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.
Key Figures:
- Change in number of closed sales: +47%
- Change in median sales price: +19.8%
- Change in number of total properties sales: -44%
March Maui Single Family Home Sales
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.
March Maui Condo Sales
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
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