Real Estate Update: The Latest on Maui’s Market
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Looking to buy or sell a place to live on Maui? Realtor Dave Futch gives us the latest picture on Maui’s real estate scene, with current sales figures, facts and advice for buyers and sellers.
The sales numbers are reported by the Realtors Association of Maui’s statistician, Terry Tolman; they’re tracked by both unit volume (how many sold) and median price (exactly in-between the high and low sales figures).
October’s month-over-month figures
Sales Unit Volume
- Residential sales rose to 105 homes sold
- Condominium sales matched that volume with 105 units sold
Median Sales prices
- Residential median price rose to $585,000
- Condo median price declined slightly to $392,900
- Unit sales increased 15%
- Median price increased 3% to $585,000
- Total dollar volume sold increased 12%
- Unit sales increased 1%
- Median price is down 3%
- Total condo dollar volume sold remains unchanged
REO or Short Sales (dwindling)
- Residential: 11.7% of total sales
- Condo: 6.8% of total sales
- 36.6% of total sales
Canadian investors have been big participants in Maui’s real estate market, however the current Canadian dollar exchange rate (.75 US $) may motivate Canadian investors to sell, rather than buy.
Well-priced properties are attracting multiple offers, making for a quick sale.
Mortgage interest rates are inching up slightly, so if you’re a buyer, you will get more for your money if you purchase sooner rather than later.
Savvy investors are buying with cash, giving them a strong negotiating position, no financing/appraisal hassles and a quick closing.
Advice for Sellers
Sharpen your pencils, talk to your CPA and your Realtor® to explore the tax options.
To be successful, sellers need to beat competing properties with better property condition, realistic pricing, good marketing, and flexible, creative terms. “Priced Right” is still the determining factor.
Proactive sellers are getting their properties appraised, inspected and surveyed in advance to encourage realistic offers from knowledgeable buyers.
Advice for Buyers
Low interest rates prevail; however, they have started to nudge up and are predicted to rise later in 2015.
Buyers should get pre-approved so they can shop in confidence.
The low point in the market has passed, so check it out carefully NOW, don’t delay. The opportunity is fading quickly. If you can’t buy now, start saving your down payment for the next market cycle.
About Dave Futch
As a full-time practicing Realtor®, I focus my energy on helping people with what is likely to be the single largest and most important investment of their lives. I am very interested in learning about my clients’ interests and intentions and having an understanding of how they envision their lifestyles. Helping them live up to their vision is the most satisfying part of my job and what motivates me. I strive for the testimonial, which only comes from a job well done. You are welcome to visit the testimonial page on my website to see what others have to say about me.
Real estate photos in our video are courtesy of Dave Futch, Real Estate & Lifestyle Advisory Group and Coldwell Banker Island Properties, Broker.