Up, Up and Sideways
Just take a quick look at this snapshot for Maui Real Estate Trends for June 2012. Sales are up for both condos and houses. Prices are up for both condos and houses. Days on market is still a mixed bag that is strongly influenced by number of SLOW Short Sales. The Market is Rocking. Interest rates are at all-time lows,so now is the time ACT if you are considering buying or upgrading. For sellers, it’s still a mixed bag f so sell if it is right for you. With low inventories, we are seeing prices sneak up but we still predict another big, slow rolling wave of foreclosures so things aren’t going to change overnight.
Now here is the Sideways part…
For my featured discussion this month, I decided to look at where the foreclosure properties are and compare the major areas:
- Overall Maui, 28% of the properties sold in the last year have been distressed (Bank-owned or Short Sales). By comparison only 17% of the current inventory is distressed with the majority of that being pending Short Sales (10%)
- In Central Maui, distressed properties are a whopping 47% of total sold. The good news is that Active and Pending listings, while still high at 28%, are more on par with the overall Maui numbers.
- South Maui seems to lead the pack in trends by hitting peaks and valleys first. 29% of solds in the last year were distressed but it has the lowest number of active distressed properties at just 4%. Part of that is caused because they also have a really shortage of inventory so deals are snatched up in days!
- West Maui had just 20% of properties SOLD that were distressed with both low active and pending numbers (13% distressed) too.
- 21% of Upcountry properties sold were distressed but the future looks like that number will escalate with 18% of active/pending market showing as distressed.