Maui Real Estate Market Favors Sellers
According to the latest housing statistics released by the Realtors Association of Maui (RAM), all of the signs point to a difficult market for buyers and an extremely optimistic outlook for sellers.
Even with the low inventory, the over Maui real state market continues to produce. Although the numbers paint a bleak forecast for buyers, they remain determined to compete.
With a low amount of inventory, it puts pressure on the buyers to act quickly if they see a property they like. Properties that come to market below the median price and are perceived as a good value will no doubtedly find buyers quickly.
Historically, buyers take some time off during the Christmas and New Year’s holiday season, but that has not been the case this year. Technology allows buyers to stay more informed with new listing alerts, so they are always plugged into the market. We offer our own new listing alert service free of charge on our website.
They Valley Isle’s hot real estate production is not just an observation, but can be confirmed by an analysis of the November stats.
Through the first 11 months of the year, residential home sales were up 3.3% to 1010 homes sold; The median home price also saw a jump of 9.4% to $695,000. The total dollar volume of home sales through January and November was also up 11.2% to more than $1 billion in residential sales.
On the condo front, they always see a little more sales than single family homes because of their lower barrier to entry. Condo sales were up 10.3% to 1311 units sold in the first 11 months of 2017. The median sales price was also up 7.7% to $447,000 where total dollar volume production saw a double digit increase of 22.2% to $901.6 million.
The November listing stats point to a low amount of inventory which has created more demand in the market. Sellers are particularly happy to see that buyers are willing to meet the increasing asking prices.
Both the single family and condo market saw double digit decreases in the supply of active properties for sale. Homes saw 10.3% decline in listings from a year earlier and condos experienced a 30% decrease in available properties.
In the month of November, sellers made out extremely well. 96.4% of single family home sellers received their list price, while 96.8% of condo sellers also received their list price.
New single family listings were down 0.7% to 133 in November, but over all up 6.2% to 137 for 2017. On the condo market, new listings were down 40.1% in November to 175, and overall down 9.7% to 167 for the year.
In November, on average, a single family home only spent 129 days on the market, 20.4% percent less time than the same time last year. Interestingly, although time on market went down for home, median sales prices rose every month except for September where it fell by 2.3%.
For monthly median condo prices, the numbers have been mostly up as well. The high median price for condos came in February at $525,000, a 32.9% increase; October was $519,500, a 12.9% increase. The condo market also saw a consistent trend upward expect for March and August saw slight dips.
As for real estate sales by region, South Maui consistently produces the goods.
Single family homes in the Kihei region from January to November saw a total of 169 sales, a 6.3% increase from the same time last year; the median price was up 13.1% to to $707,000. Wailea saw 27 homes sold in the first 11 months of 2017 where the median price was just under $2.4 million.
For Kihei condos, Kihei by itself accounted for 39% of sales with 515, a 15.7% increase from the previous year. The Wailea and Makena matched the impressive output with 127 units sold, up ⅓ from the previous year.
Contact a Maui Real Estate Specialist
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.