Maui Real Estate update
While the current state of minimizing social interaction makes showing of real property more difficult, there is definitely interest in Maui real estate.
I personally am receiving calls to see if there are price drops in the 25 percent range from January 2020 prices. No, we are not seeing a large swings in seller motivation.
Escrows are opening on a daily basis. New listings are coming on the market. Several economists are saying that real estate will be the bright spot in the economy as we move forward towards recovery from the pandemic.
Realtors/sellers are including virtual tours and detailed photos to make buying from a distance easier. With an appointment prior to viewing, a Realtor may set up a showing of a property using social distancing and sanitization protocols. We ask that the prospective buyer be pre-qualified and have viewed the property digitally to make sure it is something that would fit their needs.
Sales information from the Realtors Association of Maui:
“Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before, and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.
On Maui in July 2020: New Listings decreased 9.4 percent for Single-Family homes and increased 16.2 percent for Condominium homes. Pending Sales decreased 5.5 percent for Single-Family homes and 29.4 percent for Condominium homes.
Inventory decreased 14.7 percent for Single-Family homes and increased 27.4 percent for Condominium homes.
Median Sales Price decreased 1.3 percent to $777,595 for Single-Family homes but increased 1.5 percent to $502,530 for Condominium homes.
Days on Market increased 13.0 percent for Single-Family homes and 7.4
percent for Condominium homes.”
Interested in Selling or Buying Maui property? For a preview of Maui properties for sale, go to www.Lowson.com.
Please call Laurie Lowson, Realtor (B), at (808) 276-8001 or e-mail Laurie@Lowson.com.
Allow a Lowson & Associates Realtor to work with you to find your perfect Maui home.