Many people are waiting for the bottom of the market to hit. Wait no longer – at least for the residential market! Residential sales are up. The 4-month moving trend is up 24% even though it is still under last year’s numbers. The median sales price has hovered right at $500,000 for 4 months now. The most shocking is that the residential inventory has gone from 35 months in February to just 17 months now.
Although the condo market doesn’t have significant good or bad news, I’m not seeing consistent trends to say it is at the bottom. Our tourist industry is in the worst shape ever, as the Maui News reported an all-time record low occupancy of just 59%. There are some great deals out there though. I know many vacation rental owners who still booked 90% of the time. As with anything the averages don’t tell the whole truth.
By the way, if you hate tourist crowds come to Maui now! Surf’s been great and it is lovely to have the beach to yourself!
Our market is continuing to be strongly influenced by the foreclosures that are happening at all price points and locations across the islands. We continue to see more and more short sales and bank-owned properties on the market. The bank-owned properties often don’t stay on the market long. We are seeing that the best-buys are being snapped up fast!
This month I took the foreclosure data I’ve been collecting and put it in a graph. Tell me what you think. Remember that the sold counts are on the left hand scale. We don’t see foreclosures turning around anytime soon.
* Foreclosure counts are based on those advertised in the Maui News. This is not a complete list but reflects trends.
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The following complete reports provide overall Maui data as well as data broken down by area.