The Realtors Association of Maui (RAM) released its official Maui June 2010 Sales Statistics. Below you will find a succinct breakdown of transactions in south Maui.
South Maui Single Family Residence Sales June 2010
A total of 14 single family residences sold in south Maui in the month of June, down considerably from 23 the previous month and comparable to 18 the same month a year ago. Kihei saw the most activity with 10 sales at a median price of $487,500, compared to $501K a month ago, and up from $446K a year ago.
Maui Meadows had a single transaction at a price of $632,500, compared to a median price of $775K a month ago, and a whooping decrease $1.32M last June. Wailea had a strong showing with 3 sales at a median price of $1.925M, compared to 5 sales last month at a median of $1.265M and 3 sales last June at a median of $1.735M. Days on Market (DOM) for Maui single family residences remained steady at 131 days, but keep in mind that this figure is calculated from the date the property is listed to the date the transaction is closed (including an escrow period that typically takes 30-60 days).
South Maui Condominium Sales June 2010
A total of 46 condominium units sold in sold in south Maui, compared to 48 the previous month, and marked a significant increase from 29 in June 2009. Kihei had the lionshare’s of the sales at 34 with a median price of $260,250, compared to 28 in May with a median of $326,250, and a sharp increase from 20 in the same month last year at a median price of $320K. Maalaea had a favorable showing with 3 sales at a median price of $315K, compared to 5 transactions last month at a median of $246,000.
The Wailea/Makena district had a very strong month at 9 sales with a median of $1.750M, compared to 15 in May at a median $950K and 8 in June 2009 with a median sales price of $1.745M. Days on Market for Maui condos remained relatively high at 187 days, but keep in mind that this includes many short sale transactions which typically take months to receive lien-holder approval.
South Maui Real Estate Analysis
As the statistics reflect, there IS sales activity in the south Maui market. Buyers are motivated with historically low interest rates, which increases their overall purchasing power, and by sellers who are pricing properties competitively. In order for sellers to compete with distressed properties (REOs/short sales) that are priced on the lower spectrum of the price range, owners must keep their properties in better condition, price accordingly, and be represented by a qualified Realtor with a strong marketing plan.
If you are interested in Maui real estate investment opportunities, contact Mariah.Â For those interested in selling their properties, contact Alex for a confidential consultation and a custom-tailored marketing plan.