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79 home sold during April of 2012 with a median sales price of $469,000. 87 homes sales close during April 2011 with a median price of $488,000. This is a 9% decrease in volume and a 4% decrease in median when comparing 2012 to 2011.

128 condos sold last month with a median price of $399,000. This compares to 120 sales with a median price of $336,102 for April 2011.  This is a 7% increase in volume and a 19% increase in median price.

8 lots sold during April 2012 with a median price of $365,000. By comparison, there were 14 sales at a median of $382,500 last April. This is a 43% decrease in volume and a 5% decrease in median value.

REOS & Short Sales:  There were a total of 53 bank owned or short sales that closed during April of 2012. Of the 79 homes sold, 24 were REOs or short sales.   This reflects 30% of the sales volume. Of the 128 condos sold, 29 were REOs or shorts. This reflects 23% of the total sales volume. There were no bank owned or short sale land saes in April. It is also worth mentioning that there were more short sale closings than REO closings this month. This is something of a recent trend that I believe is directly related to the fact that banks & asset managers appear to be working with sellers who are in trouble on their loans rather than letting the properties get foreclosed.

The decrease in REO sales and the relative strength of short sale transaction volume also relfects a reduction in the  REO inventory.   Banks appear to be more willing to negotiate short sale transactions than they have in the past. That has led to the shift where short sale transaction volume is equal or greater than bank owned closings.

Home and condo sales were very similar to March.  As with March, condo volume is slightly outpacing last year’s totals while home volume is down slightly compared with last year. While land sales saw a brief surge last month with 20 closings, April’s closing declined to a dismal 8 sales. Lending is still tight on land sales.

My advice for buyers and sellers entering the Maui real estate market is based on price point and property type. This month’s official Maui real estate market stats released by the Realtors Association of Maui reflect that home, condo and land
inventory shrank across the board. The inventory at the entry level of the market is extremely tight and buyers entering this market will find prices below peak prices.  There is also limited inventory which is leading to upward price adjustments and competitive bidding. All buyers who require financing should obtain loan preapproval to compete as bidding may be fierce and moves quickly.  The luxury market is still a market where inventory is higher and you will find more of a true buyer’s market.

Sellers will need to closely evaluate their segment of the market place prior to listing. Sellers at the lowest priced segments of the market will find a ready pool of buyers. In the market segments where buyers are fewer, sellers need to look closely at recent comparable sales when determining their price point for market entry. Sellers should also be aware of recent changes to the Hawaii Purchase Contract. Sellers now have greater disclosure obligations that are further incentives to perform home inspections and/or surveys prior to listing.

Contact Michele Muir White, ABR SFR, Coldwell Banker Island Properties Wailea 808.298.8448, [email protected] (www.MauiRealEstateGuru.com) with questions regarding market conditions or for assistance with buying or selling  Maui real estate.  Michele is a Coldwell Banker ® International Sterling Society Award recipient.

There were 80 residential sales for March 2012 at a median price of $432,500. That compares to 89 homes sold in March 2011 at a median of $450,000. This reflects a 10% dip in volume and a 4% dip in median prices when comparing this March to last March.

There were 128 condo sales last month at a median price of $370,000. By comparison, there were 124 condos sold at a median of $289,000. This represents a 3% increase in volume and a 28% increase in median prices for March 2012 over March 2011.

21 land sales closed at a median price of $455,000. Last March, there were 10 sales reported at a median of $517,500. This is a healthy 110% increase in sales volume and a 12% decrease in median price.

Maui’s Real Estate market continues to be impacted by the sale of REOs and Short Sales. There were 66 bank owned or short sale closes on Maui last Month. 80 homes that sold, 34 were REOs or Short Sales. This reflects 42.5% of the sales volume. 128 condos that sold, 30 were REOs or Short Sales. This is 23% of the condo sales. Of the 21 land sales that closed, 2 were REOs. There were four bankruptcy sales among the 21 closings.

Land sales volume really stands out for the month. Wondering what has driven the market resurgence and is this a sign of increasing stability in the land market? We are seeing sellers adjust their pricing to levels where they attracting buyers. There is still between 4 and 5 years worth of land inventory on the market so we have quite a ways to go before we see any dynamics in place that would substantially raise values.

The condo market produced the second most notable numbers for the month with a 28% increase in median over March 2011. This does not mean that condo values have increased 28% over the last year. The biggest reason behind the change relates to where the sales are occurring. During March of 2011, most of the sales were lower priced bank owned properties. This year, there is less bank owned inventory and tighter entry level inventory. This has led to some modest price increases for some entry level condos.

While lower priced activity has slowed due to lack of inventory, we have seen more activity in the middle ranges of the condo market. The increase in middle range sales is helping to push up medians. Buyers appear to be responding well to new development properties with 30 sales that were new developer offerings last month. Much of this new development activity is happening in the middle price ranges of the market. We are also seeing a little more activity in the middle market of the second home & vacation rental market. This is part of a national upswing on vacation rental properties & second homes. Canadian buyers continue to have an impact as currency exchange remains favorable. While the middle market has been stronger, the ultra luxury condo market is off a little over last year. There were 4 sales over $1.5M this March compared to 7 sales last March.

The dip in home sales numbers may just be a reflection of monthly variability. The Maui market appears to be making some strides to a slow recovery.We are rapidly approaching the end of peak buying season on Maui which should lead to a decrease in demand. On the other hand, inventories are tightening in some areas.

For those of you that are contemplating entering the Maui real estate market, my advice remains the same. Buyers will still be able to select from properties priced well below peak market values. The best opportunities can be competitive with multiple offers and above asking sales prices on some of the better values. With that in mind, buyer’s who need financing should take the time to get pre-approved with a local bank before submitting offers. It is best to get approval with a bank with experience lending in Hawaii. Buyers should be prepared to move quickly when they see properties that meet their needs. Sellers will still find that there is competition via lower priced REOs, short sales and motivated conventional sellers. Sellers who have the means should address deferred maintenance and other issues that could deter buyers. If you are interested in buying or selling property on Maui, contact Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties (808) 298.8448, email: [email protected] for market knowledge, professionalism and responsive service with aloha.

February was a pretty good month for Maui Real Estate. There was strong volume in pending sales.

There were 78 home sales with a median price of $513,750. By comparison, the February 2011 numbers were 59 sales at a median of $440,000. That is a 32% increase in volume and a 17% increase in median.
There were 81 condo sales at a median price of $287,000 for February. By comparison, the February 2011 numbers were 98 sales at a median price of $371,200. There was a 17% decrease in volume and a 23% decrease in median price.

12 parcels of land sold at a median price of $333,925. That compares to 7 sales at a median of $282,500 in February 2011. That is a 71% increase in sales volume.

Short sales and REOs remain a significant component of the monthly transaction volume. There were 54 closings that were either bank owned or short sales last month. 29 of 78 closings were REOs or shorts. That is 37% of the volume. 24 of 81 condos were REOs or shorts. That is just under 30% of the total sales.

We continue to see variability in our monthly real estate stats. Last month, condo sales outpaced January of 2011, while homes and land sales lagged. This month the opposite occurred. If you are expecting consistency in our recovery, you may be disappointed. It reflects the statistical variability you often see with smaller sample sizes.

Last month, there were fewer REO transactions and an increase in short sale transactions. The same scenario occurred this month. It appears that banks are becoming more and more cooperative when it comes to short sales. This means more successful short sale closings. There are still large number of properties where sellers are underwater and need to sell.

The luxury real estate market statistics were interesting. There were 5 luxury home sales over $2M compared to only 2 last February. The condo market was the exact other end of the spectrum with no sales in February over $2M. The highest condo sale was $1,323,000. Last February, there were 6 sales over $2M.

My message to buyers is that you need to be prepared when you are ready to buy. Buyers should be pre-approved in advance and be prepared to make strong offers. Well priced properties are selling for or in some cases above list price. As your price point increases, competition begins to wane with smaller buyer pools. Higher priced properties with tight inventory or fewer quality properties to choose from may also see competitive bidding. Sellers still need to look closely at recent comparable sales when trying to determine how to best price their properties. Overpriced properties just aren’t getting nearly as many showings in this market. Market conditions make good representation more important now than ever. Please contact Michele Muir White R(S), ABR. SFR today if you need assistance buying or selling Maui real estate. 808.298.8448 [email protected]

49 homes sold at a median price of $408,000. By comparison, there were 54 homes sold in January 2011 with a median price of $495,414. This is a 9% reduction in sales volume and an 18% reduction in median price when comparing January 2012 to January 2011.

88 condos sold in January 2012 with a median sales price of $339,500. 87 condos sold in January 2011 at a median price of $295,000. This is a 1% increase in volume and a 15% increase in median price when comparing January 2011 to January 2012.

8 land sales closed in January 2012 at a median price of $330,000. This compares to 9 lots sold at a median price $300,000 in January 2011.

The Maui Real Estate market continues to be impacted by Short Sales and Bank Owned Properties (REOs). Of the 49 homes sold, 18 were REOs or Short sales. This is approximately 37% of the sales volume. By comparison, 47% of January 2011’s home sales were REOs or shorts. Of the 88 condos sold last month, 27 sales were either REOs or Short Sales. This is 31% of the transaction volume. This compares to January 2011, where 37% of the condo sales were REOs or short sales.

The numbers comparing this January with last January were fairly comparable. Bank owned transactions were down and short sale transactions were up slightly, probably in response to ACT 48.

Overall market conditions have not changed drastically.

My continuing advice to buyers and sellers remains the same. Buyers will find that this is a good time to buy as there are some well priced opportunities. Keep in mind that the best opportunities are attracting strong competition. Buyers should be prepared to act quickly and with strong offers when pursuing the best opportunities. Patience may be needed as inventory is beginning to wane. Buyers should be pre-approved for financing prior to submitting offers. Sellers in this market will need to keep their pencils sharp. Those who want to sell quickly should look closely at recent comparable sales and price and list at/or below those numbers. Please contact Michele Muir White R(S), ABR, SFR (808) 298.8448, [email protected] if you have any questions or just want to chat about Maui Real Estate and/or any buying or selling opportunities.

76 homes sold during December at a median price of $496,500.  By comparison, the December 2010 sales numbers were 73 sales at a median of $460,000. This is a 4% increase in volume and an 8% increase in median.

87 condos sold at a median price of $304,000 this December. The December 2010 numbers were 93 sales at a median price of $352,000. This is a 6% drop in volume and a 14% drop in median prices.

8 land sales closed December 2011 at a median price of $362,500. This compares to 14 sales at a median of $394,850 during December of 2010. This is a 43% drop in sales volume and an 8% drop in prices.

Bank Owned (REO) and Short Sale properties continue to have an impact on the Maui Real Estate market. There were  57 bank owned sales and 21 short sales last month. Of the 78 homes sold in December, 40 were REOs or Short  Sales. This reflects 51% of the sales volume. Of the 85 condos sold last month, 35 were REOs or Short Sales. This reflects 41% of the total condo sales volume. Of the 8 lots sold, 3 were bank owned. This is 38% of the land sales volume. Buyers are still looking for bank owned and short sale properties.

November stats showed strong increases in sales volume all the way across the board. Homes, condos and land sales all posted increases over November 2010. The home market looked particularly strong with a 26% increase in volume. Compared with the December stats, it is apparent that November just happened to be a good month and not necessarily evidence of a stronger recovery in the real estate market.

As we head into January, which is now considered the peak buyer’s season,” we are seeing good market activity. Maui still remains a buyers market.  At the lower price points for homes and condos we are seeing limited inventory.   Many home buyers are finding that they need to exercise patience to wait for good opportunities. The best opportunities often attract multiple offers. If buyers require financing, they should get loan pre-approval prior to searching for properties. This will put them in a strong position to act quickly when good deals come to market. Sellers who want to sell quickly should pay close attention to recent comparable sales and competing inventory.

Please contact me with any specialized questions or for assistance buying or selling Maui Real Estate.  A hui hou and I look forward to hearing from you.  Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, Wailea  808.298.8448   [email protected]  www.MauiRealEstateGuru.com

2 Bedrooms/2 Baths, 947 sf all on one level.  Luana Kai B201, ocean front complex.  Tommy Bahamas style furnishings.  Spacious 200 sf double lanai with ocean views.  This is a turn-key vacation rental.  $395k.

http://www.youtube.com/watch?v=UmpdkgtOltY

2 Bedrooms/2 Baths, 963 sf all on one level and ground floor!  Luana Kai B103, ocean front complex.  Granite counters, tiled floors, nice upgrades.  Split AC, ocean view from lanai.  This is a turn-key vacation rental.  $470k.

 http://www.youtube.com/watch?v=J5cDaKELkc4

1 Bedroom/1Bath, 686 sf.  Kauhale Makai 425, ocean front complex.  Spacious 4th floor condo with big ocean views in living area, bedroom and spacious double-lanai.  Also views of Haleakala.  Central AC.  Excellent vacation rental history.  $325k

http://www.youtube.com/watch?v=PyU3pINOFtg

Michele Muir White R(S), ABR, SFR
Coldwell Banker Island Properties Wailea
808.298.8448
[email protected]