December is normally one of the slowest months of the year for real estate sales in Maui County. But the December 2020 report shows strong buyer demand across most segments of the market, buoyed by near-record low interest rates.
And this healthy sales pace is despite a new wave of COVID-19 infections and a softening jobs market.
New Listings decreased 18.9 percent for Single Family homes but increased 0.7 percent for Condominium homes. Pending Sales increased 60.3 percent for Single Family homes and 23 percent for Condominium homes. Inventory decreased 42.2 percent for Single Family homes but increased 29.5 percent for Condominium homes.
Median Sales Price increased 16.9 percent to $865,000 for Single Family homes and 22.3 percent to $629,000 for Condominium homes. Days on the Market increased 3.2 percent for Single Family homes and 6.3 percent for Condominium homes. Months Supply of Inventory decreased 39.2 percent for Single Family homes but increased 67.5 percent for Condominium homes.
With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.
To view the entire report: https://www.ramaui.com/wp-content/uploads/2021/01/RAM-Stats-Dec-2020.pdf
For questions or comments, please contact RAM’s 2020-21 President, Joseph Hogin, at 808-870-2775 or [email protected].