The official month end real estate sales statistics for March are published by the Realtors Association of Maui around mid-month. The numbers in this report were pulled from the Maui MLS on April 1, 2018. These numbers will vary slightly from the official figures due to factors such as late reporting.
Home and condo sales have both had minute increases in March, but have been essentially steady and flat since the beginning of the year. That is a bit surprising given the decline in inventory. Condo sales mirrored the activity in home sales. Sales remained steady with very small increases for the last 3 months.
Pending sales represent properties that are under contract, but have not closed yet. They are an indicator of future sales. Pending condo sales have surged in the last 2 months, up over 20%. A very large number of these pending sales are from a new development in north Kihei, called Kamalani. There was also a large increase in pending home sales. Many of these are new home sales that went under contract in 2017 in Kehalani developments. Those will likely close later this year.
Inventory tells us how many units are available for sale in each category. Inventory for homes and condos had significant drops in the month. Both currently have less than 5 months of inventory, indicating it is clearly a seller’s market. There are currently only 74 homes listed for sale under the median selling price. There are 200 for sale at $1,500,000 and above.
AVERAGE AND MEDIAN SOLD PRICES
The average selling price for a home dropped by more than 12% in March. This is another indicator, along with high inventory, of a soft “buyer’s” market at the higher price points. The median also declined, but only 1%, which is essentially no change. The average selling price for a condo rose significantly again. But it is still not back to where it was in October of 2017, at $779,107. The increase in the average is all the more interesting given a decline in the median selling price.
DAYS ON MARKET
The 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.
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