As we move into the middle of October, a lot of new pending sales shows buyer demand for the Maui Real Estate market remains strong. Closed transaction took another anomalous dip. While new inventory ticked up again led by new condo listings. Keep reading for all of the numbers for October 14th-20th.

This Week’s Pending Sales

Maui Realtors reported 61 new pending sales over the six day period between October 14th and October 20th. That is approximately a 2% increase over the seven days prior. It is 15% more activity than the same period of 2019.

Notable Numbers From This Week’s Pending Sales

• This is the fourth straight week of 60 or more new pending sales
• The 61 new pending sales included 28 homes, 27 condos and 6 lots.
• Of the 27 condo pendings, 17 are located in developments that allow vacation rentals.
• The high end market continues to see heightened levels of activity. Six homes and one condo priced over $2,000,000 went under contract this week.

This Week’s Closed Transactions

Maui Realtors reported 37 properties sold over the seven day period between October 14th and October 20th. This is 36% below the prior seven days. It is 26% below the same seven days of 2019. The low sales numbers were driven largely by a lack of single family home sales. Only 11 homes closed.

I have to say the sales numbers make me scratch my head a little. Dating back to mid-July, the lowest weekly pending sales number is 51. Since the start of September, there have been four weeks with 42 sales or less. We are seeing a few properties fall out of escrow, but not enough to quite explain the difference between pending and sales.

This Week’s New Inventory

Maui Realtors listed 87 properties between October 14th and 20th. This is a 45% increase over last week. It is 14% higher than the same seven days of 2019.

Last week, I asked the question as to whether we might see more condo owners decide to bring their property to market with visitors back on island. The answer to that question is a resounding yes. The 53 condos that came to market is the highest weekly total since the last week of August. The next question is whether we continue to see higher levels of condo inventory going to market or if the surge is limited to immediately around the reopening.

The 53 new condo listings is well over the 27 that went under contract over the same period. After a couple of weeks of slower inventory growth, the condo inventory jumped again. This is going to be really interesting to follow the inventory over the next few weeks. As asked above, will we see a lot of new listings? On the other end of the spectrum, might we see an increase in demand for vacation rental condos with visitors/potential buyers back on island.

The 26 new home listings is less than the 28 new pending home sales. This means another modest decrease in inventory. As with recent weeks, the decrease in inventory is particularly pronounced at lower price points with few home listings coming to market under $800,000. The median price of the new home listings this week came in at $1,422,500. The average price of the new home listings is $2,373,125. Limited inventory and strong buyer demand is pushing up home values in many of the markets around the island.

The land inventory saw another modest increase with 8 new listings compared to 6 new pending sales. Overall, inventory in the land market seems to be pretty steady. If anything, pricing seems to be increasing modestly in a number of markets around the island. This is particularly the case Upcountry and in Haiku. Those markets are seeing more activity.

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Market activity remains very strong on island. Buyer demand is fueled by two separate dynamics. Local buyers with steady employment are taking advantage of very low interest rates. There is also a healthy pool of off island buyers who are relocating to the island. The work from anywhere ethos is causing a fair number of people to make the move to Maui. Contact The Maui Real Estate Team if you are thinking of buying or selling property on island. We are working hard to bring our clients success in these dynamic market conditions. We look forward to talking and learning more about your real estate needs.

Market activity remained busy on Maui over the seven day period between October 6th and 13th. This was the third straight week with 60 or more new pending sales. Closed transactions were up substantially over the same period of 2019. New listings remained relatively low. Find out more details in the paragraphs below.

This Week’s New Pending Sales

Maui Realtors reported 60 new pending sales over the 7 day period between October 6th and October 13th. That is 8% fewer new pendings than the seven days prior. It is 43% more activity than the same seven day period of 2019.

Notable Numbers From This Week’s Pending Sales

• The 60 new pending sales include 19 homes, 32 condos and 9 lots.
• The 19 new pending home sales is the lowest weekly number since early July. I would venture that low inventory may be a factor in the lower number of pending sales. There are quite a few buyers searching in the $800,000 and under range with limited options to chose from at this time.
• Of the 32 new pending condo sales, 18 are located in developments that allow vacation rentals.
• Of the 14 condos in developments that prohibit vacation rentals, 6 are new developer offerings in Kahoma Village in Lahaina.
• The 9 new land transactions ties the highest total for new land contracts in a week during Covid-19.
• The luxury market continues to see strong activity. Three homes and three condos priced higher than $2,000,000 went under contract between the 6th and the 13th.

This Week’s Closed Transactions

Maui Realtors reported 58 sales over the seven days between October 6th and 13th. That is down 13% from last week. It is 45% higher than the same seven day period of 2019.

This Week’s New Inventory in Maui County

While up slightly from last week, new inventory remained limited. Between October 6th and 13th, 60 new listings came to market. That is 11% higher than last week. It is 23% lower than the same seven day period of 2019.

Of the 60 new listings, 29 are condos. The 29 new condos is less than the 32 condos that went pending this week. This makes for the rare occasion when condo inventory actually decreased during Covid-19. Last week, the difference between new inventory and pending sales was only one. I am reticent to call this a trend at this point, but the condo market is not showing the significant growth in inventory that we saw as recently as August. The questions at this point are how will the reopening of tourism impact demand, and will more condo owners decide to bring their condos to market with visitors back on island.

The 22 new home listings that came on the market is slightly higher than the 19 homes that went pending over this seven day span. As with recent weeks, home buyers shopping at lower price points weren’t likely to notice this modest increase in inventory. The median price of the new home listings came in at $1,375,000 with 25% of the new inventory priced above $2,000,000. The tight inventory in the home market is continuing to put upward pressure on prices.

The 9 new lots that came on the market matched the 9 lots that went pending. The land inventory remains steady. Prices are holding pretty steady with some modest increases in value.

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This last week was a big one for Hawaii with the new pre-travel testing program going into effect on the 15th. We know first hand of buyers who are coming to Maui now that there is a pre-travel testing option to avoid tourism. We will continue to keep a close eye on the market to gauge the impact of tourism’s return on the real estate market.

Contact The Maui Real Estate Team if you are thinking of buying or selling property on Maui. Our agents are working closely with buyers and sellers to navigate the dynamic market conditions. We look forward to hearing from you and learning more about your real estate needs.

It was another strong week for buyer activity on Maui. Closed transactions picked up after a couple of slower weeks. While there was no reprieve from the lack of inventory with a slow week for new listings. Read below for more details on Maui Real Estate market activity between September 30th and October 6th.

Maui Realtors reported 65 new pending transactions during the seven day period between September 30th and October 6th. This was the second busiest week for new pending sales since the start of Covid-19, trailing only the week prior. This 65 new pending sales are 3% lower than the previous 7 days. It is 18% higher than the same seven day period of 2019.

Notable Numbers from this Week’s Pending Sales

• The 65 new pending sales included 32 homes, 27 condos and 6 lots.
• Of the 27 condos, 14 are located in developments that allow vacation rentals.
• There were 3 homes priced over $2,000,000 that went pending. This is a decrease below the very strong buyer demand in the high end market in recent weeks. That said, there were a few properties that went under contract this week priced just a little below $2,000,000.

This Week’s Closed Transactions

After a few weeks of lower sales, the number of closed transactions picked up sharply. Maui Realtors reported 67 closed transactions between September 30th and October 6th. This is the second highest number of weekly sales on the chart above. The 67 sales is 59% more than the seven days prior. It is 13% below the same seven day period of 2019.

This Week’s New Inventory

New inventory dipped again. Maui Realtors brought 54 properties to market between September 30th and October 6th. That is 32% fewer listings than the week prior. That is 42% below the same week of 2019.

Of the 54 new listings, 28 are condos. That is just one more than the 27 condos that went under contract this week. After weekly gains in inventory throughout Covid-19, this is the first week since May where the number of weekly new condo listings was below 30. It will be interesting to see if new condo inventory numbers start to slow or if this is just an anomaly.

The increase in inventory in the condo market started to impact pricing at selected developments this summer. In general, prices leveled off and there were a few condo complexes with significant inventory that saw some modest drops in value. A month or so ago, I was wondering if the decrease in prices might become more widespread. Thus far, it appears as if a lot of sellers are holding out rather than adjusting their prices.

This will be something to watch going forward particularly with the pre-flight testing program going into effect on the 15th. Will the reopening of travel spur a substantive increase in buyer demand? Will sellers feeling pain from a lack of rental income see enough bookings to provide some relief?

Only 17 homes came on the market between September 30th and October 6th. Like last week, the new inventory skewed towards higher price points. The median price of this week’s new home listings is $1,147,000. The average price is $3,787,000 thanks in part to three new listings priced in excess of $10,000,000. This week’s low new inventory means another week of shrinking inventory. The lack of inventory is putting upward pressure on home values.

Nine new land listings came to market over this last seven day tracking period. With 6 pending sales this week, this marks another modest increase in land inventory. That said, the relatively small increase in inventory over the last couple of months does not appear to be impacting pricing. If anything, land values appear to continue to hold or increase depending on location.

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Early fall is typically a quieter time of year for Maui Real Estate. It is a shoulder season for visitors. Fewer visitors mean fewer potential buyers. In true 2020 fashion, that’s not the case this year. Our first substantive increase in visitors isn’t set to happen until the 15th, but we just had the two busiest weeks for buyer activity since the start of Covid-19. We are seeing bidding wars at higher price points than usual. Properties that long languished on the market are going under contract.

Contact The Maui Real Estate Team if you are thinking of buying or selling property on Maui. We continue to work diligently to represent our clients interests in these extraordinary times. We look forward to hearing from you and learning more about your interests.

Steady as she goes for buyer activity with new pending sales similar to last week. Weekly sales dropped in something of an anomaly. New inventory creeps up again with new home listings leading the way. Find out more details on this week’s numbers below.

This Week’s New Pending Sales

Maui Realtors reported 58 new pending sales over the seven day period between September 16th and the 22nd. That is around a 4% increase over last week. It is a 35% increase over new pending sales during the same seven day period of 2019. Buyer activity has been pretty consistent over the last five weeks with new pendings ranging between 54 and 60 properties.

Notable Numbers from This Week’s Pending Sales

• The 56 new pending sales include 29 homes, 25 condos and 4 lots.
• Of the 25 condos, 16 are in developments that allow vacation rentals.
• The demand for higher priced properties remains strong. Five listings priced over $2,000,000 went under contract between the 16th and the 22nd. That includes 3 homes and 2 condos. The highest priced property to go under contract is a $12,000,000 listing in Makena. This 2 acre compound is located across the street from the ocean.

This Week’s Closed Transactions

Maui Realtors reported 37 closed transactions between September 16th and the 22nd. This is down 32% from the seven days prior. It is 35% lower than the same seven day period of 2019. I wouldn’t read too much into this decrease in sales. Keep in mind sales are a lagging indicator of buyer demand, and we didn’t see any significant dip in pending sales over the last couple of months. I think this week is just an outlier.

This Week’s New Inventory

After a couple of quieter weeks to start September, there was a bit of a resurgence in new listings over this seven day period. Maui Realtors brought 83 properties to market between September 16th and September 22nd. That is a 41% increase over the new inventory during the seven days prior. It is a 1% increase over the same seven day period of 2019.

This week was anomalous in that there was more new home inventory than new condo inventory. This is the first time that this has happened since I started these weekly posts. This is also the first time in a while that the inventory of homes for sale increased with more new listings than properties going under contract.

If you have been searching for lower priced homes, you may not have noticed this uptick in new home inventory. The median price of new listings was $1,149,000. The average price was $1,710,192.

It is worth noting that one week of increased home inventory is not a trend. It may very well be an outlier. That said, I will be keeping a closer eye on both the number and price point of new home listings in the coming weeks.

There was a net increase in condo listings again over this last seven day tracking period. The new condo inventory for the month of September remains pretty consistent with 38, 37 and 36 listings respectively over the last three seven day periods. The question is whether the soft reopening of tourism on October 15th will spur additional demand for condos.

Land inventory ticked up slightly this week with listings exceeding pending sales. Overall, the land inventory remains pretty steady. There is a slight uptick in land inventory over the last four weeks, but not enough to impact market conditions.

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As we enter the first week of fall, buyers remain active. This is typically a little quieter time of the year for buyers, but Covid appears to be skewing the seasonality of purchases. Buyers looking for homes are finding a tougher market. On the other end of the spectrum, condo buyers have a much bigger inventory to choose from. Contact The Maui Real Estate Team if you are considering buying or selling property on Maui. We are working hard to help our clients navigate the real estate market. These weekly updates speak in pretty broad brushes, but there is variability in market conditions by property type, location and price point. We look forward to learning more about your needs and briefing you on market conditions specific to your interests.

Time for our latest weekly update on Maui Real Estate market activity. For the seven day period between September 9th and September 15th, new pending sales dipped slightly from the week prior. After a quieter start to September, closed transactions increased. New inventory over the seven days is down from the high numbers we were seeing in August. Keep reading for more details.

This Week’s New Pending Sales

Maui Realtors reported 56 new pending sales over the seven day period between September 9th and September 15th. That is down 7% from the previous seven day period. It matches the 56 pending sales over the same 7 day period of 2019.

Notable Numbers From This Week’s Pending Sales

• Of the 56 new pending sales, 28 are homes, 24 are condos and 4 are vacant lots.
• Of the 24 pending condo sales, 13 are located in developments that allow vacation rentals.
• Four properties over $2,000,000 went under contract between the 9th and the 15th. They include 3 homes and 1 condo. One of the homes is a beachfront estate in Keawakapu listed for $9,800,000.

This Week’s Closed Transactions

Maui Realtors reported 54 sales over the seven day period between September 9th and September 15th. That is a 38% increase over the previous seven day period. It is worth noting that this weeks totals are more in line with recent sales numbers, while last week was something of an outlier. The 54 sales are 8% higher than the same seven day period of 2019. Also of note, Maui set a new highest sales price for the Covid era. A beachfront estate on Kapalua Place sold for $15,500,000.

This Week’s New Inventory

After a massive influx of new inventory in August, weekly new listings are down in September. Maui Realtors listed 59 properties over the seven day period between September 9th and 15th. That is down 16% from the previous seven day period. It is down 21% from the same seven day period last year.

There are 37 new condo listings this week. While not quite the 50 plus new listings a week we were seeing in August, this still is enough to increase inventory. The increased inventory is softening prices in some developments. That said, we aren’t seeing big price drops as many sellers are holding out despite increasing days on market.

There are only 19 new single family home listings over the seven day period between September 9th and September 15th. That is below the number that went pending over the same seven day period. The single family home market on Maui continues to see contracting inventory. That in turn is putting upward pressure on prices.

Only 3 lots came on the market this week. While the inventory of lots for sale is not shrinking to the same extent as the inventory of homes, the inventory levels remain pretty steady.

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Overall, the Maui Real Estate market continues to be resilient. Remote workers are relocating to the island and there are still local residents buying. We also now have a date for the soft reopening of tourism. The pre-travel testing program starts on October 15th. It is hard to say what kind of boost that could have on the market until we get a better sense of visitor numbers. The Maui Real Estate Team continues to be busy working with buyers and sellers. Contact The Maui Real Estate Team if you are interested in buying or selling property on Maui. We look forward to learning more about your needs.

And the beat goes on. Buyer activity remained steady over the seven day period between September 2nd and September 8th. Closed transactions dipped. While there was still a pretty healthy amount of new inventory over this seven day period, it didn’t quite match the weekly volume of the four weeks prior. Keep reading below for more details.

This Week’s New Pending Sales

Maui Realtors reported 60 new pending home sales between September 2nd and September 8th. That is the same exact number as the seven days prior. It is also the same number as the same seven day period of 2019.

Notable Numbers from This Weeks Pending Sales

• The 60 new pending sales include 25 homes, 26 condos and 9 lots.
• Of the 26 condos, 21 are in developments that allow vacation rentals. Anecdotally, it seems like the uptick in vacation rental condo activity may be a response to softening prices in some developments. Or it could just be a random fluctuation. We shall see in the weeks ahead.
• The 9 new pending lot sales included 6 oceanfront lots in Haiku. They are all contiguous to each other. Perhaps it is a single buyer?
• It was another pretty busy week for luxury real estate buyers on Maui. Seven properties priced over $2,000,000 went under contract between the 2nd and the 8th. The seven properties consist of 3 homes, 2 condos and 2 lots.

This Weeks Closed Transaction Numbers

Maui Realtors reported 39 closed transactions between September 2nd and September 8th. That is down 34% from the week prior. It is down 29% from the same seven day period of 2019. Keep in mind that sales are a lagging indicator of buyer demand. I wouldn’t read too much into the more dramatic dip in numbers this week. I think it is something of a random fluctuation.

This Week’s New Inventory

Maui Realtors brought 70 properties to market between the 2nd and the 8th of September. That is down 27% from the seven days prior. It is 13% more than the same seven day period of 2019. While there is a pretty big drop in new inventory compared to last week, the fact that we are up over the same time last year provides some context.

Once again, condos were the greatest proportion of the new inventory. The 38 condos that came to market exceed the number that went under contract. We continue to see growth in condo inventory. This is softening prices in the condo developments with increasing inventory.

There were only 23 homes that came to market last week. That is below the number that went pending. The home inventory continues to remain limited. Lack of inventory and continued demand is creating some upward pressure on pricing.

The 9 new lot listings that came to market is equal to the 9 that went pending between the 2nd and the 8th. The inventory of lots for sale remains pretty steady. In general, the steady inventory seems to be sustaining current pricing.

Fall is typically a slower time for new inventory on island. It will be interesting to see how this year stacks up compared to years past. My guess is that we won’t be like a typical year. That said, the Covid era market has defied a lot of my expectations thus far.

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Buyer activity on Maui remains pretty strong as we enter the fall. Low interest rates are a factor. It also appears as if we are seeing our share of buyers taking advantage of work from anywhere policies. Those factors are offsetting the head winds of closed tourism and a difficult local economy. We are seeing some variability in market conditions based on property type, location and price point. Contact the Maui Real Estate Team if you are a buyer or seller thinking of entering the market. We look forward to learning more about your real estate needs and offering our market expertise.