I have been quite busy with Maui Real Estate lately, working in the Upcountry Maui area as well as the other parts of the island.
Our Broker recently sent an eblast with stats for the agents to use. Click on the map for a larger version.
"At the end of 2011, the real estate market on Maui was fully poised to shift and it’s doing just that. When comparing last year statistics to
the prior year, sales are up, home prices are still declining (though going up in some pocket areas), and inventory is down significantly. These are all the signs of a market in transition. Buyers are realizing that Maui prices are at 2003 levels, and they won’t remain there for long.
Here is an overview of how sales and prices for SFR's (single family residence), condos and land have changed:
2011 vs 2010
SFR’s Condo Land
Total Sales +10% +1% +5%
Prices -6% -18% -23%
The number of homes sold that were bank-owned increased by over
50% last year to a whopping 25% of total sales, dramatically impacting
prices. The inventory of properties in all categories available for sale or
pending declined by 17%.
But of course, the median aggregate of a market tells only one story.
There is a more complex story as we look at the various areas and neighborhoods.
Sales volume declined only in three areas, but prices declined in 9. You can see in the illustration that some key pockets of Maui have already turned and are on the increase.
The past few months show an even stronger indication of a changing market. Inventory has continued to decline and when there aren’t enough properties to choose from, prices start going up. REO or Bank-owned inventory appears to be declining, probably due to recent Hawaii foreclosure law changes, and that will slow the trend of declining prices. We are now experiencing multiple offers on lower-end homes and well-priced properties and many of these are going into escrow very quickly and above asking price. These are strong indicators that Maui’s real estate will increase both in price and in total sales in 2012."
Please feel free to let me know if you would like more information.
Here's to hoping that things are looking up for all, and retired folks will continue to enjoy their retirement years.
Come to Maui to visit, and if you fall in love, (our island is one of the most wonderful places in the world to live) I'd be more than happy to help you in the search for your new home.
Aloha, a hui hou,
Cherie Attix R(S)
Windermere Valley Isle Properties