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Market Update
Last week we talked about the fact that 51% of real estate sales on Maui this year have been cash sales. This week we'd like to draw your attention to a topic that is often overlooked. You don't likely hear about absorption rates daily, but absorption rate as a potential buyer or seller is something you should pay close attention to.
Realtor.com explains absorption rates this way: "Absorption rate provides the answer to the question: How many months would it take to sell all the homes for sale in my area at the current rate they are selling?"
Take a look at absorption rates for Maui Real Estate during the past 6 months:
March 2011: Homes= 10.9 months, condos=10.5 months, land=50.4 months
February 2011: Homes= 16.9 months, condos= 14 months, land=79.6 months
January 2011: Homes= 17.6 months, condos= 15.9 months, land=62.9 months
December 2010: Homes=13.6 months, condos=15 months, land=40.6 months
November 2010: Homes= 16.8 months, condo=20.8 months, land=100.2 months
October 2010: Homes= 16.3 months, condos=19 months, land=119.2 months
See a pattern here? We'd love to hear your thoughts about how you believe this trend will play out in 2011.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. Low priced condos are being bought up at a furious pace which is part of the reason inventories are shrinking. For example, look at Kihei Shores where there are currently only 2 Active listings with 12 Pending sales, and 18 recorded sales in the last 12 months.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
 
Market Watch for April 25th, 2011
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Active |
Pending |
Sold |
Change |
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Homes |
805 (300) |
251 (32) |
833 (95) |
+2 |
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Condos |
1126 (209) |
262 (21) |
1123 (124) |
-17 |
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Land |
529 (130) |
33 (7) |
123 (12) |
+3 |
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Total |
2460 (639) |
546 (60) |
2089 (231) |
-12 |
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1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in number of active listings from the previous week.
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Homes Over $1M
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40 & 60 Mauds Place
Kula
$2.8M (FS)
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Peaceful and private country estate on 15.85 acres bordering 800 acres of private ranch land. Enjoy spectacular mountain and ocean views. Reminiscent of old Hawaii, this classic 1957 ranch home boasts over 3400 sq. ft. with formal living room, dining room, great room with vaulted ceilings & 2 fireplaces.
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Homes Under $1M
1667 S Kihei Road #H
Kihei
$232.5K (FS) |
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Bank Owned. This is no sleeper. Get this 3 bedroom, 2 bath Kihei home before its gone. Located in a tropical and private setting.
Agent Listing Synopsis
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965 Maile Street
Hailiimaile
$235K (FS) |
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Bank Owned. 3 bd. / 2 bath home. Plus there are additional structures that does not show on public tax record.
Customer Listing Synopsis
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919 Kahoku Place
Kihei
$400K (FS)
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Bank Owned. Large 2 story home on cul-de-sac in Piilani Village subdivision. Open Floor plan has nice flow, with just the master suite located upstairs, and all other living area downstairs.
Customer Listing Synopsis
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1382 Aianakea Road
Lahaina
$439.9K (FS)
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Bank Owned. Spacious 4 bd. 3 bath home in great location near the Lahaina Cannery mall. Enjoy the panoramic ocean views from the 2nd floor. Great potential for a fixer Upper.
Customer Listing Synopsis
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144 Halelo Street
Ka'anapali
$781K (FS)
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The very best Short Sale listed property in the exclusive Ka'anapali Vista neighborhood is now available for purchase. Located on the 15th hole of the Ka'anapali’s Kai course, the property at 144 Halelo Street is a 5 bedroom, 2.5 bathroom (with additional ohana) property is spread across 3,012 living square feet.
Customer Listing Synopsis
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Vacation Condo Over $1M
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Makena Surf B-206
Makena
$2.385M (FS)
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Luxury beachfront complex. "B" building commands highest rental incomes, since it sits directly on the sand. The Beautiful low density complex is gated, with tennis courts, 2 pools with spa's, and of course spectacular year round sunsets.
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Vacation Condos Under $1M
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Kihei Bay Surf #127
Kihei
$128K (FS)
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Bank Owned. Great opportunity to own a ground floor studio in Kihei Bay Surf. Enjoy the pool, tennis court, and the BBQ area, as well as the beach park directly across the street.
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Grand Champions #183
Wailea
$419K (FS)
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Short Sale. A large 2/2 unit with tasteful interior colors and a large master bath with double shower heads.
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Kapalua Golf Villas 19V1
Kapalua
$499K (FS)
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Short Sale. Enjoy expansive ocean and golf course views from this world class Kapalua resort villa situated in the desired corner veranda location of the building. Interior decorated in "Coastal Living" chic, this charming island retreat has been renovated and upgraded and comes fully furnished with everything to make you feel at home.
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Residential Condos
Puuone Towers #201
Kihei
$89.1K (FS) |
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Bank Owned. Ocean views from lanai and living room in this move in ready 2 bd. / 1.5 bath condo.
Customer Listing Synopsis
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Napilihau Villages 7-101
Napili
$155K (FS)
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Bank Owned. Convenient Napili location at Napilihau Villages. Walk to shops and restaurants. Close to beaches and golf. This ground floor corner unit has a small fenced yard.
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Kapalua Ironwoods #63
Kapalua
$1.495M (FS)
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Amazing oceanfront / golf course front unit with whitewater view of Fleming Beach in front of The Ritz Carlton Kapalua. Both bedrooms have ocean views. Walking distance to golf, tennis, restaurants all all resort amenities.
Customer Listing Synopsis
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Vacant Land
106 Ainakula Road
Kula
$289K (FS) |
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This level and gentle sloped half acre parcel has been cleared, graded and planted with Kikuyu grass. Picturesque views of Kahakuloa Point and the northern coastline are nicely framed in view. Surrounded by newer quality homes, this could be your ideal setting to build your dream home.
Customer Listing Synopsis
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