Maui Real Estate Market Report
September’s Sales Unit Volume – Residential sales remained steady at 97 homes sold while Condominium sales rose to 108 units sold. Land sales came in at 16 lots sold in September.
September’s Median SALES prices –The Residential median price rose to $573,300 and the Condo median price rose to $399,500. Land median price increased to $535,150.
Days on Market, Residential homes = 95, Condos = 120 DOM, Land = 195 DOM.
(General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it will move this indicator upward, and vice versa. RAM’s Days on Market are calculated from List Date to Closing Date [not contract date], including approximately 60 days of escrow time.)
“Year to Date Sales” numbers compare January – September 2015 to January – September 2014. Shorter timeframe (monthly) views do not necessarily reflect the longer timeframe trends. Big percentage changes may be misleading or misunderstood so be cautious. Please call us for details. Early 2014 monthly numbers were quite strong making early 2015 seem “a bit dull” in comparison. We predict that they will even out as we progress through the year.
For a more comprehensive view, compare to 2014’s Year-End (Dec. 2014) figures available at: http://www.livingonmaui.com/maui-real-estate-reports/
Year To Date – Residential unit sales increased (817 homes sold / +96 units / +13% change YTD), average sold price = $895,453 (-2% change YTD), median price = $585,000 (+3% change YTD) and total dollar volume sold = $731,585,469 (+11%YTD).
YTD – Condo unit sales precisely match 2014 sales (915 units sold / 0 units change/ 0% change YTD), average sold price = $644,395 (0% change YTD), median price = $405,600 (-3%YTD). Total Condo dollar volume sold = $589,621,608 (0% change YTD).
Maui Land – NOTE: Land Lot sales are such a small sampling that statistics in this property class are not necessarily reliable indicators. Land lot sales declined (112 lots / -18 units / -14% YTD change), average sold price = $882,741 (+27%), median price = $487,500 (-5%), Total dollar volume = $98,867,041 (+9% YTD).
Total sales for immediate past 12 months: Maui Residential = 1,038 (with 11.5% being REO or Short Sale),
Maui Condo = 1,175 (7.2% REO or Short Sale), Land = 144 (4.2% REO or SS).
Interesting Fact: 37.3% of these Sales in the last 12 months have been CASH transactions.
Current Absorption Rate base on this month’s Active/Pending-Continue to Show/Contingent status inventory divided by September Sales: Residential = 6.5 months, Condo = 8 months, Land = 24 months of inventory.
For Absorption Rate enthusiasts who calculate only pure “Active,” (not any pending/contingent) divided by September Sales: Residential 498 “Active”/97 Sold = 5.1 months. Condo 733 / 108 Sold = 6.8 mos. Land 353 / 16 Sold = 22 months of inventory.
What is absorption rate? Rate at which properties sell in a specific area. Typically 6 months of inventory is considered balance. Anything less than six months is considered a “sellers market”. Anything more than 6 months is considered a “buyers’ market”. Again there are always nuances and important details in every market. Please consult a realtor who is very knowledgeable in the area of interests to get the “true” picture of the market. Statistics are just one slice of the pie in understanding the local real estate market.
Mahalo and please feel free to call or email me with any questions.
Full report click on this link: http://issuu.com/livingonmaui/docs/sept_2015_stats
a hui hou….
Jeannie Kong REALTOR®(S)
Maui Real Estate Advisors,LLC
Information has been gleaned from Realtors Assoc. of Maui. All data is deemed reliable but not guaranteed.