As the state continues to reopen, statistics show there have been signs of slight improvement in the Real Estate industry across the state. On Maui, the number of new condo listings almost doubled in May when compared to April, with 61 new listings. For single family homes, there was a 43% increase in new listings with 79 homes coming onto the market. The increase in this number signifies that some sellers are ready to emerge into the market, where they may have been holding off since the pandemic shut down the economy in March.
However, as reported by the Realtor Association of Maui, “Buyers have been quicker to return to the housing market in force than sellers.” Buyers are eager to take advantage of historically low interest rates, and with more people returning to work, real estate activity is picking up across the island.
The number of sales that closed in May was drastically below what was closed in April, and year to Date the number of sales was down 18.2% for condos and 14.7% for single family homes.