Properties aren’t moving quite as fast as last year. Our prices are a little up over the year but we’re seeing quite a bit of flux and slightly higher inventories.
May and June are typically slow months. May was slow and June was almost stop! Ok, I’m over dramatizing it but to the REALTOR community it really feels like it. While home sales slowed a bit, condo sales really took a hit. June 2014 was the slowest June since 2009! Hopefully it is just a little glitch though condos under contract are down 20% to 179 – the lowest since late 2009.
Here’s a few things I note as I look through the details:
- In South Maui, which tends to lead other areas of Maui in trends, home prices are down from last year. Trends are better but that was influenced by a strong April in the luxury market. If you want to know what wealthy people are doing, keep an eye on this; they started the new year off by buying Maui properties! Median home price (based on 4 month moving trend) in South Maui is $718,125 with condos at $392,500.
- West Maui is moving. With inventories still low, both homes and condos are active though a little slower than last year. Prices are still going up with residential median price trends are up 34% over last year. With the average sold price last month of $1,554,679 I think we can again make the statement about what wealthy people are doing – buying homes in Maui. The trending median home prices in West Maui is $1,125,000 with condos at $601,250.
- Central Maui is showing strong sales, influenced by new housing but very stable home prices. Median condo price trends are up 20%. Inventories are very low in the Central area. The trending median home price in Central Maui is $428,743 and condos are at $290,750 making Central Maui the most affordable area.
- Upcountry is also pretty stable with prices trends going up about 15% recently. The trending median home price in Upcountry is $659,125
- North Shore Maui is slower with fewer sales but prices up 12-16%. The trending median home price in North Shore Maui is $720,563.
- The distressed market is definitely slower than a year ago but we saw a increase in short sales that closed and I’m definitely seeing more REO’s dribble in.
We are seeing lower interest rates and more flexibility in the financing market. Jumbo loans are at/near the same interest rates as regular loans. If you are thinking about refinancing, give me a call and I’ll refer to you a great lender.
Questions or comments? Need help with Buying or Selling? Please ask below or call or text Kathy at 808-344-0469
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