The secret is out. Maui, Hawaii is the best place to live in the world. I know it. My neighbors know it. But thanks to a global pandemic, now everyone else knows it!
The Pandemic and Maui
Maui has fared the Covid-19 pandemic fairly well, all things considered. We have had low case counts and low positivity rates consistently throughout 2020. The Safe Travels program requires all returning residents and visiting tourists to have a negative Covid-19 test uploaded to the database within 72 hours of travel. If not, travelers are still required to quarantine for 10 days. Although not foolproof, this has been able to keep the disease from our borders (for the most part).
The ability to be outdoors in the fresh air year-round is certainly attractive to people who have been on lockdown for months. With the increase in people working remotely from home, many people have been able to fulfill their dreams of living in Hawaii. Upon arriving and living here a few months, many people have extended their stay……to forever.
Maui statistics courtesy of Fidelity National Title
Low Inventory
The housing market on Maui is on fire! Low inventory, record interest rates and everyone wanting to move to Hawaii has contributed to this unexpected market. This has created a strong Seller’s market, with many Sellers enjoying multiple offers and at times over-asking offers. To give you an even better idea of the low inventory, single-family homes inventory on Maui is down 49% from this time last year. DOWN 49%!
This is a great time to talk briefly about single-family homes vs. condos. In the same stat, condo inventory is up 10% from this time last year. With so many people making Maui a permanent home, they are seeking out houses over condos. They are looking for home offices and more space. Plus vacation rental condos took a huge hit in short-term rental reservations in 2020, making people weary. Condos are starting to get some momentum again with sales, but many owners that couldn’t weather the downturn of 2020 have listed their units.
Here are a few more jaw-dropping stats. Our normal pending sales is usually somewhere in the 400 transactions range. As of today, there are 828 pending sales on Maui. The median sales price for a single-family home hit an all-time high at $980,000. This is up 26% from January 2020.
With all the houses getting scooped up, people are having no choice but to turn to land. They will build a home on Maui rather than wait for one to buy. Vacant land sales have seen an increase in 110% from this time last year.
I want to move to Maui, is there anything left?
I have a few options for you. There are two beautiful lots ready-to-build ocean view homes in Ka’anapali Golf Estates. Click on photos for more information.
411 Wekiu Place is located in the gated community of the Summit. Beautifully located at the end of a cul-de-sac offering both striking mountain and ocean views. Offered at $419,000 Fee Simple.
28 W. Mahi Pua Place is located in the luxury gated community of the Pinnacle. Build your dream Maui estate on this half-acre, ocean view lot. Offered at $690,000 Fee Simple.
There is one more option that is not going to last much longer. There are only a few homes for sale in the sought-after neighborhood in West Maui, Kahana Ridge. 386 Kahana Ridge Drive is a beautiful 3BR/3BA ocean view home with an ideal floor plan. The home has 34 owned solar panels, allowing the central air conditioning to cool you down without worrying about the electric bill. This home is a must-see.
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