April 2019 - Sales Statistics
A dramatic shift may be on the horizon
The Maui real estate market is definitely shifting. Comparing April 2018 to April of 2019, single family home sales are off 17.4% and condo sales dropped 22.2%. This year to date home sales are off by 17%, but total condo sales for the year are down just 1% compared to 2018. Indicators of demand for homes is still high, although with a median selling price of over $800,000, affordability could slow down the overall market. The stats for condos indicate that the trend could be shifting to a more buyer friendly market.
Pending Sales: along with other key statistics, are detailed below
Pending sales represent properties that are under contract buy have not closed yet. They are a key indicator of future sales.
Pending sales are a bright spot in this report. Pending home sales have been on the rise for the last several months. The Realtors Association of Maui reports that pending sales are up 24% over the same month last year and 5.7% this year to date. Pending condo sales appear to be pretty level for the last 6 months. However, the association reports that pending condos are down almost 5% year over year and 16% this year to date.
Inventory tells us how many units are available for sale in each category. Inventory of homes for sale had a decline from April 2018 of just under 12%, and condo inventory dropped 16%.
Other telling inventory factors are that new listings for homes is off 8.7% compared to last April, and there is 5.2 months of inventory.
However, the months of inventory number is misleading. At the rather lofty median selling price of $819,500, only 25% of the homes listed for sale today are priced at or below the median.
Condo inventory is a bit more interesting. This year to date new condo listing are down 9.3%. However, there was a shift in April, as new listings were up 14.4% over April of 2018. That said, there is still only 4 months' supply of condos for sale.
Selling Prices: average sold prices
We look at Average and Median prices in all categories. A lot of people like to know the average price; however, we tend to use median for most of our analysis, because median is less likely to be skewed by outliers of a few very high-priced or very low-priced sales.
The average selling price for homes crept back over the $1,000,000 mark in April. However, the shocker is the median selling price soaring to $819,500. That's 13% over April of 2018.
Condo prices are also surprising. The median selling price in April was down 13% from April of 2018. The average price is off 9.2%
Days on Market: (avg-sold listings)
The days on market is the number of days a property has been on the market until the close of escrow. That number seems pretty stable. Normal financed sales take 45-60+ days, so on average homes and condos are on the market up to 100 days before they go into escrow. I believe we are still seeing a downward trend in days on market.
Get more information and details
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About Aloha Group Maui
Aloha Group Maui was founded by L. Lee Potts, MBA, REALTOR R(B), and Barbara S. Potts, MBA, REALTOR R(B) and former California CPA. We are business people, and we treat our clients with the same care and service attitude that we would like to receive when we do business. We are in business for pleasure and profit. We expect that most of our clients will enjoy the property they own on Maui (pleasure), and it would be nice for everyone if your property performs well for you (profit). Real estate can be highly speculative, and profits are never guaranteed. So fi you are buying property on Maui, it is a good idea to surround yourself with a professional team.
Lee Potts is the former President of an international software company and former Marketing VP of a publicly traded franchise organization. Lee and Barbara are both licensed under Keller Williams Realty Maui.
Barbara Potts was a CPA with Ernst and Young before joining Apple Computer back with both Steve's were there (Job and Woz). She was also Director of Strategic Marketing for Grass Valley Group, a division of Tektronix, and a business broker in California.