While the effects of COVID-19 continue to ripple through our neighborhoods and impact our overall economy, experts are saying that the situation has created a good-news, bad-news moment, where borrowers can lock in low rates to benefit in the long term.

According to the latest Maui real estate statistics, the market is steady and everyone is keeping an eye on it during this time. For the island as a whole, new listings inventory decreased by about 18%. Pending sales increased to almost 19% for single-family homes and 21.1% for condos. All regions of the country are doing well and in double digits, according to the report, so activity looks great but only time will tell as to how the current pandemic will impact these numbers in the future. 

South Maui real estate as of February 2020:

Kihei real estate

• 12 single-family homes sold. This number is on track from the year before and it looks like prices dropped slightly but not by much. 

• The median sales price for homes sold in Kihei was around $753,000, down from $880,000 this January. 

• 46 condos sold in Kihei, a strong number and at a strong price point as well at a median sales price of $527,500.

Maui Meadows

• 2 residential houses sold up, from January’s single home sale.

• The median sales price of homes was $1,277,500, up from January.

Wailea and Makena real estate

• 2 residential homes have sold, the same as January.

• The median sales price for homes sold was $2,427,500 which is a bump up from January.

• 14 condos sold, more than doubling January’s sale of 6 while median prices dropped.

Maalaea

• 7 condos sold, one up from January, with a median sales price of $330,000.

Overall, it looks as if the real estate market in South Maui is still doing well as of February 2020.

If you have any questions about properties for sale or how the overall market is doing, please do not hesitate to reach out to us. You can contact us or give us a call any time and we will be more than happy to help you. Stay safe and healthy and don’t lose sight of the bigger picture and that is that we will all get through this and come out stronger and better in the end.