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July Sales Statistics: Maui Land Sales
The July 2011 Sales Volume for Maui Land Sales is a lot like it was for June 2011. The number of lots sold is the same, at 13, with a median price rise to $400,000. The average Day On Market (DOM) was 242. DOM numbers are based on the average DOM of properties that SOLD, so if predominantly Older inventory made up the majority of sales, the indicator would be moved upwards, whereas Newer market inventory would result in moving the indicator downwards. These DOM numbers are derived from information provided by the Realtor’s Association of Maui, who calculate Days On Market from List Date to closing Date (not Contract Date), and include the 60 day average required for escrow. Another consideration, when applicable, is that Short Sales usually require 4-6 months to close, which would extend the market’s DOM.
To gain a greater insight of the marketplace’s longer timeframe trend, it is important to look beyond a month-to-month comparison and do a year-to-year comparison. With that in mind, it is also necessary to consider that Land sale statistics may not be a reliable indicator of the market, as the sample size is typically small. That said, there was a decrease in Land Lot sales in January-July 2011 compared to January-July 2010, coming in at -5%. The average price of a sold lot was up +18% at $620,277, whereas the median price fell -27% to total $330,000. Overall total dollar volume was up +13%, coming in at $50,862,751. When looking at a full 12 month trend, there were 123 Land Lot sales in the past year.
With interest rates at some of the lowest rates ever seen, there has never been a better time for a first time Buyer to get into the market. Workshops are available that will teach the first time Buyer how to get their first piece of the market by familiarizing them with the process. Many owners never thought they would qualify before attending a workshop and discovering that ownership is within their ability to achieve. If you are looking to get into the market for the first time, attend a workshop and see what options and possibilities are available to you.