Maui real estate statistics October ’14

Maui real estate sales for the Month October 2014.

October’s Sales Unit Volume

– Residential sales declined to 80 homes sold while Maui county Condominium sales rose to 94 units sold. Maui Land sales remained steady at 14 lots sold.

October’s Median SALES prices

–The Residential median price decreased slightly to $564,000 while Condo median price dipped to $407,000. Land median price decreased to $467,500.

Days on Market

Maui Residential homes = 139, Maui Condos = 116 DOM, Maui Land = 111 DOM.
(General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it will move this indicator upward, and vice versa. RAM’s Days on Market are calculated from List Date to Closing Date [not contract date], including approximately 60 days of escrow time.)

Year to Date Sales

numbers compare January-October 2014 to January- October 2013. Shorter timeframe (monthly) views do not necessarily reflect the longer timeframe trends.

YTD – Maui Residential unit sales decreased (801 homes sold / -30 units / -4% change YTD), average sold price = $897,905 (+16%YTD), median price = $570,000 (+7%YTD) and total dollar volume sold = $719,221,821 (+11%YTD).

YTD – Condo unit sales decreased (1,008 units sold / -109 units / -10%YTD), average sold price = $640,999 (+18%YTD), median price = $418,000 (+11%YTD). Total Condo dollar volume sold = $646,126,751 (+7% YTD).

Land – NOTE: Land Lot sales are such a small sampling that statistics in this property class are not necessarily reliable indicators. Land lot sales decreased (145 lots / -25 units / -15% YTD), average sold price = $710,859 (+9%), median price = $510,000 (+28%), Total dollar volume = $103,074,530 (-7% YTD).

Total sales for immediate past 12 months: Residential = 957 (with 13.8% being REO or Short Sale), Condo = 1,222 (7.7% REO or SS), Land = 190 (2% REO or SS).
NOTE: 43% of these Sales in the last 12 months have been CASH transactions.

As of November 7, 2014 – Active/Pending-Continue to Show/Contingent status inventory:

Current Absorption Rate base on this month’s Active/Pending-Continue to Show/Contingent status inventory divided by October Sales: Residential = 8 months, Condo = 9.5 months, Land = 28.6 months of inventory.
For Absorption Rate enthusiasts who calculate only pure “Active,” (not any pending/contingent) divided by October Sales: Residential 540 “Active”/ 80 Sold = 6.8 months. Condo 779 / 94 Sold = 8.3 mos.
Land 383 / 14 Sold = 27.4 months of inventory.

Year-to-Date Median and Average prices are rising across the Residential, Condo and Vacant Land markets despite lower number of unit sales (YTD). Increased showings and sales, multiple offers on “well priced” listings, hesitant buyers become onlookers…… Window of opportunity is quickly closing for first- time homebuyers

*Disclaimer: Zooming in on the figures of a specific geographic area or property type may lead to different conclusions that looking at the overall view.
Maui’s market place is much smaller than Oahu’s, and a few high or low sales have a greater effect on the statistical numbers without necessarily indicating a big market swing one way or another.

Source: Realtors Association of Maui