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, firstname.lastname@example.org if you have any questions or just want to chat about Maui Real Estate and/or any buying or selling opportunities.