What is normally slower months for the Maui Real Estate Market, this December was different. The number of closed sales increased slightly in December for condo and single family homes on Maui. There were 105 single family homes sold and 169 condos sold. Sales are trending up and have the number of sales has increased 23.4% from December 2019. New listings in December 2020 has decreased by 8.7% when compared with this time last year, signaling a steeper competition for buyers.
In December, the median sales price for single-family homes increased slightly when compared to November to $865,000, this is a 16.9% increase when compared to this time last year. This is on par with the yearly high median sales price of $867,500 in October.
The median sales price for condos increased from $525,000 in November to $629,0000 in December 2020. However, when comparing prices to this time last year, condo sales prices have increased 3.9%. This represents a 22.3% increase in the median sales price of condos from December 2019.
The average days on the market increased for both condos and single family homes in December 2020, when compared with previous months in Q4 2020. The average days on the market for single family homes was 95 days, up from 74 days in November. This is an increase of 18.8% when compared with December 2019.
The average days on the market for condos was 108 days for condos in December 2020, this is an increase from 92 days in November. This is a drastic increase from December 2019 when the average days on the market for condos was just 73 days.