Tuesday, February 12, 2013

Maui Real Estate Year in Review

Maui Real Estate Year in Review

Aloha,

Many folks like to talk, and dream about living in paradise..Keeping the dream alive, I wanted to share some information to give a snapshot of our Maui Real Estate market now, and what has changed in the last year.  Maui real estate turned in 2010 in terms of sales, and finally turned in 2012 in terms of sales price.

Condo sales are up 3%  with median price gain of 16%, sales of  Single Family Homesare up 4% with a median price gain of 9% and vacant land sales are up 29% with median prices up 13%.

 I just recently closed on large acreage in Upcountry Kula, a magnificent spot high up on the mountain with  breath taking views  Large land parcels are limited and attracting buyers now.


The bottom of the market is behind us. But the curve of the increase is slow and gradual, and national predictions are suggesting a 4%-6% gain this year. That is a reasonable pace and Maui seems to be matching it.


 The current market picture is a reflection of the  low inventory that we continue to experience. Real estate inventory is down almost 50% in Single Family Homes and 40% in condos as compared to 3-5 years ago. With fewer homes or condos on the market, prices are driven up and sales are down because buyers are competing  on well priced property .


Wish you could live on Maui? Ready to downsize? Your dream may be closer than you think . It continues to be a great time to purchase a home with historically low interest rates.  With limited inventory  below $1million , it’s an excellent time to list a home and sell in an environment with little competition. If you'd like more information, please contact me.
With Aloha,
Cherie

5 comments:

mauishopgirl said...

So, are you an agent too or a mortgage broker? Just curious, I'm not in the market to buy. I live on my family's property in Maui Meadows and don't plan on moving maybe ever.

Glad to see the market is starting to recover :-)

Chris Norberg said...

We've noticed the same thing. The rental market is stiff too. Everyone wants to buy or rent on Maui. It's becoming increasingly difficult to live on this island.

Chris Norberg said...

We've noticed the same thing. Turns out that the rental market is stiff too. Everyone wants to buy or rent on Maui. It's getting increasingly difficult to live on this island!

Erik Blair said...

Yes, it's a bit difficult to imagine ever leaving this island, but the real estate market has really put a rift between those that live and work on the island, and those that can afford to buy property and don't really have to work. The rental market is more rigid than the real estate for sale market ever was...

Cherie said...

Hi, I am an agent with Windermere, and am so happy that we do alot of fund raising and giving back to the kids on Maui.
I know how challenging it is to find a rental. Many folks are still under water or close to it, Well priced properties for sale are only lasting a short while on the market Hopefully the rental market loosens up.....We'll see what the end of 2013 brings.
Best wishes to all