April 2016 Maui Market Trends
In April, we saw some major upturns in units sold and average prices of homes (up 36%). While that sounds like upward movement in Maui Market Trends, I just see some peaks and a gradual upward trends. We saw the number of sales over $1 million peak to 22% from it’s average of 15% which logically would reflect in the average prices increasing. Looking at all classes (condos, homes and land) the median price was at it’s highest point since February 2009!
Looking at the trends over time and future pending sales, I’m not seeing those peaks as major spikes, just steady upward movement in the Maui market. Inventories are down slightly to 8 months with residential down to 5.4 months. Interest rates are still low so don’t wait to make your move.
There is talk at the national level of some market softening but I don’t really see that even on this quick video that tells you about the national market. I think most of that is just based on following market cycles and people thinking we are at time for a downturn. Certainly with elections coming up, there is uncertainty in the markets. No matter what side you are on though and how crazy you think the other side is, looking over the years, this is a good time to sell and/or buy. The Maui market is stable so it’s a good time to think about a move. Rents are skyrocketing, there is plenty of financing (even with 0% down) so renters with decent credit should consider buying.
Quick update – last month the Canadian $ hit 80 cents for a few hours. Now it is at 78 cents. I still think that when it gets up to about 90 cents, the Canadians will start buying a piece of Maui again, causing an increase in prices. I don’t follow the politics in Canada but would be happy if some friends to the North might estimate when this might happen.
Questions or comments? Need help with Buying or Selling or just understanding the market?
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