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July Sales Statistics: Maui Residential Properties
The July statistics for Maui Sales Volume totaled 162 units sold, which breaks down to 65 homes and 97 condos sold. This represents a decline in sales volume over the total for June 2011. The median prices for homes also declined to an average of $410,001, whereas the total average value of condo sales rose to $400,000.
The average Days On Market (DOM) for residential homes was 144, and for condos it was 203. When it comes to DOM statistics, one has to consider whether or not it was NEW or OLD stock that moved, as this will skew the statistics one way or the other, as OLD inventory sales will move the average upward and NEW inventory will move it downward. Another consideration to take into account is that short sales will extend the market’s average DOM, as short sales can take 4-6 months to close.
Being month-to-month timeframe reports do not mirror longer timeframe trends, it is important to do year to year comparisons to realize the bigger picture. When comparing January-July 2011 with the same time frame for 2010, residential sales rose +4% with an average sold price of $780,238 which is an uptick of +2%, an average median price of $441,500 representing a slight downward turn of -6%, but the overall dollar volume of sold units totaled $396,361,086, a +6% upswing. This average includes a bump in last year’s sales due to the 2009-2010 Federal Tax Credit programs, so 2011 numbers may catch up in the months ahead. Sales of condos increased +1% for the same time period with an average sold price of -30% at $510,735, a median price of -23% at $325,000, for a total sales volume of $379,476,462 (-23%). Total sales for the immediate past 12 months are 835 homes and 1154 condos.
Market inventories have declined by 13-20% over the past 12 months, possibly due in part to Act 48, which was signed into law May 6th 2011. With interest rates near record lows, potential Buyers may be motivated to make a purchase if they qualify. With property prices and interest rates so low, now is the time to step up and see what the market holds for the first-time home buyer.