Unofficial Sales Statistics
The official month end real estate sales statistics for February are published by the Realtors Association of Maui around mid-month. The numbers in this report were pulled from the Maui MLS on March 1, 2018. These numbers will vary slightly from the official figures due to factors such as late reporting.
Home and condo sales both had slight increases in February. Home sales were assisted by some new “affordable” product in Wailuku as well as some new “market price” product in Wailuku and Kahului. Condo sales, primarily residential as opposed to vacation rentable, also got an assist from Kamalani, a new development which has a mixture of affordable and market priced condos and townhomes.
Pending sales represent properties that are under contract, but have not closed yet. They are an indicator of future sales. Pending condo sales rose above 300 units for the first time in a very long time. A huge number of these are in new, yet to be completed, developments, principally the Kamalani development and Kamani at Kehalani. New home sales held steady.
Inventory tells us how many units are available for sale in each category. Inventory remained steady for homes, and condo inventory has had minor, but steady increases for the last 5 months. However, the inventory for homes and condos is still less than 6 months. If you are shopping at the median or lower price point, inventory is even lower.
AVERAGE AND MEDIAN SOLD PRICES
The average selling price for a home rose again in February and hit a new 6 month high. The median declined a bit from the $707,000 peak in January. The average selling price for a condo rose significantly, about 8%, however that is still below the average selling price in February of 2017 which was $723,978. The median price retreated well below last month’s $505,662
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 multi-million 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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