Maui Real Estate Market Update: October 2020

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The number of closed sales continued to increase for single-family homes last month, but for condos the number of sales took a slight dip. Of the 107 single-family homes sold in September, 26% were over $1,000,000 and 65% were between $500,000 and $999,999. For condos, there were 85 units sold in September, dropping from 105 units sold in August. Compared to last year this time, this is a decrease of 28%. The median sales price for condos took a significant dive last month, dropping from $591,000 in August to $495,000 in September. In August, 30% of the condo sales were priced $1,000,000 or more while in September, only 15% of the condos sold were priced $1,000,000 or more.

For the second month in a row there was a slight decrease in the median sales price for single-family homes. The median sales price in September was $785,000, which is a decrease of only 1.7%. Compared to this time last year, the prices for single-family homes has increased 9.1%. After a steep increase in new condo listings in August, we saw an even steeper decrease this month. There were 172 new condo listings last month, compared to 266 in August. However, this shouldn’t cause much alarm, as there were the same number of new listings in September of 2019. For single-family homes, there was a slight increase in the number of new listings. Compared to this time last year, the 122 new single-family home listings is a decrease of 3.9%. However, the market is in much better shape than it was when there was just 77 new single-family home listings in April 2020.

Inventory remains low and competition remains steep for buyers who are capitalizing on historically low interest rates. With the state re-opening on October 15, we anticipate the market to remain busy as we head into fall.