Strong buyer interest coupled with limited supply continues to be the story on both the local and national levels. Virtual home buying and selling programs continue to facilitate action in the real estate market with a handful of sales being completed without buyers even seeing it in person. Sellers are still reluctant to bring their properties to market, so don’t expect a competitive market to slow down.
Key Figures:
- Change in number of closed sales: -28%
- Change in median sales price: 17%
- Change in number of home sales: -1.4%
July Maui Single Family Home Sales
New single family home listings surpassed the 120 mark with 125 new homes coming to market, an almost 10% dip from the previous year. Buyer activity was slightly down with 103 homes entering escrow, a 5.5% decrease from June 2019. Good news, sales figures were only down be one sale to 86 homes sold. Days on market average rose 13% to just under 5 months. Median sales price for a home decreased by 1.3% to $777,595.
June Maui Condo Sales
New condos listed in July rose dramatically to 194 new listings, a 16.2% increase from July 2019. 96 condos entered escrow, more than a 29% decline from the previous year. Condos sold figures dropped significantly to 91 condos sold, a 43.8% decrease from last year. Days on market average rose 7.4% to 145 days. Median sold price for a condo in July was $502,500.
June Key Takeaways
- 31 million Americans are claiming benefits in all programs as of early July
- Low mortgage rates continue to still drive buyer interest
- Buying or selling in the “new normal” will require specialization in virtual home buying and selling program
Maui Real Estate For Sale by the Sayles Team
Maui Real Estate For Sale by the Sayles Team
Contact a Maui Real Estate and Lifestyle Specialist
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.
Aloha,
Anthony Sayles R(S)
808-280-6532