Maui Real Estate Statistics

After last week's blog where we discussed national real estate trends from December, it seems a look at the local perspective is in order. According to Terry Tolman of the Realtor's Association of Maui, there is a lot of economic uncertainty out there and active inventory has grown a lot within the past year. Sales are lagging but units that are actually priced right are the ones being purchased. The best deals sell while the rest gets old.

The general idea is that sellers need to be competitive with pricing, property condition, marketing and flexible terms. Properties that are surveyed, inspected and appraised in advance attract knowledgable buyers with realistic offers which helps prevent escrow fallout.

Some things for buyers to consider? Low interest rates help provide a lot of options. Getting pre-approved is especially smart now. No one wants disappointment at the last minute because of a non-funding loan. What many buyers may not know, however, is that the many foreclosures and short sales on the market can come with delays and a lot more jumping through hoops. Properties like these are often less of a bargain than they may seem. It should be a good time to buy and hold, if possible. Also, you may miss some excellent opportunities if you are holding out for the "bottom". How do you know when the market has reached it?

December statistics show that while total homes sold in the West Maui area dropped by 18% in December, sales volume actually increased by about $3.5m, for a total of $41,142,412 in West Maui homes purchased during December alone. The sales volume of condos increased by about $8.5m and the total number sold increased by over 19%. Keep in mind, however, that the total market in West Maui is relatively small, so just a few sales will have a large influence on the monthly statistics of the area. This goes for Maui in general as well. Click here for more Maui real estate statistics.

When using our Maui real estate search tool to find real estate for sale that suits your needs, notice that when you click on a listing for more information, you will find statistical data at the bottom of the page that is pertinent to that property. We encourage you to explore some of our featured listings such as the Puamana Condos or the Royal Kaanapali Estates. To contact us, call (800) 367-5632 or email us at info@whalersrealty.com. Mahalo for reading and we'll see you next week!