The Maui real estate market free-fall has seemingly stopped and is on the upswing. Compared to November of 2010, sales of new and previously owned family homes on Maui has jumped a huge 26%, based on the statistics released by the Realtors Association of Maui this past Friday. Due to a drop in residential inventory, the lowest interest rates in just about forever, and buyers confidence in a solid market all contributed to this rise in home sale numbers. All told, there were 73 homes sold in November 2011 compared to the previous year. The median range for the home pricing was $450,000.
During the same period, there were 74 condominiums sold, both new and previously owned, with a median price of $261,750. This number is an increase of 12% in sale numbers with a decrease of 25% of the overall median price. The Maui real estate market is definitely coming back stronger than expected while other parts of the country are still in a slump. A strong market instills confidence in buyers and Maui is as strong a market as can be found nationwide.
Where are the buyers coming from who are giving Maui’s real estate market such a surprisingly strong uptick? Baby boomers, investors and folks from Canada seem to be making the largest impact on the current marketplace. This group should keep the market stable for at least four to six months, and perhaps beyond. Presently, the Maui market is in its high season due to cold weather elsewhere and people being employed. The biggest challenge would be to match buyers with properties as the inventory of available Maui homes has dropped 18% in the last 12 months. “Many short sales and bank-owned properties will need to be absorbed as sales before we can move ahead to a normal marketplace,” said Terry Tolman, the Realtors Association of Maui’s chief staff executive.
Still, with the prospects high that a home will sell, there are plenty of buyers looking for homes in all price ranges, from the “cheap stuff” all the way to the million dollar estates. Maui appreciation, in both the market and the hearts of buyers, is once again growing with no signs of slowing down.
Posted in Maui Real Estate |
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