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
homes. - 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.