November Sales Summary For Maui Homes and Condos

Standout Statistics For Homes

• Distressed sales, including short sales and REOs (bank-owned foreclosures), now comprise 44% of the home market; even more than I thought!
• Median home price is down to $445K.
• Inventory levels continue to decline. This metric indicates an improving market according to the laws of supply and demand. There is currently a 10 month supply of homes on the market, down from 16 months (respectively) in October.
• Average days on market hover near five months. We at Hawaii Life do better. My aim with each property I list is to have it in escrow in the first 30 days.
• In South Maui, Kihei experienced a slight uptick in median price, Maui Meadows almost doubled and Wailea’s median price fell dramatically from $2.4M to $1M.
• Home sales are up 10% by volume with average sales price flat from a year ago; median prices are down 5%.
• Central Kahului/Wailuku continues to dominate home sales volume with nearly 1/4 of the market by units sold, and Kihei running second at 17%.

Standout Statistics For Condos

• Distressed sales, including short sales and REOs (bank-owned foreclosures), now comprise 33% of the condo market.
• Median condo price is down to $216K.
• Inventory levels continue to decline. This metric indicates an improving market according to the laws of supply and demand. There is currently a 15 month supply of condos on the market, down from 19 months (respectively) in October.
• Average days on market hover near five months.
• Condo sales remain the same by volume, but average sales price is down by almost 25%. Vacation rental shoppers (pay attention!), now is your opportunity to purchase that second home at a deep discount.
• Kihei tops the condo market with some 37% of volume by unit island-wide. Other top condo sales locations include:
  • Napili/Kahana/Honokowai at 20%
  • Kaanapali at 11%
  • Central at 11%
  • Wailea at 9%
  • Maalaea at 4%
  • Kapalua at 2%
  • Full report from RAM

Questions on how the market affects the sale or purchase of a home on Maui? Contact me for a complimentary comparative market analysis that shows what homes are selling for in your area of interest.