61 homes sold in May 2012 at a median price of $382,500. May 2011, 71 homes sold at a median price of $418,000. This is a 14% drop in volume & approximately a 9% drop in median price.
112 condos sold at a median price of $334,500 for May 2012. May 2011, 114 condos sold at a median price of $349,500. This is less than a 2 percent drop in sales volume and a 4% drop in median price.
There were 17 sales in May 2012 at a median price of $330,000. By comparison, there were 15 sales reported at a median price of $275,000 in May of 2011. That is a 13% increase in volume and a 20% increase in median price when comparing this May to last May.
We are still seeing significant impact from bank owned sales (REO) and short sales. There were a total of 49 bank owned and short sale transactions last month. Of the 61 homes sold, 22 were REOs and shorts. This is approximately 36% of the volume. Of the 112 condos sold, 24 were REOs or shorts. This is 21% of the transaction volume. Of the 17 land sales, three were bank owned.
May is another month where sales volume has under performed compared to last year.
Inventory is low and the luxury condo market is an area where we have seen an a bigger reduction in sales volume. Sales volume is off 56% when you compare the number of condos sold over $1,500,000 through the first five months of this year with the first five months of 2011. This segment has not been impacted by reduced REO inventory. This segment has been mostly devoid of bank owned properties. We have seen a small reduction in new development inventory. The upscale Hoolei complex is almost sold out. Most of the premier units at Honua Kai have sold. We aren’t seeing a similar reduction in the luxury home market. Sales volume this year is within a few percentage points of last year.
What does this all mean for buyers and sellers? Buyers will continue to see opportunities in this market. That being said, most of the good opportunities are attracting multiple offers. Buyers should be prepared to act quickly. Buyers that require financing should obtain financing pre-approval. Sellers will need to monitor recent comparable sales when pricing their properties so that they area competitive. Overpriced properties aren’t selling. Please contact Michele Muir White R(S), ABR, SFR Coldwell Banker Island Properties, Wailea 808.298.8448, firstname.lastname@example.org (www.MauiRealEstateGuru) with questions regarding Maui’s real estate or for assistance buying or selling Maui properties.