The latest Real Estate Market Report from the Realtors Association of Maui says there are three prominent national market trends occurring over a year to year assessment for February.
These trends include the ongoing lack of inventory, the steadily upward movement of home prices and year-over-year declines in home sales. According to the report, the decline in sales is a result of there being fewer homes on the market available for buyers. That being said, there’s no lack in demand for homes, as homes are selling for higher prices and causing more competitive bidding. Sellers are encouraged to take advantage of what experts are calling a buyers’ market.
The latest report shows that new listings decreased from February of 2017 to February of 2018 by 8.3 percent for single homes and 6.5 percent for condominium homes. Pending sales also decreased by 11.3 percent for single-family homes but increased 26.4 percent for condominium homes in the same year-over-year assessment. As mentioned before, the trend of decreased inventory continues and it appears as if inventory decreased by 13.5 percent for single-family homes and 25.6 percent for condominium homes.
While inventory decreases, sales have actually increased. The median sales price increased by 1.8 percent to $685,000 for single family homes and 1.6 percent to $472,500 for condominium homes. Single-family homes are also spending less time on the market, whereas condominium homes are staying on the market for longer periods of time. The report shows that the number of days on the market decreased by 10.5 percent for single-family homes but increased 2 percent for condominium homes.
A months supply of inventory also decreased 22.9 percent for single-family homes and 33.8 percent for condominium homes. It also appears that last month mortgage rates continued to rise.
This information shows that now is a great time to put your home up for sale. If you have a home on Maui and are thinking about selling it, let Real Estate Maui Hawaii help you. Our experienced realtors are poised to sell your home at the best possible price. If you’re interested in hearing how happy some of our customers have been, then please take a moment and review our testimonial page. We hope you take advantage of this opportunity and get in contact with us today. Mahalo!