Maui Real Estate Market Trends February 2009
Early each month, I look through our local paper for the latest real estate news. I get a kick out of the media’s assessment of “the numbers”. Usually the media takes numbers out of context and exaggerates them to have perceived value to the reader. Lately the terms used include spiraling, plummeting, collapsing and plunging.
This month, there were 2 articles about real estate. One from Oahu (“sales plummeted”) and one for US-wide news “Foreclosures set record”. There were no articles on Maui real estate. Do you suppose there was good news, no news or incapacity to use the preferred doom and gloom terminology?
This month our cold weather has been far more interesting (read different than usual) than the real estate market.
- Condo units sold is down but trends are flattening. Prices are on a nice upward trend from the lows last fall.
- Residential units sold was flat but trend is downward. Prices are increasing. Possibly increased prices are due to new sales of expensive homes.
- The most exciting news is that our “feelings” of increased activity is showing in a 23% increase in number of pending listings which are those under contract but not sold yet. Looking at pending price average and median, I predict that condo prices will go down significantly (20-30%) while residential prices will barely change.
- Our market is significantly impacted by foreclosures right now. We are not quite like the mainland where whole neighborhoods are hit, but you do find foreclosures in every area, type and price range of properties. 30% of our pending listings now are either bank-owned property or short sales.
- Foreclosure Numbers
Nov 2008 Dec 2008 Jan 2009 Feb 2009 Mar 2009 Short Sales 201 198 204 236 Bank-owned 44 52 51 46 Foreclosures* 20 32 34 29 42
* Foreclosure counts are based on those advertised in the Maui News. This is not a complete list but reflects trends.
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