Showings and sales rising on Maui
The January statistics from Terry Tolman and the Realtors Association of Maui show that: “With sellers and buyers wanting to close transactions by Dec. 31, 2010, sales showed a bump up in unit numbers for December 2010 and a corresponding decline in closed sales for January 2011. Some Buyers or Sellers involved in a transaction either rushed the sale to closing in 2010 or chose to wait and close in 2011 for a variety of reasons.”
Our sales agents, as well as other Maui realtors, are experiencing strong buyer-showing activity. People looking will translate into people making offers. We are looking forward to the increased showing activity transforming into actual recorded sales. Pending sales are up, according to the MLS from the same time a year ago. Residential and condo inventories have declined in many areas. Active listings still include many short sales and REO (bank owned) properties that will need to be absorbed as sales before we can move ahead to a more normal marketplace.
Interest rates, while currently remaining low, are inching upwards, which may help motivate would-be buyers to move forward and purchase now.
According to the January statistics from the Realtors Association of Maui, year-to-date, comparing January 2011 to January 2010, residential unit sales rose (+13%), average sold price was $602,978 (-19%), median price was $495,415 (+7%) and total dollar volume sold was $32,560,829 (-9%).
Condo unit sales increased (+16%), average sold price was $423,339 (-20%), median price was $295,000 (-27%). Total condo dollar volume sold was $36,830,525 (-7%).
Also, total sales for the immediate past 12 months was: residential, 818; condo, 1,160; and land, 124. Current Absorption Rate based on February’s Active Inventory divided by January 2011 Sales is: Residential, 17.6 months; Condo, 15.9 months; and Land, 62.9 months (or 5.24 years).
Looking for a great oceanfront condo? Honokeana Cove #102 is just steps from some of the best snorkeling on West Maui. Honokeana Cove is known to many locals as “Turtle Town.” The “Cove” is a small, well-run property. This one-bedroom/one-bath unit is ready to welcome you as its new owner. Enjoy sunsets from your lanai and lazy afternoons sitting by the pool. Asking price is $650,000 fee simple.
For your real estate needs, call one of the great Realtors at Lowson & Associates: Joline Dorner, R(S), at (808) 276-9015, whom you may find every day at the Kapalua Bay Villa 15G4 Open House; John Cote, R(B), at (808) 870-0503, specializing in commercial leasing with an emphasis on Lahaina and West Maui; Terry Massey, R(S), at (808) 870-1218, specializing in Maui Kai, aina nalu and The Mahana; Laurie S Lowson, R(B), at (808) 276-8001, for West Maui, Kapalua to Launiupoko; Meg Bales, R(S), at (808) 661-8771, extension 20, specializing in long-term rentals; Mac Lowson, R/PB, Commercial Sales, and Megan Jones, R(S), assistant to Mac Lowson and commercial leasing.