I haven’t reported much in the last few months because there just isn’t much to say. In my 7+ years in business, I haven’t seen this much stability in the Maui Real Estate Market. Knock on wood – I don’t want to see the market go back to the downswings!
Inventory is generally a measure of how fast the market is moving. If you had 8 houses on the market and 1 was selling each month, the inventory would be 8 months. Overall, we have 9.6 months of inventory. During 2014, the range has been 7.5-9.8 months. That is pretty stable compared to 30 something numbers back in 2009! At 9.6 we are still in a buyer’s market but each area varies greatly.
Average and median prices fluctuate but trends are very stable. Residential property prices are up about 11% over the last year and Condos are up about 12%. Condo sales are showing a seasonal price downturn at end of the year. With early onset of winter conditions throughout the U.S. and Canada, I predict a strong spring season.
So my “Curiosity Test” for the month, of the 9.6 months of inventory, how many will actually sell? I use “The Pond” analogy to explain to clients how the market works. The well-priced properties (for the value they bring) flow in and out of the market pretty fast. The properties with issues or slightly “too high” price get shown but get no or unacceptable offers. The overpriced properties become the stagnant mass and will probably never sell. For the last 12 months about 25% of the homes left the market unsold. 38% sold, 30% are still active and 6% are pending. However if you look at homes listed over $1 million, only 25% sold, 35% are off market and 40% are active or pending. The $1 mil+ market is a little slower.
We continue to hold at 41% of our total sales being cash sales. Don’t expect to get much of a discount for cash! And our percentage of sales over $1 million was at a yearly low of just 11%; it peaked in January at 23%.
Questions or comments? Need help with Buying or Selling or just understanding the market? Please ask below or call or text Kathy at 808-344-0469
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