Trends in 2011 Continue to Favor Buyers and Investors
The Maui real estate market had another difficult year in 2011, however some forward-looking market indicators are showing signs of improvement. Let’s take a closer look.
Sales: The overall Maui market saw increases in sales in 2011, rising for the 2nd year in a row. Single family home sales were up 10.1% and condominium sales were flat at +0.7%. Condo sales in resort areas are down -29%, while condo sales in other areas are actually up 15%.
Median Price: Median prices dropped in both market sectors, with the overall single-family median price down 6.0% to $432,500 and the overall condominium median price down 17.9% to $310,000. Prices declined in 2011 in most every market area. However, the rate of decline for single family home prices has slowed considerably, signaling a change in direction. This is a positive sign for the overall Maui real estate market in that changes in market direction typically appear first in the single family market.
Market Indicators: Inventory available for sale has been dropping steadily over the past two years, a good sign; however other indicators show weak market conditions. Days on Market (DOM), or number of days a property is listed for sale, is still high at 134 days for single family and 156 days for condominiums
Summary: Increasing sales and fewer homes on the market for sale, supply and demand, are signaling coming changes in the Maui real estate market. Current low prices and low interest rates mean strong buyer’s market conditions now. Contact me to find out how you can leverage this market for your real estate needs.
Click Here to download the complete Maui Real Estate Report - 2011 Year End Market Recap