Here’s just a quick summary of the Maui market and what we are hearing! It is a busy market with well priced homes and condos being snatched quickly. I just had a listing that had been on the market last year get snatched up in 5 days. Here are some highlights:
- Inventory is at just 6.6 months for all types of property. Residential and condos are at 5.3 and 5.4 respectively. That is clearly now a sellers’ market.
- Prices are fluctuating a bit but trend for any given property is up. But we’ve also seen some over priced listings come on the market.
- Appraisals are somewhat challenging but a good agent with data can really help that. 49% of sales are cash still!
- The higher end market is HOT! There were 35 (15%) sales over $1M. There were 4 sales over $4M. A beautiful, newer Wailea home sold for $8,150,000. It has beautiful views but was not beachfront or oceanfront.
- I personally had a great month helping 2 sellers and one buyer. They were all good transactions with typical ups and downs but we persisted. My beautiful Wailuku Country Estates listing was under contract but is back on the market. There was no fault of the property but the buyer had some unforeseen financial issues come up.
- We are hearing that there is a lot of foreclosure properties to come on the market. We haven’t started to see them yet. Foreclosure and short sale inventory is low. Short sales are still taking a long time to process with median days on market being 202 and 28% taking over a year (on market, not necessarily under contract). These number are based on sales since beginning of the year.
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