Maui in Hawaii has always been a highly sought-after place for buying property. With perfect weather year-round, the most acclaimed amenities, and a diverse natural environment, it’s no surprise that the most affluent people are inclined towards owning real estate property in Maui.

Though South Maui offers some of the most luxurious and unique real estate options anywhere, there is a lot to consider. Having some knowledge about the real estate market trends will help you make an educated decision about buying the property.

So, let’s have a look at how the South Maui real estate market is performing!

Single Family Residence

According to the Realtor Association of Maui, the month of November saw a considerable increase in the single-family market, with 74 sold in November 2019 compared to 102 in November 2020. The median sales price also saw an increase from $729,998 to $852,500. If this is the case, one could see home values start to increase in the upcoming year.

Kihei is gaining popularity with 10 units sold in November 2019 compared to 15 in November 2020. However, the median price decreased significantly as compared to the last year. So, you can consider investing in real estate in this area.

Condos Sales In South Maui

Speaking of the monthly condominium sales, Kihei real estate tops the list among all the other areas. 7 fewer condos were sold in November 2020 compared to the sales in October 2020 at a median sales price of $425,000. The condos sales were also lower this month compared to November last year, i.e., the sales dropped from 56 to 48.

Wailea/Makena real estate saw an increase in condos sales from 9 to 17 in the month of November as compared to the last year. However, the median sales price is still higher this month as it was in November 2019. The price decreased from $1,525,000 to $1,300,000 this month in comparison to the last month.

Pending Sales And Closed Sales

The overall pending sales decreased by 10% for single home residences (from 90 in the last year of November to 81 in this month) and 1.4% for condominiums (from 146 to 141).

This year in November, Maui also saw a 37.8% increase in closed sales, which decreased by 8.5% last year. This depicts that buyers are returning to the purchases for condos, as well as single homes that were quiet for months due to COVID19.

Other Notable Figures

Besides single-family sales, condo sales, pending and closed sales, below are a few more insights into the real estate market trends in South Maui in November 2020.

• The new listings decreased 24% for the single-family residency and 32% for the condos.
• The overall median price increased by 16.8% ($852,500) for the single-family homes and 39% ($518,500) for the condominiums.
• The home inventory remained tight for single-family homes, i.e., decreased by 24%. But, it increased for condos up to 77.5%.

Thus, the stats show that the buyers’ activities were higher during the same period than the last year. The buyers are likely to make more home purchases, while sellers are likely to profit from the constrained inventory and tight market conditions.