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Overview of December and Year End 2010 Statistics
Now that 2011 is upon us, we are able to develop a comprehensive picture of the 2010 Maui real estate market. While we still have a ways to go before the economic recession becomes a mere memory, 2010 gave rise to some encouraging trends and changes. Perhaps most notably, the sales volume of Maui single-family residences and condominiums rose substantially. In fact, there was an increase of nearly 31%, or more than $130 million, with respect to single-family home sales volume.
The sales volume figures from December 2010 show that there was an eagerness to complete transactions before the end of the year, resulting in the sale of 70 residential homes, 92 condominiums and 14 lots. As for December’s median sales prices, they exhibited a slight upward trend, with the median sales price of residential homes rising to $465,706 and that of Maui condominiums rising to $355,747. More detailed information on 2010 sales volume and median prices can be viewed here.
Aside from the specific numbers set out above, 2010 displayed other trends also worthy of note. Due to the end of the Homebuyer Tax Credit program, sales slowed down somewhat in the fall. Also, bank owned properties continued to have a significant presence on the market. Considering this market climate, it would be prudent for sellers who are not in a rush to sell to stay off the market for the time being. However, for highly motivated sellers, there are steps you can take and strategies you can employ to significantly increase your chances of a successful sale, even in the Maui market’s current conditions.
For example, ensuring that your property is in better condition than competing properties will provide you with an advantage. Solid marketing strategies and creative terms can also help with sales, as can pro-active strategies. These include having appraisals and inspections conducted in advance to reduce the likelihood of significant price reductions during negotiations due to the discovery of previously unknown facts or issues. However, the main factor when it comes to successful sales remains good, realistic pricing.
Despite the end of the Homebuyer Tax Credit program and the fact that interest rates may soon begin to increase bit by bit, first-time homebuyers can still take advantage of the Maui real estate market before recovery kicks into full gear. By attending workshops and by consulting with Maui’s real estate and financial professionals, potential homebuyers can tap into programs and opportunities that they would otherwise not even know existed. While the numbers from 2010 have displayed some encouraging trends, a knowledgeable, realistic approach and creative strategies are still required to find success on Maui’s current real estate market.