As of May 31, 2011, 70 home sales sold at a median price of $421,500. This compares to May 2010 when 81 homes sold at a median price of $442,500. This is a 14% decrease in home sales activity when comparing 2011 to 2010.
111 condos sold in May at a median sales price of $349,000. May 2010 condo sales were 105 sold at a median of $410,000. This reflects a 6% increase from May 2010.
14 lots were sold in May at a median price of $275,000. May 2010 numbers were 16 sales at a median of $547,500 . This represents a 12.5 % decrease in sales volume when compared to May 2010.
Bank owned (REO) and short sale properties have dominated Maui’s real estate market since the economic downturn. There were 50 REO sales and 23 short sales last month. This compares to 29 REOs and 24 shorts sales for May 2010. 32 of the 70 homes sold were REOs/short sales, and that represents 46% of the home sales during the month. 34 of the 111 condos sold were REOs/short sales, and this reflects 31% of the market. 7 of the 14 land transactions sold last month were REOs/short sales, which is 50% of market.
When looking at the numbers for last month, there appears to have been a pretty healthy drop in home sales volume. This is the second month in a row we have seen home sales volume lower than what we saw during the same month in 2010. Conversely, condo numbers were up this month by a healthy margin. The difference in sales numbers would have been even greater if not for a boost from the Honua Kai new development closings in May 2010.
As the summer season begins, what can buyers and sellers expect in Maui’s current real estate market? It is still very clearly a buyer’s market. Buyers are continuing to find opportunities well below peak market pricing. That being said, buyers will find that the most compelling deals will attract strong interest and competitive bidding from multiple buyers. Sellers will continue to find the market provides tough competition especially if there are REO properties in their market segment. Buyers are looking for values and quality. Once their property goes to market, sellers would be advised to listen to market feedback and adjust prices accordingly. Please contact Michele Muir White, R(S), ABR. SFR, Coldwell Banker Island Properties 808.298.8448, firstname.lastname@example.org, www.MauiRealEstateGuru.com for your Maui real estate needs.