Driven by low interest rates and limited supply, strong buyer activity has progressed into Q3 which is atypical for this time of the year as fall historically offers a seasonal lull in the housing market. The lack of inventory and continued buyer interest indicates multiple offers on listings and a decrease in days on market. Although the weather is cooling off, leading indicators point to a hot housing market.
- Change in number of closed sales: -17.1%
- Change in median sales price: +6.3%
- Change in number of total properties sales: +5.3%
New single family home listings hit the 122 mark, a 3.9% decline from the previous year. Buyer activity increased dramatically with 116 homes entering escrow, a 31.8% increase from the same time last year. Closings fell by 10.1% to 107 homes sold. Days on market average came down by 16.1% to just over 4 months. Median sales price for a home increased by 9.1% to $785,000.
New condos listed in September were on par with the same time last year at 172. 129 condos entered escrow, a 9.3% decline from the previous year. Condos sold figures were also down to 85 condos sold, a whopping 28.6% decrease from last year. Days on market average fell 15.3% to 116 days. Median sold price for a condo in August declined 8.3% to $495,000.
September Maui Real Estate Key Takeaways
- Mortgage rates remain near record lows
- The Mortgage Bankers Association reports underwriting standards are tightening
- Unemployment rates remain high compared to just one year ago
- Buyers are continuing to show interest through the pandemic
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)