Maui Real Estate Market Report: July 2020

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After seeing a record breaking low for new listings on Maui in April, the number of new listings has been steadily increasing over the last two months. In June, there were 305 new listings, 130 were single family homes and 175 new listings were condos.

The number of condo and single family homes sold in saw significant increases last month when compared to May, with 72 single family homes and 67 condos closing. Both the number of new listings and closed sales are promising signs that the summer months may be busier than normal summer months on island.

The median sales price for single family homes dropped slightly when compared to May, but has increased about 3% when compared to this time last year. For single family homes sold in June, the median sales price was $773,250 compared to May when the median sales price was $780,000. The condo market experienced a significant decrease in the median sales price when compared to last month, however the median sales price last month for condos was unusually high at $680,000. The sales price in May is most likely attributed to a few outlier high-priced sales. The median sales price was $503,000 for condos last month, which is a 9% decrease from last June.

The Governor just announced plans to delay the re-opening of the state to tourism until the end of August, at the earliest. While people can still travel to the island and quarantine for 14 days, we will see how this inhibits the real estate market, as many buyers were waiting until the quarantine was over to resume their property search.