With mortgage rates at all time lows, those who finance a property will be able to lock in some of the lowest interest rates we’ve seen in history. Although sales figures have dropped, there has still been activity in the market with more room for negotiations and concessions made on both sides of the deal. Nationally, June showing activity as tracked by ShowingTime was up, reflecting pent-up demand by prospective home buyers.
- Change in number of closed sales: -36%
- Change in median sales price: 10%
- Change in number of home sales: -0.6%
June Maui Single Family Home Sales
New single family home listings surpassed the 100 barrier with 129 new homes coming to market, a 3.2% increase from the previous year. Buye activity also jumped up with 1099 homes entering escrow, a 22.55% rise from June 2019. Sales figures were down 20% from the same time last year with 71 homes sold. Days on market average rose over 28.2% to just about 5 months. Median sales price for a home increased by 1.5% to $761,500.
June Maui Condo Sales
New condos listed in June increased sharply to 174 new listings, a 18.4% increase from the previous year. 93 condos entered escrow, more than a 23.8% decline from June 2019. Sales figures dropped similarly to home sales by 45.5% to 67 condos sold. Days on market average rose over 15% to just under 5 months. Overall, condo inventory rose 16% to 590 listings. Median sold price for a condo in June was $503,000.
June Key Takeaways
- Low interest rates may spur demand
- Inventory is up as positive real estate market news has brought sellers to the market, although a solid portion remain hesitant
- PPP money is anticipated to cease at the end of the month
- Buying or selling in the “new normal” will require specialization in virtual home buying and selling program
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)