Monthly Archives: October 2012

September 2012 Maui Real Estate Sales Statistics

The September Real Estate Maui Real Estate Sales Statistics by the Realtors Association of Maui showed a median price of $437,500 for all of Maui County homes reported sold in the MLS, which was a decline from August ($520,000) but up from the previous month ($412,000). Condo median prices on Maui for the month were $339,563.

More notable, however, is the continuing trend of record low inventory. As of October 10, 2012, 642 listings were active, pending or contingent in the MLS. A year ago there were 801 active listings, which was already considered low, and the trend has been steadily down over since. Agents are saying there is just “nothing” for sale, and what hits the market likely gets multiple offers if it is well-priced. The absorption rate is 8.4 months for homes. For condos, there were 883 units for sale as of Oct 10th, down from 1,096 in October 2011.This is 13.5 months of inventory based on September sales.

Some of the interesting Year to Date (YTD) #s are as follows:

Haiku’s YTD homes sales are up 45%, with 55 units sold through September, compared to 38 a year ago, at an almost steady median price of $670,000 compared to a year earlier. Kaanapali’s median prices is up 17% to $1.29 million, but the # of sales are down by a third (31%) at 30 transactions closed YTD v 29 a year earlier. And, no single family home sold in Kaanapali in all of September. Home sales in the Napili/Kahana/Honokowai district are up YTD by 16%, at 37 closed, at a median price of $620,000 (up 4% YTD). For all of Maui, the YTD median sales price of homes is up 7% to $460,000.

In Fee Simple condo sales, which make up the bulk of condo sales, the median sales price is up YTD to $360,000, up 7% compared to same period a year ago. Kihei is the district with the most Fee Simple units sold so far YTD, and 298 units have sold (down 9%) compared to a year earlier. FS condo sales are up in Kapalua by 57%, with 33 having closed through September YTD, at a median of $565,000.

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Goodby Buddy. A great Maui dog.

Buddy and Tom

Best dog in the world

Back in 1999, my son Brian (also a Delmore Realty Realtor) made a visit to the local animal shelter and came home with a poi (Heinz 57) dog. This was his idea not his Mom or mine. But this dog was cute and very smart so we said okay. Within a year Brian had departed for California for the next ten years and we had his dog. Well that dog sort of also became our dog. Now it was a 75 pound part pointer and we had a lot of learning lessons. Buddy chewed up my son’s new leather shoes and also decided he liked to bury cell phones and calculators. We set him up on a morning walk schedule. Buddy walked about 350 days a year two to three miles each day with my wife and I and our best friends, the Bowmans, and sometimes further with me. This went on for over 13 years. Brian came back about a year ago but all the really good days were gone with Buddy. Buddy was a terrific dog and a great ocean swimmer also but Buddy had developed cancer and today (10-9-12) he passed on. What a sad horrible feeling to know your best Buddy won’t be with you on those morning walks. Tears flowed from Tom, Young, Brian, Kim and Kevin today.

fetching sticks from the ocean

Tom Delmore 10/9/12

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Maui Real Estate Dynamics

Now is the time to buy in Maui

Why is it the time to buy? Because people with money are doing it. They aren’t
smarter than the rest of us but they do recognize when the time is right. And
now the time is right. In 2012 72% of Maui land sales have been cash. Add to
that 60% of all condo sales are cash this year. Even home sales are 33% cash.
Why is that?  Number one is that loans are still incredibly hard to obtain. Although the best in UK are avaialbe for short term loans there are still much aspects to be looked at. After that it is the credit consumer who is still afraid of the market. It’s not
that the consumer can’t qualify it’s that he won’t take the risk.
This will prove to be a big mistake. When the consumer finally decides the time
is okay he will be buying at inflated prices from the people that are buying up
the market now with cash. Don’t get left behind wondering how the the rich get rich.
Take a risk today. Is it a risk? Not if you believe the real estate economists who clearly state that the US real estate market bottomed out 6 to 8 months ago and will begin to rise over the next several years. Do you like those one percent returns from the banks? Across the US it is now cheaper to buy than to rent. Get that 30 year home loan today for less than 4% interest and your heirs will be happy.Today in Maui if a home is well priced it gets multiple offers. Delmore Realty found that out a number of times this month and lost several offers over full price to other companies offering more. The lesson is don’t bargain hunt if it’s priced right.

Tom Delmore, Realtor 808-283-2438

October 8, 2012

 

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