May Statistics

Vacant Land Sales Increase

May statistics show that vacant land sales are increasing as reported by the Realtors Association of Maui. Residential and condominium sales declined slightly to 93 homes sold and 118 units sold respectively while land sales increased to 14 lots sold. Median sales prices were consistent with this trend as well, as the median vacant lot sales price increased to $378,500 while the median sales prices for single family homes and condominiums decreased slightly from their monthly averages.

Canadian investors have been a significant part of the Maui real estate market for quite some time and as their dollar exchange rate declined they are selling rather buying. Cash is still king for many savvy investors when making an offer, approximately 36% of sales in the last year have been cash offers.

Foreclosure and short sales are dwindling in the marketplace and may be less of a bargain than they once were. Closing can take much longer and there are usually more hurdles to overcome. Buyers are encouraged to get pre-approved so that the may shop in confidence before interest rates nudge upwards.