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Maui

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.

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