73 home sales at a median price of $450,000 for November of 2011. By comparison, there were 58 sales in November of 2010 at a median of $445,000. That calculates to a 26% increase in sales volume and around a 1% increase in median price.
74 condo sales at a median sales price of $261,750. The November 2010 numbers were 66 sales at a median of $349,000. That calculates to a 12% increase in volume and a 25% decrease in median price when comparing this November to last November.
8 land sales at a median price of $427,500. There was little difference with the November 2010 numbers which totaled 7 sales at a median price of $425,000.
Short sales and bank owned (REO) sales are a signifcant component as part of Maui's real estate statistics. There is no denying that these types of properties continue to have a significant impact on the local real estate market. Last month there were 37 REO sales and 21 short sale transactions that closed. Of the 73 homes that closed, 29 were REOs or short sales. That calculates to approximately 40% of the total home sales volume. The 74 condos that are reported to have sold included 28 short sale or REO transactions. That equates to roughly 38% of the sales volume. There was one bank owned sale among the land transactions.
Looking at all of the numbers above, there were two stats that made me take notice. The first is the uptick in home sales. During 2011, home sales in Maui County have consistently outpaced the 2010 numbers. That being said, the 26% increase is the largest difference to date when comparing the same month in 2010 and 2011. It will be interesting to see if there is a similar difference in December and/or January. Maui is a small enough market that random fluctuations in market activity can produce “outlier” months. I would like to see a couple more months of heightened activity.
There has also been a dip in median condo prices. Shifts in median prices are not always a great indicator of changes in property values. Median pricing is determined in part by values and in part by shifts in where market activity may be occurring. While we have seen values decrease in the last year, it is safe to say that that values haven’t fallen 25% in that time. This November there were a total of eleven sales under $100,000. This higher volume of lower priced transactions was the main reason behind the drop in median.
For those that are interested in buying and selling Maui Real Estate, December marks a shift in seasons. The winter months are considered to be peak buying season for Maui properties. Maui remains a buyer’s market although you will see a wide range in market conditions depending on the market segment. Buyers looking for entry level homes and condos will find a competitive market place. Well priced properties are often attracting multiple offers with sales prices above asking common. Other segments of the market have less competition, but well priced property in any market segment can attract multiple sellers. Buyers should be prepared to act quickly when the right opportunity comes along. If you require financing, getting prequalified with a mortgage broker is an important step to take before you look at properties. Sellers who want or need to sell should be looking closely at recent comparable sales when determining where they want to enter the market. If you are interested in Maui's real estate market, contact Michele Muir White R(S), ABR, SFR, 808.298.8448, michelewhite@hawaii.rr.com (www.MauiRealEstateGuru.com) for professional representation and market knowledge. I look forward to being of assistance.
