Dec. 18, 2017
November 2017
Unofficial Sales Statistics
The official month end real estate sales statistics for November are published by the Realtors Association of Maui around mid-month. The numbers in this report were pulled from the Maui MLS on December 1, 2017. These numbers will vary slightly from the official figures due to factors such as late reporting.
SALES
After a sales spike in October, home sales fell to their lowest level in the last 9 months. This is the time of year when home sales generally slow down a bit. Condo sales have been pretty steady with 4 of the last 6 months in the 120’s or higher. December and January are usually a bit slower in “closed” sales, but very active in terms of contracts.
PENDING SALES
Pending sales represent properties that are under contract, but have not closed yet. They are an indicator of future sales. November pending home sales stayed just about even with October, which was the lowest since March, indicating a continuing slowing trend. Condo sales, on the other hand, hit a 6 month high in October. However, many of those are in new developments. That new inventory is great for buyers. Taking that into consideration, the market may not be as strong as it might appear for condo owners looking to sell.
INVENTORY
Inventory tells us how many units are available for sale in each category. The number of homes for sale increased slightly, but remained below the 500 unit mark. Only about 20% of the homes for sale are priced at or below the month’s median selling price. That means an even tighter market for the majority of Maui’s would be buyers.
Condo inventory stayed in the low 600’s, well below the 831 units for sale in February. That is a drop of over 25%. So, we can look for a slowdown in condo sales in 2018 as well.
AVERAGE AND MEDIAN SOLD PRICES
The average selling price for a home on Maui soared to the highest level in the last 6 months, but not the highest for the year. That was $1,175,284 back in April. The median rose slightly but stayed below $700,000 for the 3rd month in a row. So, people are finding homes to buy in the lower price ranges, but the current inventory of homes in that price range will last for less than 3 months.
The average condo price has been all over the place in the last 6 months ranging from over $800,000, back down to $600,000 and points in between. The median is a bit more interesting. It fell to $400,000 even. The median has been below $400,000 only once this year. That seems to be driven by a lot of lower price point sales in Kihei and the Central district.
DAYS ON MARKET
Please bear with us as we change from active days on market to the average number of days on market until a property is sold. We currently have only 4 months of data.
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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