According to a recent report by the Realtors Association of Maui (RAM), the number of single-family homes and condos on the market is at the lowest it has been in five years. Those foreclosure and bank-owned properties are nearly nonexistent, so they’re not keeping sale prices down anymore. Once again, we’re seeing multiple offers on properties. The future looks bright for those who bought while prices were down. When supply is low, demand is high, so if the current trends continue, prices should continue to rise.
According to RAM, as of June 7th there were only 603 homes and 805 condos available for sale throughout the county, which includes Lanai and Molokai. Compare that to the 623 homes and 860 condos for sale in May, and you can see how quickly the inventory is dropping. The last time we saw a month with such low inventory was over five years ago.
What’s not surprising is that the median sale price of a single-family home jumped 22 percent when comparing the first five months of 2012 at $435,000 to the first five months of this year at $530,000. Median condo prices went up 7 percent from $347,333 to $371,750.
During the peak of the recession, which lasted from mid-2009 to mid-2011 for Maui real estate, about 40 percent of the properties on the market were bank-owned foreclosures. Now that figure is 5 percent, which explains the significant changes in real estate value. RAM President P. Denise La Costa said that those considering a Maui real estate purchase should do it now rather than later. We agree with this advice.
If you are searching for South Maui real estate, you’ll find our contact information at the bottom of the page. We would be happy to assist you in finding the right Maui property to suit your budget and your needs. Mahalo for reading this week!
RealEstateMauiHawaii.com – By Mark Harbison