Market Update
Checking the stats on Pending Sales, we find that REO's (Bank Owned Listings) and Short Sales account for approximately 40% of all of new Escrows on Maui. Here is the breakdown.
There are currently 202 Pending Home Sales. Of these, 27 are over $1 Million. In this category, there are no REO's and only 1 Short Sale. Under $1 Million, there are 42 REO's and 40 Short Sales.
In the condo market, we see a similar situation. There are 154 Pending Sales of which 8 are over $1 Million with no Short Sales or REO's. Under $1 Million, there are 13 REO's and 48 Short Sales in Escrow.
There are still a large number of properties pending foreclosure, so we expect the market to continue to be dominated for at least the next 12 months by REO's and Short Sales. Nonetheless, we feel that it is a excellent time to take advantage of distressed Sellers and low interest rates.
Have a wonderful week.
Mahalo Nui Loa,
The Smith Team
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
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