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November Sales Statistics: Maui Residential Properties
The November statistics for Maui Sales Volume totaled 147 units sold, which boils down to 73 homes and 74 condos sold. This is representative of a slight decline in sales volume over the total numbers for October 2011. The median price for homes also declined to an average of $445,000, whereas the total average value of condo sales rose to $261,750.
The average Days On Market (DOM) for residential homes was 166, and for condos the DOM was 151. When it comes to DOM statistics, one has to take into consideration whether 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 statistic to take into consideration 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 visualize the bigger picture. When comparing January-November 2011 with the same time frame for 2010, residential sales rose +10% with an average sold price of $775,283 which is an uptick of +2%, an average median price of $435,000 representing a slight downward turn of -5%, but the overall dollar volume of sold units totaled $634,957,051, a +13% upswing. Sales of condos increased +1% for the same time period with an average sold price of -24% at $496,199, a median price of -18% at $310,000, for a total sales volume of $527,955,915 (-23%). Total sales for the immediate past 12 months are 890 homes and 1156 condos.
Market inventories have declined by 18% over the past 12 months. With interest rates near record lows, potential Buyers may be motivated to make a purchase if they qualify. Many programs are available for first-time Buyers, so it is suggested to attend a workshop and become familiar with the process. Many home owners today did not believe they would be owners until they attended a workshop and learned how to make it happen. With property prices and interest rates at the tempting levels they currently are, now is the time to step up and see what the market holds for the first-time Buyer.