There have been 58 residential home sales reported for November 2010 at a median sales price of $445,000. This compares to November 2009 when we saw 67 sales at a median of $465,000. This represents a 13% decrease in sales from this year to November 2009.
166 condos sold at a median price of $349,900 last month. This compares to 70 condos sold November 2009 at a median of $399,000. This is a 6% decrease in sales between this year and last year.
Land sales totaled 6 at a median price of $362,500. Compared with November of 2009, there was a comparatively strong 17 total sales at a median of $455,000. This translates to a 65 % decrease when comparing sales from this November to November 2009.
Bank owned properties and short sales constitute a significant part of Maui’s inventory of properties for sale and an even higher percentage of closed sales. 28 bank owned properties sold and 20 short sales closed in November 2010. Almost 45% of all home sales were either bank owned or short sale transactions last month. 33% of the condo transactions were short sales or foreclosures. There were no land sales that were short sales or foreclosures. These numbers continue to track what we have been seeing over the previous few months. Some lenders are putting a fair number of bank owned properties that were on hold back on the market.
It will be interesting to see how the results from our winter season, as we are approaching the start of Maui’s traditional buyer’s season. There are a couple of factors that suggest we may see an increase in buyer activity. The Canadian dollar is almost at par with the U.S. dollar. Canadian second home buyer activity typically surges under this scenario. Overall visitor counts for this winter season are reported to be strong with island hotel and condo reservations at their third highest level historically. Generally, more visitors translate to more potential home buyers. On the other end of the spectrum, it appears that we will continue to see strong influence from bank owned and short sale transactions, as these transactions have moved prices down.
My advice to buyers and sellers remains unchanged. Sellers are still going to find a competitive marketplace. Exceptional properties may continue to draw a premium, but there is still a diverse inventory for buyers to choose from in most market segments. Bank owned listings will provide tough competition and force sellers to keep their eyes on comparable sales and keep their pencils sharp. Buyers can still find good opportunities well below peak market prices, but should expect that they may find competitive bidding on some of the better values in the market place. All buyers who require financing must get pre-approved prior to submitting contracts. Loans are available, but the process remains challenging even for well qualified buyers.
Contact me today with your questions or for assistance with buying or selling Maui Real Estate.
A hui hou,
Michele Muir White R(S), ABR, SFR
Coldwell Banker Island Properties
Wailea Gateway Office