Real Estate Market Update

How Our Real Estate Market is Being Affected by COVID-19

Real estate investors and those looking to purchase a home or condo are likely tracking Maui’s market closely as Covid-19’s impact spreads across the country. The stock market declines started in February. Even though real estate prices have not begun a serious slide, lenders have been tightening underwriting standards making it harder for some buyers to qualify. And with record-breaking layoffs, there is a lack of qualified buyers.

Following is a summary of statistics from the March 2020 report from the Realtors Association of Maui:

• New Listings decreased 43.0 percent for Single Family homes

• New Listings increased 8.8 percent for Condominium homes

• Pending Sales decreased 42.0 percent for Single Family homes and 56.8 percent for Condominium

  
  

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• Inventory decreased 20.4 percent for Single Family homes

• Inventory decreased 7.6 percent for Condominium homes

• Median Sales Price increased 17.9 percent to $840,000 for Single Family homes

• Median Sales Price increased 9.1 percent to $555,000 for Condominium homes

• Days on Market decreased 11.6 percent for Single Family homes

• Days on Market increased 28.0 percent for Condominium homes.

• Months Supply of Inventory decreased 21.7 percent for Single Family homes

• Months Supply of Inventory decreased 2.3 percent for Condominium homes.

Here are a few reports, detailed by area:

While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months.