There were 66 homes sold in the month of August at a median price of $461,500. This compares to 53 homes sold in August of 2009 at a median of $500,000. This represents almost a 25% increase in sales volume when comparing the last two months of August.
There were 81 condos sold in August of 2010 at a median price of $310,000. This compares to 66 in the same month of 2009 at a median price of $371,250. This translates to an almost 23% increase in volume when comparing this year to the same time last year.
There were 7 land transactions in Maui County last month at a median price of $387,500. This compares to 3 sales at a median of $999,990 in August of 2008. This reflects a 133% increase in sales volume.
This month’s sales included the greatest percentage of REO and Short Sale transactions to date. 36 REO closes and 30 short sale transactions on the month. Of the 66 homes sold, 31 were bank owned or short sales. That translates to 47% of the home transactions. 22 home sales or 33% were REOs. 81 condos sold, 33 of which were REOs or short sales. That translates to just under 41% of the transactions. Two of the seven land sales were REOs, which reflects 29% of the land transactions.
We are starting to see more short sale activity at higher price points in the market with 44% of the home short sales priced over $700,000. We are also seeing an increase in short sale closes. That is good news for the large number of short sale transactions that are waiting for bank approval. Sellers should choose the best short sale purchase contract and submit that one contract to the bank. Hence more lien holder acceptances.
August statistics are hardly robust, but they do reflect improvement over both last year and last month.
Maui outperformed national numbers last month. The optimistic point of view is that Maui’s market may be in better overall condition. Maui has seen improvements in the local economy driven by some resurgence in tourism and remains a very desirable location especially as a resort/second home community.
While the uptick in home and condo numbers over last year and last month can be attributed in part to increased REO and Short Sale transactions, we are also continuing to see more interest in the luxury markets of Maui. There were a total of 11 condo and home sales over $1,500,000. That includes 1 home and three condos priced over $5,000,000. Maui remains desirable for affluent buyers seeking premier properties.
My message remains the same for buyers and sellers. Buyers are going to continue to find opportunities on the market well below peak market prices. That being said buyers need to be prepared and pre-qualified as many of the better priced and better quality properties are generating multiple offers. Sellers should take particular note of the competition posed by the foreclosure listings on the market. Properties should be priced at or below recent comparable sales to better their chance at a sale. Contact Michele Muir White with any questions or for expert assistance in buying or selling a home.
