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Yep, prices are still going up. First it was Kihei, then Central, now it’s pretty consistent island-wide. The Maui Market is recovering. The number of foreclosures and short sales is going down. Inventory is low. Any home under $500,000 is getting multiple offers. I’d say we are in a Seller’s Market.
If the median price of homes in Kihei has gone up 20% in the last year, does that mean my house is worth 20% more? No, that’s not quite how it works. At the lowest point in the market, most of the sales were under $300,000. Only people who were desperate to sell were trying. Only things priced well would be connected with a buyer. Very few mid-level homes were selling. Below I’ve created price profiles comparing the properties sold in Feb 2012 and Feb 2013. The vertical axis is number of sales and the horizontal access is price groups. Up to $1,000,000 the price group is x $100,000. After that I start grouping by $500,0000.
What you observe here is that there are many more $500,000-$1.5 million (price group 12) dollar houses being sold. The market has shifted. There are still some lower end deals out there but people are buying at many other price points.
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