Maui Real Estate Market: August 2020

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Across the island of Maui, the number of sales and the number of new listings were on the rise in July. The number of closed sales has been steadily increasing since May 2020 when it reached its lowest point since the Great Recession in 2009. The number of new listings has been on the rise since April when there were only 200 new listings. This past July, there were a total of 320 new condo and single family home listings. This is slightly more than there were in July 2019 when there were 305 new listings.

The median sales prices for single family homes and condos remained steady in July, barely changing from the previous month. Even compared with last year at this time, the median sales price for single family prices has only changed slightly dropping from $788,000 in July 2019 to $775,500 in July 2020. For condos, the median sales price was $502,530 which is only a 1.5% increase in the median sales price.

Similar to neighboring islands, the summer months have been busier than in recent summers as the real estate market returns to more normal rates after the early pandemic months in March and April. With the historically low interest rates and overall low inventory, it may be a good time to think about selling and talk to a LUVA Realtor about your options.