Maui Update: More listings coming to market?
WEST MAUI – Listing activity is up at Lowson & Associates. New listings: Kahana Manor #203, two-bed/two-bath, $360,000 FS; 853 Kopili St., Lahaina, ten bedrooms/four-and-a-half baths, $885,000 FS; Kapalua Bay Villa 31B2, one-bed/two baths, $1,150,000, FS; Front Street Coffee Shop, $250,000 (business opportunity only).
Lowson & Associates has several additional listings with “paperwork pending,” so please keep your eye out for daily updates to the MLS.
For further information, please check www.Lowson.com and call one of our experienced Realtors.
Regarding the status of the current Maui real estate market, the following is from the Realtors Association of Maui website. David Belew, chief staff executive, compiled the following information:
“Many sellers are in a good position for financial gains, as the economy continues to favor putting existing homes on the market and building new homes for sale. We are finally beginning to see some upward movement in new listings.
There may not be large increases in inventory from week to week, but a longer-term trend toward more new listings would be a good sign. Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months.
New listings decreased 6.3 percent for Single-Family homes and 32.0 percent for Condominium homes.
Pending Sales decreased 0.9 percent for Single-Family homes but increased 6.0 percent for Condominium homes.
Inventory decreased 19.1 percent for Single-Family homes and 26.6 percent for Condominium homes.
Median Sales Price increased 7.7 percent to $725,000 for Single-Family homes and 3.8 percent to $508,513 for Condominium homes.
Wages and consumer spending are both up, on average, which should translate positively for the housing market.
Being quick with an offer is still the rule of thumb.
Being aware of pending mortgage rate increases is once again in fashion.”