Data from the Realtors Association of Maui for December 2012 shows a median* sales price spike of 20% for both single family residences and condos.
Single family residence: Up 24.5% to $511,750 from December 2012 to 2011. Sales were up slightly from 79 in ’11 to 82 in ’12. Several higher end homes sold in the South and West sides of the island causing the increase.
Condominium: Up 26% to $382,450 from December 2012 to 2011. Sales were way up by more than 50% from 89 in ’11 to 138 in ’12. Again, the increase in median price and sales were due to increased sales in the South and West sides of the island.
Year-to-Date Maui Real Estate Figures
Single family: The median for 2013 was up 9% to $470,000 from January to December and the number of sales increased by 32 homes to 933 closed sales, which represents an increase of 4% over 2011.
Condominium: The median for 2013 was up 16% to $358,995 from January to December and the number of sales increased by 91 units to 1,248 closed sales, which represents and increase of 8% over 2011
An interesting side note: inventory for single family homes and condominiums have declined over the last 12 months.
To some, this may just be a bunch of numbers, but what I’m hoping the takeaway for you is that the bottom has come and gone. The train is pulling away from the station so you better hop on or you’ll have to wait for the next train (or market crash!)
*Median is a mathematical result that indicates one half of the group is higher and one half lower. Median price of 101 sold homes would be that price which is lower than 50 of the prices and also higher than 50 of them. Let’s not confuse this term with the average. They can be quite different for the same sample group.
For example, if you are doing a sold properties report and the homes are very evenly distributed, the median and average might be very similar. However, if the homes sold were weighted more to one end or the other of the price spectrum, then the median and average could be quite different.