The median price for a single family home on Maui was $747,150 in February 2020, down -5.4% from the $790,000 reported at the same time last year, according to new information released by the REALTORS Association of Maui.
Meantime, home sales were up 5.1% with 83 units changing hands compared to 79 units sold in 2019. And the RAM reports that homes spend an average of 133 days on the market until they were sold, marking a -22% decline from the 172 days spent on the market in February of 2019.
As for condominiums, the median price was $555,000 in February 2020. That’s up 5.7% from the $525,000 reported at the same time lat year. Condos spend an average of 130 days on the market, down -9.1% from 143 days in February of 2019.
“As we progressed through February, the actual and expected impacts of COVID-19 continued to grow, with concerns of economic impact reaching the stock market in the last week of the month. As the stock market declined, so did mortgage rates, offering a bad news-good news situation. While short term declines in the stock market can sting, borrowers who lock in today’s low rates will benefit significantly in the long term,” according to the RAM February report summary.
Other highlights of the RAM report include the following:
“As showing activity is a leading indicator for future home sales, the 2020 housing market is off to a strong start, though it will be important to watch the spread of COVID-19 and its potential impacts to the overall economy in the coming months,” the RAM report stated.
The full February 2020 Report Summary is available online here.