Buyer activity in the Maui Real Estate market is inching closer to pre-pandemic levels. As the influence of slower buyer demand in April wanes, sales numbers are improving. On the supply side, more sellers appear to be reentering the market now that things are opening up on island. Find out more details about this week’s Maui Real Estate activity below.
New Pending Real Estate Sales
Maui Realtors reported 54 new pending sales over the seven day period between June 10th and June 16th. That is a 13% increase over last week’s pending sales. It is just 4% below the same seven day period last year.
After a dip in mid-May, this is three straight weeks of increased pending sales. The headwinds of high unemployment and extremely limited visitor numbers are not significantly constraining buyer demand at this time.
This Week’s Notable Numbers from the Pending Real Estate Sales
- The 54 new pending sales consisted of 28 pending home sales, 24 pending condo sales and 2 pending lot sales.
- The 28 pending home sales equals a weekly high total during the pandemic. The 24 pending condo sales is the highest number since the start of the pandemic.
- The condo market continues to see more activity from second home buyers with vacation rentals accounting for 16 of 24 condo pending sales.
- The land market is not seeing a clear uptick in activity. The 2 pending lot sales are in line with typical Covid-19 levels of buyer demand. Including this week, Maui County is averaging 1.833 pending lot sales every seven days since March 25th.
This Week’s Closed Real Estate Transactions
Maui Realtors reported 34 sales between June 10th and 16th. This is a 212.5% increase in sales volume from the week prior. It is 23% below the closed transactions for the same seven day period of 2019. It is important to remember that sales are a lagging indicator of buyer demand. As we get further and further away from the slowest periods of buyer demand in early to mid April, we should continue to see a rise in closed deals.
This Week’s New Listings
Maui Realtors listed 78 properties between June 10th and June 16th. That is a 1% increase in new listings over the week prior. It is 5% lower than the same seven day period of 2019. I noticed a few listings that were pulled from the market earlier in the pandemic coming back again this week. Whether it is due to the very limited cases of Covid-19 on island or improved market conditions, some sellers that withdrew earlier are deciding to dip their toes back into the market.
Breaking it down by property type, new condo listings are outpacing new home listings. That has been the case for most weeks of the pandemic. Condo inventory was low prior to Covid-19 so there is room for the market to absorb some additional inventory. After the tight inventory pre-Covid, buyers will likely welcome a few more options on the market. The increase in inventory is also not universal. While some individual complexes are seeing more inventory, it remains limited in others. The balance between supply and demand in different parts of the condo market will be worth monitoring over the months ahead.
The inventory of homes increased over the last couple of months, but at a much slower pace. Over the last seven days pending home sales actually outpaced new listings by one. This is one of a handful of weeks since the start of the pandemic when pending home sales outpaced new home listings on a weekly basis.
Contact The Maui Real Estate Team
While the market conditions on Maui appear to be improving, it still isn’t quite back to normal. We are also seeing some varying levels of supply and demand between different market segments. Now more than ever, it makes sense to have quality representation if you are a buyer or seller. Contact The Maui Real Estate Team if you are thinking about buying or selling property on Maui. We look forward to learning about your needs and being of assistance.
