First quarter statistics are in
First quarter sales statistics are in from the Realtors Association of Maui (RAM): “IN A NUT SHELL… Monthly Residential Sales numbers rose significantly, while Condo and Land sales remained steady. Canadian investors have been big participants in Maui’s real estate market in years past; however, the current Canadian Dollar exchange rate (.77 U.S.) may motivate Canadian investors to sell, rather than buy.
‘CASH is King!’ when making an offer. For several months, approximately 36 percent of all sales were CASH. REO (Foreclosures) and Short Sales are dwindling, with any ‘hidden inventory’ (or overhang) backlog slowly trickling onto the market.
Mortgage Interest Rates are inching up slightly, which may help motivate would-be Buyers to go ahead and buy IF they can qualify. The window of opportunity is quickly closing for first-time homebuyers. Make an appointment to discuss your ability to purchase a home with your favorite lender today.
Rising Sales prices cause some ‘Owners’ to become ‘Sellers,’ putting their homes on the market.
2016 year-to-date (YTD) residential unit sales increased (240 homes sold/+19 units/+9% change YTD); average sold price is $808,826 (-7% change YTD); median price is $609,500 (+2% change YTD); and total dollar volume sold is $194,118,164 (+1% YTD).
2016 YTD condo unit sales decreased (291 units sold/-10 units change/-3% change YTD); average sold price is $615,929 (-7% change YTD); median price is $425,000 (-3% YTD); and total condo dollar volume sold is $179,235,340 (-10% change YTD).
Note: Land Lot sales are such a small sampling that statistics in this property class are not necessarily reliable indicators.”
Keep an eye on the Maui real estate market by checking out www.Lowson.com to search listings.
Kapalua Ridge Villa 1021 ($750,000) and 224 ($879,000) present new opportunities to own a one-bedroom, two-bath resort condominium with great ocean views.
Kapalua Ridge Villas are located on 21 acres, surrounded by the sixth, eighth and ninth holes of the Kapalua Bay Course. Two swimming pools, covered party area with BBQs and kitchen facilities are some of the amenities owners and guests will enjoy. Approximately 161 condominiums with carport parking and exterior storage make up this well-manicured Kapalua property. Live full-time, vacation rent your unit or keep it for your use exclusively as a second home.
For additional information on West Maui properties, please call, e-mail or text Laurie Lowson, Realtor, Lowson & Associates, at (808) 276-8001 or Laurie@Lowson.com.