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Maui Real Estate Report for October Shows Activity Up and Supply Down

Maui County real estate statistics for October 2020. Chart Courtesy of REALTORS® Association of Maui

The REALTORS® Association of Maui released its October 2020 real estate statistics report that shows for this time of year buyer activity remains higher than normal while many segments of the market housing supply remains lower.

The Maui County real estate report can be access here: https://www.ramaui.com/wp-content/uploads/2020/11/RAM-Stats-Oct-2020.pdf

The report states multiple offers remain a common occurrence in many areas, keeping housing hot.

  • New Listings decreased 29.4 percent for Single Family homes but increased 0.6 percent for Condominium homes.
  • Pending Sales increased13.8 percent for Single Family homes and 3.3 percent for Condominium homes.
  • Inventory decreased 30.7 percent for Single Family homes but increased 49.2 percent for Condominium homes.
  • Median Sales Price increased 18.5 percent to $867,500 for Single Family homes and 12.7 percent to $587,800 for Condominium homes.
  • Days on Market decreased 2.9 percent for Single Family homes and 18.5 percent for Condominium homes.
  • Months Supply of Inventory decreased 25.5 percent for Single Family homes but increased 94.9 percent for Condominium homes.

Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country.

While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.

Original source: https://mauinow.com/2020/12/01/maui-real-estate-report-for-october-shows-activity-up-and-supply-down/

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