Has this COVID-19 pandemic affected real estate sales on Maui?
In March, concerns about the virus had caused some listings to cancel, and some escrows to cancel, but many transactions continued as if nothing had happened. We went into “lock-down” mode in Hawaii in late March. The initial reaction was that real estate sales were not essential, creating some confusion. Business continued, in a more constricted way, and determined buyers and sellers were able to plod through to successful closings. I have heard stories of price adjustments due to the circumstances, and also stories of no concessions. Virus or no virus, Maui will still be a very desirable place to live.
April and May were months with much less real estate activity. For the most part, visitors from off-island are not welcome, putting a big crimp in the number of active buyers looking at properties and making offers. Likewise, on-island buyers have been ordered to stay home and open house events are prohibited. It can be challenging to connect buyers and sellers in this kind of atmosphere. The statistics will show this, with a huge decrease in pending contracts and closed sales, evident in April and May.
WHAT SOLD IN APRIL 2020 ON MAUI?
HOUSES
- 84 homes sold between $325,000 – $4,600,000
- total dollar volume was $84,620,434
- average sale price was $1,007,386
- median sale price was $754,522
- Days on Market ranged from 19 – 894
- 5 were REO/bank owned
- only 2 were oceanfront or beachfront
CONDOS
- 87 condos sold between $86,000 – $3,999,000
- total dollar volume was $85,896,454
- average sale price was $987,315
- median sale price was $602,494
- DOM ranged from 0 – 734
- 36 were oceanfront or beachfront
WHAT SOLD IN MAY (1-15) 2020 ON MAUI?
HOUSES
- 22 homes sold between $520,000 – $4,360,000
- total dollar volume was $34,243,350
- average sale price was $1,556,515
- median sale price was $865,000
- Days on Market ranged from 1 – 663
- 0 were REO/bank owned
- 2 were oceanfront or beachfront
CONDOS
- 29 condos sold between $107,500 – $1,990,000
- total dollar volume was $20,774,375
- average sale price was $716,357
- median sale price was $600,000
- DOM ranged from 15 – 554
- only 5 were oceanfront or beachfront
Oceanfront Maui
Are you buying or selling during COVID?
Don’t lose your head… Let me help you.
Thanks for reading my blog…
Let me help YOU with your Maui real estate needs.
Georgie Hunter R(S) e-Pro, Hawai’i Life Real Estate Brokers
26 Baldwin Ave, Paia HI 96779
E-mail or call/text: 808 283-0635