Greetings to you all from day whatever of the COVID-19 quarantine. I hope everyone is being safe, happy and kind to one another. What have you been doing? So far, I've completed my continuing education requirements, started the ePro class from NAR, picked up my guitar and am reading Who Moved My Cheese.
As for Maui County, the mayor will most likely extend the stay at home order till the end of May. He'll let us know later today. There is still a 14 day mandatory quarantine for anybody coming to the islands, whether it be from mainland, international or inter island destinations. Mayor Victorino has allowed us to walk beaches for exercise or to go swimming. Absolutely no sun bathing. Many of the local essential businesses are now requiring patrons to wear masks. Restaurants are barely keeping alive by offering take out and delivery. In the past few days only a few new cases were reported so lets keep flattening the curve.
Let's get to the real estate numbers for South Maui. In the past month there were 74 new listings that came to market. Obviously these owners have a want or need to sell. 43 owners reduced their pricing. 46 owners cancelled their listings. As of today 2 properties are under contract but cancelling their escrows. 7 properties expired. 12 properties are pending continue to show. Of those 12, three were listed in the past 30 days. 2 properties went pending do not show. And most of all, 77 properties sold of which 4 have a days on market of 30 days or less.
Nobody knows how this pandemic will affect Maui's real estate market. I would think that our future sellers are people who have several properties and want to liquidate because of other losses. Or maybe because our prices are still at a point of where a profit can be made. On the buyer side, these next few months are where deals can be found. Interest rates are still low and maybe sellers who've been on market for a long time may now consider an offer that they might not have before the pandemic. Buyers who were on the fence are gone. How does this affect me as a REALTOR?
I'm learning new ways and getting new tools to deal with more of a virtual real estate world. Software like Zoom helps with keeping in contact. I have a photographic/video skill set to limit physical showings and of course following social distancing protocols. I'm working on a checklist that will be done for each and every time a property is entered. I have to change the way of doing business as this virus makes the way we knew how obsolete.
As always, be safe, be happy and be kind to one another.
Ken K.K. Wong REALTOR(S) 58204
Coldwell Banker Island Properties
P.S. Let me introduce you to our new kitten Saimin who was adopted from the Maui Humane Society last week. :-)