December is normally one of the slowest months of the year for real estate sales in Maui County. But the December 2020 report shows strong buyer demand across most segments of the market, buoyed by near-record low interest rates.
And this healthy sales pace is despite a new wave of COVID-19 infections and a softening jobs market.
Home prices were consistently up again in most markets in 2018 but at reduced levels compared to recent years. High demand for few homes for sale fueled price increases, but evidence is mounting that inventory will finally improve in 2019. This may apply some downward pressure on prices for beleaguered home buyers. A fourth interest rate hike by the Federal Reserve in 2018 spooked the stock market to close out the year. The Fed has indicated that the number of rate increases in 2019 will be halved, which may be of little comfort to an already compressed consumer.
The 128 single-family home sales in Maui County in July was the highest monthly total since the 131 sales in March of 2007 in the days before the Great Recession, Realtors Association of Maui data show.
Furthermore, median home sales prices were 16.8 percent higher than in July of 2014, rising to $525,000.