Photo courtesy of Dave Futch, Coldwell Banker Island Properties.
By Maui Now Staff
The Realtors Association of Maui has just released statistics for the Valley Isle for May 2015.
Overall, residential and condo unit sales numbers bounced up and down the last few months, with residential and condo inventory decreasing this month after the high-sales winter vacation season.
Canadian investors have been big participants in Maui’s real estate market, however the current Canadian dollar exchange rate (.80 US $) may motivate Canadian investors to sell, not buy.
Residential sales held steady at 88 homes sold, condominium sales rose slightly to 109 units sold and land sales came in at 12 lots sold.
The residential median price rose to $607,098, the condo median price rose to $469,000 and the land median price increased to $563,750.
Residential homes were on the market an average of 119 days, condos were on the market and average of 116 and land, 188 days. (This is the average for the properties that sold. If predominantly old inventory sells, it will move this indicator upward.
As of June 4, 2015, active/pending-continue to show/contingent status inventory.
Source: RAM
Source: RAM
Early 2014 monthly numbers were quite strong, making early 2015 seem “a bit pale” in comparison, the RAM report stated. The report also said the 2105 numbers should even out as the year progresses.
For a more comprehensive view, go online.
Year-to-date residential unit sales rose to 394 homes sold, up 29 units, a increase of 8%.
The year-to-date average sold price is $882,265, down 11%. The year-to-date median price is $595,000, up 3%. The year-to-date total dollar volume sold is $347,612,390, down 4%.
Year-to-date condo unit sales decreased with 513 units sold, down 50 units, or minus 9%.
The year-to-date average sold price is $690,700, up 8%. The year-to-date median price is $440,000, up 5%.
The total condo dollar volume sold is $354,329,337, down 2% from this date last year. Land lot sales declined at 65 lots sold, which is 14 units less which equates to 18% less than this date last year YTD change.
The average sold price is $570,700, down 15%. The median price is $525,000, up 3%.
The total dollar volume is $37,095,491, down 30% from this date last year.
Total sales for immediate past 12 months: The residential total is 973 (with 12.7% being REO or short sale). Condo sold is 1,152 (with 7.2% REO or SS). Land is 153 sold (with 2.6% REO or SS).
Note: 39.2% of these sales in the last 12 months have been cash transactions.
