March saw a productive month as the usual spring activity coupled with loosening COVID-19 restrictions, spurred a busy month. Strong activity continued despite rising home prices and mortgage rates. Signs are continuing to point to busy months ahead with the lack of resale and new construction inventory.
- Change in number of closed sales: +47%
- Change in median sales price: +19.8%
- Change in number of total properties sales: -44%
New single family home listings increased by 48% from the previous year with 148 new listings coming to market compared to the 100 in March 2020. Buyer activity surged with 145 homes entering escrow, a 137.7% increase from the same time last year.
Closings continued with strong momentum seeing 122 homes sold, a 34.1% increase from last year. Days on market decreased to 117 days, a 10% decrease from the same time last year. Median sales price for a home increased by 17.4% to $980,000.
New condos listed in February decreased 4.5% from the same time last year with only 170 new condos coming to market. Condos entering escrow boomed EXPLODED to 278, a 414.8% increase from the same time last year. Condo sold figures increased to 229 condos sold, a 42.2% increase from last year. Days on market fell 2.7% to 146 days. Median sold price for a condo rose 15.3% to $640,000.
March Maui Real Estate Key Takeaways
- As single family home inventory is depleted, buyers have shifted to securing condos
- New home supply will be severely limited due to rising costs of materials and back logged supply chain
- 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)