Unofficial Sales Statistics
The official month end real estate sales statistics for July will be published by the Realtors Association of Maui around mid-month. The numbers in this report were pulled from the Maui MLS on August 1, 2017. These numbers will vary slightly from the official figures due to factors such as late reporting.
Both home and condo sales declined in July. Homes dipped to the second lowest number of sales in the last 6 months. However, the previous month’s sales were quite high and pending sales remain strong, so I don’t see the market softening just yet.
Condos hit the lowest number of sales this year. However, pending sales remain strong, so I don’t see the condo market losing steam either.
Land sales went through the roof in July, but it wasn’t an old fashioned land rush. The sales were due to a new development in Pukalani called Kualono. Let us know if you want more details on that.
Pending sales represent properties that are under contract, but have not closed yet. They are an indicator of future sales. Pending home sales have been very consistent for the last 5 months with just a little spike in May. Condos have also been fairly steady.
Inventory tells us how many units are available for sale in each category. The number of homes for sale, although trending down slightly, remains steady. There were only 26 fewer homes on the market in July than this year’s high of 556 in February. The number of homes for sale vs. actual sales indicates a pretty balanced and fair market. However, broad indicators miss the fact that there are a glut of homes at the high end and severe lack of inventory at the more “affordable” end of the pricing spectrum.
Condo inventory has declined significantly since February. That was the 6 month high at 831 units for sale compared to only 682 today. However, September is usually the start of a slightly slower market, so the lower inventory may not have much impact.
The average selling price for a home on Maui has been over $1.1M in 3 of the last 6 months. Two sales at $6,000,000 + helped raise the average. The median selling price remained about $700,000. That is good news for home sellers, not so good for would-be buyers.
The average condo price skyrocketed to over $800,000 aided by four $4,000,000 sales at the Montage in Kapalua. However, those big sales at the top of the market didn’t impact the median much. It came in at $447,500 which is just about the median for the last 6 months.
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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