February 2016 Maui Real Estate Report
Once in awhile I’ll use a slow month to explain why my numbers might be a little different than you read about in the Maui News or hear from other agents. I’m kind of an analytical type so I don’t like crying wolf or cheering because something looks great… when it really isn’t. So here’s a few things I do different:
- When I say “trends” this is a 4 month moving average. I’ve found that the 4 month average shows the seasonality of the market but levels out the sporadic busy months.
- We are a relatively small market. This month we had just 69 residential sales. It doesn’t take much change to make growth look super high! One $20 million dollar sale can impact the average sales price by a lot! By averaging over 4 months, you see a more steady indicator. If you drop to the district levels, this “small market syndrome” is even more pronounced. One person recently said to me that the sales in xyz were down by over December by 50%. Well that sounds great until you know that December only had 4 sales and there were several months with no sales. When you don’t have enough data points, any trend is statistically invalid.
- What is Median Price? The median price is the midpoint at which homes sold. If I had a list of 69 homes sold last month sorted by sales price, I would look at the 35th item to find the median. If there were 68 homes, I’d take the average of 34th and 35th. This is much more stable than average prices and is a better indication of the “market”. I also show average because you sometimes see trends in average (higher-end homes selling) that don’t show in the Median.
First-time Home Buyers
There are several new complexes (both condos and homes) being planned as affordable housing here in Maui. If you are interested, let me know and we can talk more!
Questions or comments? Need help with Buying or Selling or just understanding the market?
This month I am offering FREE real estate reviews. You don’t need to be thinking of buying or selling now to benefit. Often your home is a primary asset, so meet with a real estate professional to find out what your property is worth and what your options and strategies may be! Please ask below or call or text Kathy at 808-344-0469.
View the Detailed Maui Real Estate Market Reports
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