As the stock market and mortgage interest rates move in opposite directions, both stand out as main drivers of the economy during the current pandemic. With the stock market at near record highs and mortgage rates at record lows, buyer activity remains strong. Couple that with the limited inventory, leading indicators point towards a busy fall market.
- Change in number of closed sales: -2.5%
- Change in median sales price: +10%
- Change in number of total properties sales: +6.3%
August Maui Single Family Home Sales
New single family home listings reached 108 new homes coming to market, a 5% decline from the previous year. Buyer activity increased with 109 homes entering escrow, a 26.7% increase from the same time last year. Good news, sales were on par with August 2019 at 99 home sold. Days on market average came down 5% to just over 4 months. Median sales price for a home decreased by 3.2% to $799,000.
August Maui Condo Sales
New condos listed in August exploded to 1262 new listings, a 97% increase from August 2019. 104 condos entered escrow, a 20% decline from the previous year. Condos sold figures were slightly down to 108 condos sold, a 7.7% decrease from last year. Days on market average rose 45% to 174 days. Median sold price for a condo in August surged 18.9% to $591,000.
August Maui Real Estate Key Takeaways
- Fall is shaping up to be a busy season as buyers look take advantage of low interest rates
- Flood of new condo listings can help alleviate the inventory shortage
- 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)