- We see a downward trend of about 10% of in condo units sold compared to last year. Although average price trends are up 31%, median prices are declining slightly with median price of a Maui condo being $510,000 compared to $528,563 a year ago.
- The residential downward unit sales trend is stabilizing. Looking at moving trends, we’ve seen a 7% decrease in median prices over last year.
- The high end markets and new multi-million dollar developments continue to drive our average sales prices up.
- Overall, this month we saw a big decrease in DOM (Days on Market) which indicates that we’ll may see some stabilization in upcoming months. People that need to sell are pricing their properties to sell quickly. With 15 months of inventory, it is still clearly a buyers market.
The best overall performing area based on year over year median prices is Wailea. Buy a condo in Wailea where median prices have gone up a whopping 91%. Houses aren’t far behind with increase of 82%. Of course, you the median condo price in Wailea is over 2.5 million dollars. Although much of this is driven by the new developments, in general Wailea has held it’s value. They are not immune to short sales and foreclosures so look for good buys!
The number of short sales continues to increase while foreclosures seem stable at 1-3 new ones a week. My quick search shows 82 active short sales and 10 bank-owned properties island-wide.
All in all, I see stability in the Maui real estate market. It’s too early to say definitely that residential prices have hit their low but indications are showing that.
See the full trends report on my website.