Maui Real Estate Advisor
Presented by Aloha Group Maui
Issue 73, June 2017
May 2017 - Unofficial Sales Statistics
The official month end real estate sales statistics for May will be published by the Realtors Association of Maui around mid-May. The numbers in this report were pulled from the Maui MLS on June 1, 2017. These numbers will vary slightly from the official figures due to factors such as late recording.
Sales remained strong in May with single family homes staying at about the 90 unit mark and condos just one unit shy of tying the year’s biggest month so far which was in March at 128 condos sold.
Pending sales represent properties that are under contract, but have not closed yet. They are an indicator of future sales. The number of pending sales increased significantly over all, especially for homes in March, and seems to be holding strong. This is in spite of increasing interest rates, but could be fueled by the threat of even more increases.
Inventory tells us how many units are available for sale in each category. The number of homes for sale has been amazingly steady. The number of homes for sale vs. actual sales indicates a pretty balanced and fair market. Condo sales and pendings have been on a bit of an upward curve, while inventory has declined significantly, 19%, in just the last 6 months. We’ll take a deeper dive into the stats at the end of the quarter. What we will likely find is that there is very little to buy at the mid-point and lower end of the market and there is a glut of inventory at the higher price points. But we will want to keep an eye on the condo segment. If that current trend continues, we may be looking at a potential price spike.
The average selling price for a home on Maui started the year at just over a million dollars. March and May averages were both up even higher, approaching $1.2 million. However, it looks like the big ticket buyers took April off. Maybe the taxes were due.
The average condo price popped up over $700,000 twice in the last 6 months and never dropped below $600,000. However, on a percentage basis these are huge variations. We see similar swings in the median price. The median price looks like pretty good news for the average investor or second home buyer, because it indicates that plenty of people are still finding buys under that ½ million mark.
Days on market is the number of days from the time a listing goes live in the MLS until it closes and is recorded. It is interesting, but is not a good indicator of how long it really takes to sell a particular type of property. That’s because it is an average of all homes from small starter homes that sell quickly to multimillion dollar luxury homes that may take years to sell. The same is true for condos where the type of unit, location, price and buyer motivation may result in a quick sale or the condo may sit on the market waiting for the market to catch up.
Aloha Group Maui is a part of KW Island Living, the Keller Williams Maui franchise. We can help you buy or sell a home or condo - for you to live in full time, part time or as an investment. Learn more about Maui Real Estate in our Maui Real Estate 101 resources section.