Tuesday, February 12, 2013

Maui Real Estate Year in Review

Maui Real Estate Year in Review


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,