Sales are up! Median Prices are up! Foreclosures are slowing. It all seems to good to be true. And we are in our “slow time”.
The Making Home Affordable act is responsible for slowing foreclosures. Many people facing foreclosure are able to modify their mortgages. Better systems in some lenders is making short sales go a little smoother. At least for now. I haven’t heard of anyone who has been able to change the principal amount on their mortgage. People are able to negotiate lower rates and extended terms.
Another thing that is pretty amazing is our inventory supply has dramatically dropped. In January 2009, we peaked at 37 months of inventory. Now that number is down to just 17 months. We’re not in a seller’s market yet which is commonly considered anything less than 5 months of inventory. Inventory numbers change very quickly so watch out!
All in all, things are looking up. It’s still a great buyer’s market with lots of great opportunities. Interest rates are still fabulous. If you have been postponing an upgrade, now is a great time to get your your current home sold and find a next home.
As we enter our peak tourist season, I expect buyers to come looking in droves. I don’t make guarantees, but I see that 2009-2010 will be the lowest real estate prices we’ll see going forward.
* Foreclosure counts are based on those advertised in the Maui News. This is not a complete list but reflects trends.
If you would like notifications when this report comes out or have a question regarding the report, please subscribe here.
The following complete reports provide overall Maui data as well as data broken down by area. Smart people know real estate is local.
View the Snapshot Report All areas of Maui captured on a single page!
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.