73 home sales this October at a median price of $480,000. By comparison, there were 64 home sales reported in October of 2010 at a median price of $425,000. This is a 14% increase in volume and a 13% increase in median price over last October.
75 condo sales reported at a median price of $310,000 for October of 2011. The October 2010 numbers were 72 sold at a median of $322,500. This is a 4% increase in volume and a 4% decrease in price.
The land market continues to be stagnant. There were only 7 sales reported for the month at a median price of $625,000. Last year’s land sales numbers of 6 sales at a median of $207,500.
REOs and shorts continue to have a significant impact on our market. There were 39 REOs and 33 short sales that closed last month. Of the 73 homes sold, 37 were REOs or shorts. That is 51% of the total sales volume. For condos, 34 of the 75 properties sold were REOs or shorts. That is45% of the total number of condos sold.
Sales volume is outpacing last year in all segments, but not by significant numbers. The bump in median home sales prices last month was the one other anomaly. That being said the change in median is likely a reflection of more high end sales than any measurable increase in home values. Smaller sample sizes mean that shifts in where market activity occurs can be just as big a driver of medians as changes in values.
There has been more luxury activity this October than we saw last October. There were seven home sales over $2,000,000 this month compared to only two sales in October of 2010. For luxury condos, 5 sales over $1,500,000. This outpaced the October 2010 numbers of 3 sales. 2011 has proven to be a better year for luxury home and condo sales than 2010.
For buyers and sellers of Maui Real estate, our market conditions remain similar to what we have seen for the past year. Buyers are going to continue to find properties for prices significantly below the peak of the market. Buyers may find inventory tight in some market segments. Lower priced homes and condos can be particularly competitive. Buyers may have to exercise patience to find the best values. When opportunities do come on the market, buyers are advised to act quickly and put their best foot forward as the best deals often attract multiple offers. Sellers are going to continue to find tough competition from the REO and short sale market. Those that need to sell quickly are served well by paying close attention to recent comparable sales and pricing close to or in some cases below those sales. For any questions and all of your Maui real estate needs, please contact Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, 808.298.8448, michelewhite@hawaii.rr.com http://www.MauiRealEstateGuru.com
