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 firstname.lastname@example.org www.MauiRealEstateGuru.com