As tourism ramps back up across the Hawaiian Islands, also continuing to ramp up is the real estate market. We are seeing an increase across Maui in the number of sales for both condos and single family homes. For single family homes there has been a 35.2 increase in the number of sales when compared to last March when COVID-19 was just beginning to reach pandemic levels. For the condo market, there has been a 42.2% increase in the number of sales when compared to March 2020. What has remained consistent for the past year despite the lack of inventory and the increasing home prices, has been the buyer demand. When comparing prices to March 2020 condos and single family homes have both seen a 15% spike in the median sales price. For single family homes, the median sales price in March 2021 was $980,000 and for condos the median sales price was $640,000. Days on the market decreased for both condos and single family homes last month, by 10% for single family homes and 2.7% for condo homes. The low inventory and high demand are the two main factors contributing to this fast paced market. According to Realtors of Maui Association, “existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive market in the coming months.” While it’s always important to work with a Realtor, it is especially important to have a Realtor on your side if you are in the buyer’s arena in this sort of market. Reach out to your LUVA Realtor today! If you are considering the sale of your property, our team looks forward to assisting you with your sale!
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