July 2011 Market Stats - Source: Realtors Association of Maui by Maui Real Estate 808

July’s Residential Sales declined to 65 homes sold, while Condo Sales declined to 97 units sold. Land sales came in at 13 lots sold, same as June.

July's Median SALES prices – Home median prices declined to $410,001, while Condo median prices rose to $325,000. Land median price rose to $400,000.

Days on Market for Residential homes = 144 DOM, Condos = 203 DOM, Land = 242 DOM. (General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it can move this indicator upward, and vice versa. RAM's Days on Market are calculated from List Date to Closing Date [not contract date]. As such, it includes approximately 60 days of escrow time.) Also – Short Sales transactions can often take 4-6 months to close thereby extending the marketplace’s average DOM.

"Year to Date Sales" numbers only compare January-July 2011 to January-July 2010. Short timeframe (monthly) views do not necessarily reflect the longer timeframe trends.

Year to Date: Comparing January-July 2011 to January-July 2010 -

Residential unit sales rose (+4%), average sold price = $780,238 (+2%), median price = $441,500 (-6%) and total dollar volume sold = $396,361,086 (+6%). This includes the bump up in sales last year due to 2009-2010 Federal Tax Credit programs and 2011 numbers may catch up as the year progresses.

Condo unit sales increased (+1%), average sold price = $510,735 (-30%), median price = $325,000 (-23%). Total Condo dollar volume sold = $379,476,462 (-29%).

Land – NOTE: Land Lot sales are such a small sampling that statistics in this property class are not necessarily reliable indicators. Land lot sales decreased (-5%), average sold price = $620,277 (+18%), median price = $330,000 (-27%), Total dollar volume = $50,862,751 (+13%).

Also, total sales for immediately past 12 months: Residential = 835, Condo = 1,154, Land = 123.

Current Absorption Rate based on this month’s Active inventory divided by July Sales is: Residential = 13.4 months, Condo = 11.6 months, Land = 40.8 months (or 3.4 years).

Strong buyer-showing activity is now evidenced in actual reported sales, with multiple offers competing for well- priced properties. Inventories have declined 13-20% over the past 12 months. Many short sales and REO (bank owned) properties will need to be absorbed as sales before we can move ahead to a more normal marketplace. Interest Rates are remaining near historic record lows which may help motivate would-be Buyers to go ahead and buy IF they can qualify. Current World and US events will have ripple effects on cost of living, consumer confidence, and our Real Estate Market.