Aloha
Attached are the Maui May 2009 Real Estate Sales Statistics.
MAY STATISTICS
Brief overview:
Pages 4 - May's Maui Real Estate Sales Volume – Residential and Condo Sales rose to 56 homes and 47 condos respectively and Land Sales came in at 7 lots.
Page 5 - May's Median Real Estate SALES prices for Residential homes remained steady at $487,500 and Condos rose to $315,500. Land sales median was $530,000.
Page 6 - Days on Market for Residential home sales = 159 DOM, Condos = 111 DOM, Land = 425 DOM. (General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it can move this indicator upward, and vice versa. Also, Realtor Association of Maui's Days on Market are calculated from List Date to Closing Date [not contract date]. As such, it includes approximately 60 days of escrow time.)
Pages 10 - 14 - "Year to Date Sales" numbers are limited in scope as they only compare January/May 2009 to January/May 2008. Short timeframe (monthly) views do not necessarily reflect the longer timeframe trends. Better overview is available from these pages at the end of each year such as 2008's Year End (Dec. 2008) available at: http://www.ramaui.com/UserFiles/File/Stats/December2008.pdf
Year to Date: Residential unit sales declined (-45%), average sold price = $748,436 (-19%), median price = $515,000 (-12%) and total dollar volume sold = $165,404,427 (-55%). Condo unit sales declined (-50%), average sold price = $661,369 (-31%), median price = $412,000 (-28%). Total Condo dollar volume sold = $151,453,426 (-65%). Land – NOTE: Land Lot sales are such a small sampling that statistics in this property class are not necessarily reliable indicators. Land lot sales declined (-29%), average sold price = $1,493,034 (+68%), median price = $800,000 (+13%), Total dollar volume = $61,214,375 (+19%).
Also, total sales for immediately past 12 months: Residential = 741, Condo = 575, Land = 82.
June 8, 2009 - Maui's Active Real Estate Inventory:
June May April March Feb. Jan. Dec. Nov. Oct. Sept. Aug. June
Homes 1,083 1,086 1,150 1,144 1,134 1,103 1,126 1,111 1,114 1,133 1,176 1,141
Condos 1,644 1,675 1,796 1,794 1,750 1,722 1,700 1,638 1,600 1,618 1,594 1,565
Land 656 648 662 667 595 575 563 595 552 558 548 545
IN A NUT SHELL...... the good, the bad….. AND THE CONTINUED UNCERTAINTY ……
Inventory shrank in Residential and Condo classes during the last month. Similar to latest reports from many mainland markets, our market seems to be at or near the bottom. The large inventory includes many short sales and REO (bank owned) properties which will need to be absorbed as sales before we can move ahead.
FOR SELLERS: Sellers who don’t really need to sell (just “fishing?”) should stay off the market, and clear the marketplace for those who REALLY have to sell.
To be successful, Sellers need to be realistic and beat competing properties with better property condition, aggressive pricing, good marketing, and flexible, creative terms (including lease-with-option-to-buy and sale-with-lease-back to seller). Days on Market figures show that properties priced right will sell in a reasonable timeframe. “Priced Right” is still the determining factor. BEST Deals are selling,
everything else is getting old. Pro-Active Sellers are getting their properties appraised, inspected and surveyed in advance to encourage knowledgeable offers from realistic Buyers. Doing this can prevent unanticipated escrow fallout. Unrealistic Sellers continue to follow the market down and miss current opportunities that later become woefully apparent. They may even end up in a Short Sale or Foreclosure situation that could have been avoided.
FOR BUYERS: Continued low interest rates and first time homebuyer incentives provide plenty of options for Buyers who qualify. Buyers should get Pre-Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans).
More "short-sales" and foreclosures are happening in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6 months) to close, if at all. Be prepared, but BE REALISTIC.
First-Time Maui Home Buyers – This is your opportunity to purchase. Don’t let it pass you by…. Attend a First-Time Home Buyers workshop, get familiar with the process, get qualified/approved, do your homework to get your own home. Many current owners never thought they would be able to own until they attended a workshop, discovered they could, and are glad they did. This low point in the market is your rare chance, so don’t delay.
Disclaimer: Zooming in on the figures of a specific geographic area or property type may lead to different conclusions that the overall view. Maui's real estate market place is much smaller than Oahu's real estate market, and a few high or low sales have a greater effect on the statistical numbers without necessarily indicating a big market swing one way or another.
For questions regarding today’s market, or any of these numbes please call me anytime at 808-283-6090.
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