Maui Real Estate Market Report | Third quarter 2017: September 2017
Maui Real Estate Third Quarter Market Report shows in increase in median and average prices for condos compared to same time last year. Lower inventory can mean properties priced right are garnering multiple offers as buyers still are taking advantage of the low interest rates. Buyers are getting savvier visiting Maui in the off Season to purchase Maui real estate.
From Realtors Association of Maui:
Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.
New Listings increased 8.7 percent for Single Family homes and 13.9 percent for Condominium homes. Pending Sales increased 4.9 percent for Single Family homes and 22.0 percent for Condominium homes. Inventory decreased 7.7 percent for Single Family homes and 19.4 percent for Condominium homes. Median Sales Price decreased 2.3 percent to $650,000 for Single Family homes but increased 14.4 percent to $433,750 for Condominium homes. Days on Market decreased 20.9 percent for Single Family homes and 5.7 percent for Condominium homes. Months Supply of Inventory decreased 17.5 percent for Single Family homes and 29.2 percent for Condominium homes.
Last year at this time, the national story line was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.
For several months approximately 38% of all sales were CASH. Well priced properties are attracting multiple offers making for a quick sale. REO (Foreclosures) and Short Sales are dwindling, with any “hidden inventory” (or overhang) backlog slowly trickling onto the market. Mortgage Interest Rates are ratcheting up which may help motivate would-be Buyers to go ahead and buy IF they can qualify. Savvy Investors are buying with Cash, giving them a strong negotiating position, no financing /appraisal hassles and a quick closing. While general U.S. economic news looks cautiously hopeful, current World and US events and “The New Administration” will have ripple effects on cost of living, consumer confidence, Financial and Real Estate Markets.
NEW Developments on Maui are in demand by Buyers. Stay tuned for my upcoming blog updating Maui’s New Developments in homes, condos and vacant land!
Call Jeannie Kong REALTOR® (S) for more info 808-276-1832
Call or email me if you have any questions about the Maui Real Estate Market Report Third Quarter 2017 and September 2017.
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