Blog Detail
June Sales Statistics: Maui Residential Properties
The June sales statistics for Maui real estate are in and, as expected, there have been some UP and DOWN.
In the Maui real estate’s UP department, sales of residential properties gained for a total of 81 homes sold at a home median price of $429,000, a value that also represents an upswing. The average Days On Market (DOM) for homes was 141 days, though this statistic can sway either way, depending on whether homes that have been on the market for a long time sell more than newer listings in a given time range.
On the other end of the scale, condo sales took a dip, finishing at 101 sold units at a median price drop of $295,000, a slight decline. The average DOM for condos was 147 days, according to the Realtor’s Association of Maui (RAM), which calculates DOM from Date of Original Listing to Closing Date. [Because of this formula for calculating, the DOM also represents about 60 days of escrow, and Short Sales can add up to 6 months to the individual unit’s DOM, skewing the overall average of the marketplace’s DOM.]
Comparing the Residential sales statistics from Jan-June 2011 with Jan-June 2010 shows that residential home sales had a boost of +4%, but at a slight value decline of -4%, for an average home SOLD value of $732,569. The median price of $445,000 is indicative of a -5% decline in value over the year, but the total dollar volume sold fell a mere -1%, settling at a value of $324,528,034. (2011 sales numbers will most likely catch up as the year goes on, as this number represents a jump the previous year due to the 2009-2010 Federal Tax programs.)
With respects to Condo sales for a year to year comparison, there was a decrease of -3%, with an average SOLD value of 4527,534 (-30%), and a median price of $325,000, a -24% decrease. The total Condo dollar volume fell by -33%, tallying up at $320,259,146.
For an overview of sales for the past 12 months, there were 830 residential units sold and 1125 condos changed hands
A month-by-month year-by-year breakdown comparison chart of the unit sales numbers is available at the Realtor’s Association of Maui’s newsletter, which was used as the source of this article’s information.
While Residential and Condo sales have shown an increase over the past six months, the next few months will determine whether or not this will be an ongoing trend. With interest rates remaining at an all-time low, potential Buyers may convert if they can qualify. With interest rates threatening to start inching upwards, pre-approval for Buyers will allow them to shop with the assurance of a secured loan ready to go.