Maui Real Estate Market Watch
Aloha! And welcome to another weekly Maui Real Estate Report from Eric West. Here is what's new and developing for the week of July 1st 2020.
We had another 35 price reductions averaging 9% and a total dollar discounting of just under $6M. This is on par with what have been seeing during this Coronoa Virus time period. The two most notable reductions came from 300 Kepa Rd with a $2.7M reduction in price (34% off asking) and 3360 Kuaua Pl with a $500K reduction (24% off asking).
For the week the market saw 55 closings for a total sales volume of just under $44M. By way of comparison, the same week last year had 76 closings for $65M. That’s a 35% drop in sales, year over year.
Seventy five new land, home and condos offerings hit the market on Maui. Is this more or less than usual you may ask? By way of comparison, let’s look at how many new offerings (inventory) came on the market last year from March 1 - Jul 1. We had 1,329 new listings during that time period in 2019, and only 1136 in 2020. That is a 14% reduction in new listings. As a result of sellers holding off, inventory is tighter, but is nicely counterbalanced by the reduction in demand.
What’s the market going to do in the near future? That is the big question of course. The answer in my opinion is we will experience a surge due to pent up demand in the second half of 2020. Second homes, especially in the upper price ranges will see a significant uptick in demand in this typically sluggish segment of the market, while lower priced vacation rental condos will softening as certain sellers will need to sell due to taking major losses during COVID. The big question in my mind, is what will happen in the primary residence single family market as families are forced to leave Hawaii due to the economic forces of the pandemic, or will the local working population weather the storm?
What are your thoughts?
5. Finally, travel for trans-pacific flights will be opening up again on August 1, with a new testing protocol. All visitors must goto a CVS or CDC approved testing site and test negative for COVID 72 hours prior to departure. Temperature testing will also be taking place prior to boarding. Stay tuned for more details.
Now for my Maui Best Deal picks for the week!
Eric’s Weekly Pick Maui for Best Price Reduction
Eric’s Weekly Pick Maui for Best Value Maui Home for Sale :
Eric’s Weekly Pick Maui for Best Value New Vacation Condo for Sale:
Eric’s Weekly Pick Maui best Value Vacant Land/Lot for Sale:
Check out my latest video featuring the Kapalua's Pineapple Hill Neighborhood. Hope you enjoy it.
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