Mortgage rates slightly rose in February, but are still lower than February 2020 levels. Via Freddie Mac chief economist Sam Khater, he believes rates may rise in the short term with leading indicators pointing towards rates staying below 3%. Rates are still at historic lows and small shifts in rates are unlikely to impact demand, though affordability may be impacted.
- Change in number of closed sales: +32.8%
- Change in median sales price: +13.1%
- Change in number of total properties sales: -32.2%
New single family home listings decreased by 17.9% from the previous year with 101 new listings coming to market compared to the 123 in January of 2020. Buyer activity increased with 143 homes entering escrow, a 62.5% increase from the same time last year.
Closings continued at a rapid pace with 101 homes sold, a 21.7% increase from last year. Days on market decreased to 117 days, a 12% decrease from the same time last year. Median sales price for a home increased by 19.8% to $895,000.
New condos listed in February increased 16.1% from the same time last year with only 197 new condos coming to market. Condos entering escrow boomed 76.3% to 231. Condo sold figures increased to 166 condos sold, a 23.9% increase from last year. Days on market rose 6.9% to 139 days. Median sold price for a condo slightly 0.6% to $556,990.
February Maui Real Estate Key Takeaways
- The government is making their best effort to aid those impacted by COVID-19
- The Federal Housing Finance Agency announced they will allow homeowners with loans backed by Fannie Mae and Freddie Mac to receive an additional three months of forbearance, extending total payment relief to up to 18 months.
- A slight uptick in REO properties coming to market will not be surprising
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)