The numbers are in for Maui real estate sales, and we’ll get to them in a minute, but first, the good news from congress. The first-time home-buyer tax credit has been extended to April 30th, 2010.
For those of you who aren’t familiar, the Federal Government has extended a tax credit of $8K to those purchasing a home for the first time. New home owners are not the only ones benefiting, however. $6.5K is also being credited to current homeowners who are purchasing either a new or existing home until that deadline as well. The income limits have been increased to $125K for single buyers and $225K for married couples.
Now on to the latest statistics! In October, single-family home sales fell 11.3 percent to 71 while condo sales rose 24.5 percent to 61.
The median prices of homes and condos increased in October to $487K for homes and about $400K for condos. The median sales price dropped to just over $382K for land.
Days on Market (DOM), specific to properties that have sold, were 193 for homes, 143 for condos and 384 for land. Keep in mind that the selling of old properties and new properties can swing these numbers around a lot. Also, short sales take around 4-6 months to close, which extend the numbers.
Terry Tolman is RAM’s chief staff executive and his interpretation of the stats is that the market seems to be getting a footing. As always, Terry recommends looking at statistics in the long term because Maui’s is a small market and therefor, just a few properties can skew the percentages heavily.
Looking for Maui real estate? See our Maui real estate listings, or you can always use our online Maui real estate search tool. If you need any help with our website or your pursuit of great Maui real estate, please send an email to Mark firstname.lastname@example.org or Lisa email@example.com. You can also call (866) 874-1942 toll free or Lisa’s cell at (808) 283-7426. Thanks for reading and have a wonderful weekend!