As concerns grow around the COVID-19, also known as coronavirus, so do the concerns about our overall economy and how it will be impacted during the duration of the pandemic.
According to the latest Hawaii real estate statistics, new listings on the island of Maui decreased to almost 18 percent for single-family homes, and there was a slight decrease in condos to about 5.6%. However, as mortgage rates are dropping it seems as if house sales may have the potential to increase. Buyers are being advised to purchase now. Pending sales on the island as a whole increased to about 19% for single-family homes and a little over 21% for condo apartments.
Here is the breakdown for West Maui real estate:
Kapalua Real Estate
Single-family Kapalua home sales went for a median price of $2,450,000 in February 2020. That’s an increase of $430,000 from January but overall sales are down in this area compared to the same time last year.
As for Kapalua condos for sale, there was one condo sold for $4,200,000. That’s a high price tag compared to January’s median sales price in this area where four houses sold for a median sales price of $972,500.
Kaanapali Real Estate
No homes sold in Kaanapali in February.
As for Kaanapali condos, there were eight sold for a median sales price of $767,500. However, sales volume is down to 18 from January.
Lahaina Real Estate
In Lahaina, homes sold for a median sales price of $1,971,610 dollars. Six sold in January and seven sold during the same time last year. Looks like prices are up in this area however which is good news.
As for condo apartments, 13 sold for a median sales price of $514,120.
Honokowai, Napili, and Kahana Real Estate
There were three homes sold for a median sales price of $797,500. That price is down from the same time last year.
As for condo apartments in this area, sales continue to remain steady with around 23 condos sold here in February.
For more information about how the coronavirus may impact the overall housing market this year, please keep checking back to our blog where we report on the latest monthly statistics each month. If you have any questions about real estate on Maui, please do not hesitate to contact us. Have a great week and stay healthy!