While the impact of COVID-19 is largely being felt in the sectors of tourism, hospitality, and retail, real estate activity hasn’t dropped off as much as anticipated. In fact, sales activity was up 4% nationally in May compared to the same time last year. Buyers have been spurred into action by the low interest rates; according to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks.
While sales figures were up nationally, Maui Real estate numbers indicate a different story locally.
- Change in number of closed sales: -65%
- Change in median sales price: 17.%
- Change in number of home sales: -4.7%
May Maui Single Family Home Sales
May saw 98 new homes come to market, a 15.5% decrease from the previous year. 79 homes entered escrow, more than a 25% decline from May 2019. Sales figures dropped dramatically by 68% to 42 homes sold. Days on market average rose over 13% to a little over 4 months. The reduced supply increased median sales price by 13.5%. Overall, home inventory was down 15.5% to 410 listings. Median sold price for a home in May was $800,000.
May Maui Condo Sales
May saw 130 new condos listed, a 18.8% dip from the previous year. 61 homes entered escrow, more than a 50% decline from May 2019. Sales figures dropped similarly to home sales by 62% to 54 condos sold. Days on market average rose over 25% to a little under 5 months. The reduced supply increased median sales price by more than a third. Overall, condo inventory was up 6% to 560 listings. Median sold price for a condo in May was $680,000.
May Key Takeaways
- Buyers have remained optimistic and active
- Sellers have demonstrated some hesitancy, but may be able to capitalize on the decreased supply if marketed properly
- Stock market performance may be providing false security
- Low interests may continue to bring buyers to market
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)