What’s happening in the Maui Real Estate market?
Every single industry on Maui is feeling the effects of COVID-19, with the mandatory 14 day quarantine, Stay at Home Orders and the limits in social gatherings. In the Maui real estate industry, it is no different, and the changes have been very interesting to watch.
Most notably, August 2020, was the first month since March 2020, where the numbers of properties placed in escrow and the number of properties recorded exceeded the totals from that same month a year ago. 254 properties (of all types) were placed in escrow vs. 206 (Aug 2019); 248 properties recorded vs. 236 last August 2019.
Since March 2020, Home sales vs Condo sales have changed, rather significantly in a short time. With the mandatory 14 day quarantine for those traveling to Hawaii, this has affected investors/second homeowners because of the inability to bring in revenue from rental income. Back in March, home sales accounted for 36% of the transactions vs. 59% for condos. For August 2020 YTD, home sales now account for 40% of the transactions vs. 54% for condos.
ARTICLE CONTINUES BELOW AD ARTICLE CONTINUES BELOW AD For homes on Maui, there was an 11% drop in recorded sales vs. August 2019 YTD and every district on Maui fell vs. 2019. However, Wailuku and Sprecksville/Pāʻia/Kūʻau are the only areas, where home sales increased (10% and 22%, respectively)
For condos on Maui, there was a total 24% drop in recorded sales vs August 2019 YTD, but in Kahului, Māʻalaea, Kāʻanapali and Lahaina, recordings all rose. (5%, 50%, 27% and 46%, respectively)
**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.
Reta Chin
AVP, Strategic Business Development
Fidelity National Title & Escrow:
ARTICLE CONTINUES BELOW AD 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.
*All information deemed reliable but not guaranteed, and should not be relied upon without independent verification. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any misprints, typographical errors, or misinformation and shall be held totally harmless. Listing(s) information is provided by the REALTORS Association of Maui Inc (C) and is for consumer’s personal, non-commercial use. Information on this site was last updated (insert publication date). This is not intended as legal or tax advice, and readers are urged to consult with the appropriate professionals to determine the accuracy of information.
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