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Maui Bank owned home and condo sales up 55% in 2011

The number of sales for Bank owned homes and condos on Maui (commonly known as REO Property) has increased by more than 55%.

For the first 6 months of 2011 Maui had 129 REO home sales and 142 REO condo sales which is a sharp increase from the first half of 2010. The charts below shows the change in ratio between bank owned property sales and regular sales…

Bank owned condos in Maui

In the first 6 months of 2010 there was a total of 668 condo sales in Maui and 90 of those sales were bank owned, which meant that 13.47% of the total condo units sold were REO’s.

Now, in 2011 22% of the condo sales are bank owned. In January through June 2011 the total number of condo sales was down to 503 while the Bank owned sales went up to 142, meaning that the number of REO condo sales increased by more than 57% while the number of non REO condo sales has declined by almost 13%.

The great news for condo buyers is that the average sales price is down this year for Maui Bank owned condos. The average sales price for the first half of 2011 is $200,177 (the average for the same period last year was $220,251).

Top 5 Recently updated REO Condos for sale

10 HEATHER #211

10 HEATHER #211
Price: $750,000
Beds: 3
Baths Total: 2
Sqft: 900
Acres: 5.07
City: Lahaina
State: HI
Zip: 96761

2747 S KIHEI RD #D204

2747 S KIHEI RD #D204
Price: $529,900
Beds: 2
Baths Total: 2
Sqft: 719
Acres: 6.93
City: Kihei
State: HI
Zip: 96753

3543 LOWER HONOAPIILANI RD #G206

3543 LOWER HONOAPIILANI RD #G206
Price: $549,900
Beds: 2
Baths Total: 2
Sqft: 861
Acres: 12.28
City: Lahaina
State: HI
Zip: 96761

127 PUNOHU LN #7-5

127 PUNOHU LN #7-5
Price: $899,900
Beds: 3
Baths Total: 2
Sqft: 1235
Acres: 12.48
City: Lahaina
State: HI
Zip: 96761


Bank owned homes in Maui

29% of the home sales in 2011 were for bank owned properties! The number of REO home sales in Maui is up by more than 55% compared to last year.

In the first half of 2010 there were 423 home sales with 83 of those transactions being bank owned homes, representing 19.62% of the total sales. In the same period for 2011 the number of REO home sales is up to 129 out of the total 441 home sales.

Top 5 Recently updated REO Homes for sale

3300 POHAKULOA RD

3300 POHAKULOA RD
Price: $884,000
Beds: 2
Baths Total: 2
Sqft: 1668
Acres: 60.54
City: Maunaloa
State: HI
Zip: 96770

611 S KAMEHAMEHA AVE

611 S KAMEHAMEHA AVE
Price: $806,000
Beds: 5
Baths Total: 2
Sqft: 1596
Acres: 0.1789
City: Kahului
State: HI
Zip: 96732

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