Maui Real Estate Closings Drop 65% in May
Aloha! The Maui Real Estate market is interesting to say the least. New Listings have decreased 15.5% for Single Family homes and 18.8% for Condominium homes. So inventory could in fact become even leaner than it was pre-COVID. And "Days on Market" increased 13.3 percent for Single Family homes and 28.7 percent for Condominium homes. Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.
The big news? As we expected, sales for the month of May are off a whopping 65% year over year! Meanwhile median Sales Price increased 13.5 percent to $800,000 for Single Family homes and 33.3 percent to $680,000 for Condominium homes. Pending Sales decreased 28.2 percent for Single Family homes and 52.7 percent for Condominium homes. Inventory decreased 15.5 percent for Single Family homes
While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.
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