Last month we continued to see a steady growth in the Maui Real Estate Market. While there were no significant changes when compared with March 2021, the changes are staggering when we compare the real estate market today to the real estate market in April 2020. The buyer demand continues to stay strong, and while the number of new listings is up considerably when compared to this time last year – we still saw a lower than average number of new listings hit the market last month. The majority of the new listings last month were condos priced between $500,000 – $999,999.
The number of closed sales increased last month for both single family homes and condos last month when compared to March 21. Compared to last April, single family homes increased by 59% and condos increased by 200%. Important to note – April 2020 was when the pandemic was beginning to shut down the world and our tourism economy was beginning to come to a halt.
The average days on the market for single family homes was 73 days in April. This is a 34.2% decrease when compared to this time last year. For condos, the average days on the market was 93 in April, representing a 5.1% decrease when compared to this time last year.
The median sales price for single-family homes spiked to $983,500 in April, which is up from $980,000 during the previous month. This price represents a 30% increase when compared to April 2020. The median sales price for condos last month was $695,000 last month, which is up from $640,000 in March. There has been a 15.4% increase in the median sales price when compared to this time last year.