 17.9% from $712,718
- Median condo sold price: $555,000, up 9.1% from $508,500
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