Maui May 2017 Real Estate Stats

May 2017 Maui Real Estate Stats Home prices across the U.S. are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as we glance across the state of residential real estate, what is clear compared to the last extended run of price increases is that lending standards are now much stronger than they were before. Incomes must be verified, a reasonable amount of money must be paid toward the home prior to purchase and a more stringent loan approval process is in place to prevent a repeat performance of the Great Recession. New Listings increased 3.2 percent for Single Family homes and 16.2 percent for Condominium homes. Pending Sales increased 16.3 percent for Single Family homes and 33.3 percent for Condominium homes. Inventory decreased 12.1 percent for Single Family homes and 21.5 percent for Condominium homes. Median Sales Price increased 12.4 percent to $700,000 for Single Family homes and 13.5 percent to $479,000 for Condominium homes. Days on Market decreased 20.5 percent for Single Family homes and 5.8 percent for Condominium homes. Months Supply of Inventory decreased 13.6 percent for Single Family homes and 29.3 percent for Condominium homes. In addition to a stronger base upon which to conduct real estate transactions, the overall economy is in better shape than it was a decade ago. More jobs are available, unemployment is relatively low and workers have more faith in their wages and the potential for wage increases. Although we continue to battle an inventory shortage in much of the country, optimism remains high for a successful summer for buying and selling homes. Quick Facts + 5.2% + 9.3% – 17.7% Year-Over-Year Change in Closed Sales All Properties Year-Over-Year Change in Median Sales Price All Properties Year-Over-Year Change in Homes for Sale All Properties This is a research tool provided by the REALTORS® Association of Maui, Inc. Percent changes are calculated using rounded figures. Single Family Market Overview 2 Condominium Market Overview 3 New Listings 4 Pending Sales 5 Closed Sales 6 Days on Market Until Sale 7 Median Sales Price 8 Average Sales Price 9 Percent of List Price Received 10 Housing Affordability Index 11 Inventory of Homes for Sale 12 Months Supply of Inventory 13 All Properties Combined 14 Current as of June 5, 2017. All data from the REALTORS® Association of Maui, Inc. Report © 2017 ShowingTime.