January 2016 Maui Real Estate Report
Condo prices continue to creep up while residential prices decline slightly over 2015. The median condo sold price last January 2015 was $378,000 and is now $397,500 with an annual trend up of 9%. For residential properties, it went from $577,000 to $630,000 and an annual trend up of just 1%. As we look at properties under contract, we see this trend continuing. Condos do tend to be more seasonal peaking in May.
Inventory of condo’s is 9.5 months while residential inventory is just 6.6 months moving us to a buyer’s market. That tends to happen every January as people put their property on the market waiting for that perfect snow-bird to arrive.
The Canadian dollar continues to hurt our vacation-rental market. Today the Canadian dollar is just $0.72 on the US dollar. It has crept up slightly from it’s low in November but not enough to buy.
The percentage of cash sales also seems to be declining. Last month 32% of sales were cash compared to the normal 45%. This is probably due to great interest rates and amazing jumbo loan rates. The banks are looking to lend to qualified buyers!
Checkout the January 2016 Maui Market Snapshots below to see what’s happening in each area of Maui. Here are a few highlights:
- Central Maui has a shortage of inventory (2.3 months) and when that happens, prices go up. Residential median prices are trending up 10% over last year.
- West Maui inventory continues to climb to 16 months! Prices are trending down by 16% over last year.
- South Maui inventory is 9.3 months and while average prices have climbed slightly, median prices are down.
- Foreclosure properties and short sales are WAY down. Maybe just banks doing a re-set on over-priced properties.
Questions or comments? Need help with Buying or Selling or just understanding the market?
This month and next (March) 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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