Every month, I review the real estate market statistics in some detail. I look for good news and positive outlooks. I report the facts good and bad. I argue with other publicized stats because they paint a picture that is “not quite reality”. I try to step back and account for seasonal differences and look into my crystal ball to see what is coming in 3 months or further out.
This month, I’m just staring. It’s not that bad but is more of the same. There is good news! The first whales have been sited and soon the tourists will return. This year it sounds like I will actually be doing talks on some of the whale boats which will be great fun. I wish the real estate market was as predictable as the whales! In some ways it is because we will have a peak in March-April.
- The downward trend line on condo sales is slowing but still going down. There were 112 condos units sold in October 2007 compared with just 47 last month (GASP!). This in turn has driven inventories way up… 30 months worth across Maui with a whopping 60 month or 5 years in West Maui. It still astounds me that West Maui prices haven’t dropped significantly.
- We saw an upward trend in residential sales, led by sales in our “boonie” areas in Upcountry and North Shore. Most other areas are flat.
- Condo prices are way down again. Our median sold price was just $420,000 compared to $552,000 last year at this time. The only condos that are selling are “on sale”. There are a few bargain hunters out there.
- Residential median price is $510,000 compared to $585,000 last year.
If you are thinking about coming to Maui for our busy season, make sure to contact your friendly REALTOR® and have them tell you about some of the great buys. I used to tell people that you would have to put at least 40% down to cashflow vacation rentals here. With the great deals we have now and if you are using VRBO instead of paying 50% property management rates, you can probably do okay even with our lower tourism rates. If you don’t mind a long wait for buying, check out the opportunities for short sales in almost every price range!
My REO and Short Sale counts are up again… I think I’ll need to graph this!
- Short sales (View Short Sales) End of September: 172 End of October: 199 (+16%)
- Bank-owned (View REOs) End of September: 27 End of October: 42 (+55%)
- Foreclosures — The trend continues upward at a steady pace. Many are still getting postponed at auction.
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The following complete reports provide overall Maui data as well as data broken down by area.
View the Snapshot Report – Just like the snapshot above.
View the Full Trend Report – 2 years of trend data by area.
Maui Statistics This data is published by the Realtors® Association of Maui, Inc. It contains monthly updates on sales by area for the County of Maui.