Maui real estate statistics November ’14

Maui real estate statistics, November’s Sales Unit Volume

– Residential sales declined to 74 homes sold while Maui county Condominium sales declined to 68 units sold. Maui Land sales fell to 10 lots sold.

Maui November’s Median sale prices

–The Residential median price rose to $587,500 while Condo median price dipped to $366,250. Land median price decreased to $411,500.

Days on Market

Maui Residential homes = 129, Maui Condos = 109 DOM, Maui Land = 122 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-November 2014 to January- November 2013. Shorter timeframe (monthly) views do not necessarily reflect the longer timeframe trends.

YTD – Maui Residential unit sales decreased (879 homes sold / -27 units / -3% change YTD), average sold price = $885,127 (+14%YTD), median price = $570,000 (+8%YTD) and total dollar volume sold = $778,026,675 (+11%YTD).

YTD – Condo unit sales decreased (1,079 units sold / -136 units / -11%YTD), average sold price = $641,472 (+13%YTD), median price = $415,000 (+11%YTD). Total Condo dollar volume sold = $690,865,246 (+1% 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 (155 lots / -38 units / -20% YTD), average sold price = $712,984 (+9%), median price = $507,105 (+27%), Total dollar volume = $110,512,530 (-12% YTD).

Total sales for immediate past 12 months: Residential = 958 (with 13.7% being REO or Short Sale), Condo = 1,195 (7.7% REO or SS), Land = 177 (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 = 9.1 months, Condo = 14.7 months, Land = 39.7 months of inventory.
For Absorption Rate enthusiasts who calculate only pure “Active,” (not any pending/contingent) divided by October Sales: Residential 573 “Active”/ 74 Sold = 7.7 months. Condo 851 / 63 Sold = 12.5 mos.
Land 377 / 10 Sold = 37.7 months of inventory.

*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