March 2013 Sales Statistics - Source: Realtors Association of Maui

This is a summary - for the full report click here: March 2013 Statistics - Realtors Association of Maui

March’s Residential sales rose to 79 homes sold, while Condo Sales were steady at 101 units sold. Land sales rose to 25 lots sold.

March's Median SALES prices –The Residential home median price declined to $508,000, while the Condo median price increased to $375,000. Land median price came in at $535,000. 

 

Days on Market for Residential homes = 110, Condos = 137 DOM, Land = 263 DOM. 

 

"Year to Date Sales" numbers only compare January-March 2013 to January-March 2012.  Year to Date: Residential unit sales decreased slightly (208 homes sold / -2 units / -1% change YTD), average sold price = $761,373 (+4%YTD), median price = $517,500 (+17%YTD) and total dollar volume sold = $158,365,558 (+3%YTD). Condo unit sales decreased (264 units / -40 units / -13%YTD), average sold price = $527,834 (+20%YTD), median price = $368,950 (+9%YTD). Total Condo dollar volume sold = $139,348,151 (+4% YTD). Land lot sales increased (45 lots / +2 units / +5% YTD), average sold price = $724,809 (+44%), median price = $535,000 (+34%), Total dollar volume = $32,616,385 (+51% YTD).

Total sales for immediate past 12 months: Residential = 935 (with 29.9% being REO or Short Sale), Condo = 1,213 (17.7% REO or SS), Land = 175 (16% REO or SS). 

 

Current Absorption Rate base on this month’s Active/Pending-Continue to Show/Contingent status inventory divided by March Sales is: Residential = 8.3 months, Condo = 9.2 months, Land = 16.3 months of inventory.

Inventories have declined 14-16% over the past 12 months in Residential and Condo classes. REO (Foreclosures) and Short Sales are dwindling, with any “hidden inventory” (or overhang) backlog slowly trickling onto the market. Mortgage Interest Rates are still near historic record lows which may help motivate would-be Buyers to go ahead and buy IF they can qualify. As prices rise, some “Owners” will decide to become “Sellers.”