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What’s Happening in the Maui Real Estate Market?
What’s happening in the Maui Real Estate market?
This graph below answers the question on what’s happening in this real estate market. After Covid19 struck in the early part of March, in most every sector in the economy, we experienced a sharp fall in numbers. Pending sales fell and this resulted in the decrease of sales the last couple of months. Surprisingly, pending sales have increased since mid-April and June pending sales were only 10 transactions off from 2019.
“We are finding more and more people moving to Maui as they view this island as one of the
safest places in the nation and it’s caused a great number of principals to finally make that move
that they’ve wanted,” said Reta Chin, AVP, Strategic Business Development with Fidelity National Title & Escrow.
First half of 2020, the number of transactions recorded on Maui were down 20%, but the median sales prices for home increased to $765,173 (up 3%) and condo median sales price was up $569,500 (up 9%).
With the 14 day quarantine rule for new arrivals from the mainland, this has definitely impacted the condo market, especially in cases where owners rely on that short term vacation income to offset their expenses. Hence, pending home sales have increased, especially in the Central district with 44 homes going in escrow for the month of June.
***This information is presented for informational purposes only. It is not our intention to provide any legal, financial or business advice. For specific information, please consult a qualified advisor.
AVP, Strategic Business Development
Fidelity National Title & Escrow:
Reta Chin is a contributing writer to Maui Now. Reta’s experience in the Maui escrow/title/real estate industry dates back to 1990. Named Affiliate of the Year by the Realtors Association in 2000 and she’s also been recognized for sales awards in her career. Fidelity National Title is recognized as the leader in the industry, ranked 303 in the Fortune 500. Fidelity is the highest rated and largest title insurance company, underwriting one of three policies, nationwide. One of the offices is located at the Shops at Wailea, at 3750 Wailea Alanui, Suite 22EW in Wailea. You can Follow Reta on IG @RetaChinFidelity.
Offices of Fidelity National Title & Escrow are available in: Kahului (808) 893-0556; Lahaina (808) 661-4960; Upcountry (808) 573-0110; and Wailea (808) 891-2404.