Maui Median Home Price Hits A New Record: $840,000

Photo: County of Maui

As COVID-19’s impact spread across the country in March, the stock market declines starting in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 3.28 million initial jobless claims filed in a single week—the highest in history more than four times over.

New Listings decreased 43.0 percent for Single Family homes but increased 8.8 percent for Condominium homes. Pending Sales decreased 42.0 percent for Single Family homes and 56.8 percent for Condominium homes. Inventory decreased 20.4 percent for Single Family homes and 7.6 percent for Condominium homes.

Median Sales Price increased 17.9 percent to $840,000 for Single Family homes and 9.1 percent to $555,000 for Condominium homes. Days on Market decreased 11.6 percent for Single Family homes but increased 28.0 percent for Condominium homes. Months Supply of Inventory decreased 21.7 percent for Single Family homes and 2.3 percent for Condominium homes.

While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities.

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