August 2021 Market Update

Dated: September 16 2021

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How's the Market?

The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and the national median rent increasing 11.4% in 2021 so far, according to Apartment List.

Single Family Homes

  • New Listings remained flat 
  • Pending Sales increased 15%
  • Inventory decreased 45.1%
  • Median Sales Price increased 30.2% to $1,040,000
  • Days on Market decreased 11.6%
  • Months Supply of Inventory decreased 59.1%
  • Condominiums

New Listings decreased 48% 

  • Pending Sales increased 31.5%
  • Inventory decreased 82.7%
  • Median Sales Price decreased 2% to $650,000 
  • Days on Market decreased 44.4%
  • Months Supply of Inventory decreased 90.8%

In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.

Click here to view the full 22 page report for August 2021 Year-to-Date. 

Have further questions? 

I love to talk Maui real estate! Contact me at 808-281-4711 or diane@dianebercik.com.

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Diane Bercik

Diane Bercik specializes in residential property sales on Maui. She serves as Broker-in-Charge for Maui Paradise Properties (MPP). Diane has worked on transactions all over the island and has a partic....

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