Statistics have been released for the first nine months of 2011. Central Maui which includes Kahului and Wailuku is still the dominant selling area for Maui with over 30% of total residential sales occuring there. The median sales price for Central Maui is now below $400,000 for the first time in many years. With low interest rates it couldn't be a more perfect time to buy.
For the month ending Sept 30, 2011, Central Maui's median home price is $360,000, which is a little stronger than the previous month, and a lot less than month ending Sept 30 of 2010. The number of sales closed in September were 25, stronger than a the same month a year ago.
Year-to-date (YTD) (1st nine months of 2011), the median sales price is $374,900, a 13% drop of same YTD of 2010. Average sales price YTD in Central Maui is $390,136, a 10% drop of average YTD of 2010.
Condo volume in Central Maui was way down for the month ending 9/30/11 compared to both the previous month and the same month a year ago, when 15 properties sold. Price-wise, September's median was $135,000, lower than August 2011, but a lot heigher than Sept a year ago.
Condo sales in Central Maui YTD are looking strong compared to YTD of 2010. Volume and prices are up. YTD thru 9/30/11, 94 condos have sold in Maui, compared to 83 the same YTD in 2010, for a 13% increase. Median prices are up 16% to $185,000.
Cash is king on Maui
When it's difficult to get a loan, cash buyers start to come into the market. For the first six months in Maui this year 63% of all condo sales were completed with cash. Yes, the buyers that still have money believe it is a good time to buy. The higher the price the more likely it is that it will be cash. For condos priced over $1.5 million, 73% of the sales involved cash. 31% of all residential single family homes involved cash. Bank sales (REOs) and short sales continue to count for almost 40% of all sales. There appears to be plenty of traditional mortgage buyers attempting to buy, but most are frustrated by the difficult standards now imposed by the lending institutions. Median prices are still being forced down. Condo median prices are down 24% for the first six months this year while single family homes are down only 5%. The present market is priced so well that new construction is not happening. Look for the second half of the year to repeat with similar numbers.
ZIP Code: 96732 Approximate Location Boundaries: Kahului
Location Characteristics: Maui's main retail and business center. A twin city with Wailuku, which together, most residents call Central Maui. Kahului is home to Maui's main airport, Kahului Airport (OGG), and the Kahului Harbor. Maui's biggest shopping center, Queen Kaahumanu Center is located here, as well as stores like Costco, Whole Foods and Safeway.
About Tom Delmore:
Hawaii's Most Dominant Internet Realtor. Remember Delmore sells more. Maui resident for more than 30 years. Maui Realtor for more than 20 years. Moved to the island of Oahu in 1974 from Wisconsin with my wife while working for the federal government and decided to permanently make the switch from snow to year-round sunshine. Moved to the island of Maui in 1978 and raised three children here on Maui. Today my wife and daughter work with me as agents at Delmore Realty. We would love to help you with your Maui real estate goals. 888-DELMORE (888-335-6673) www.delmore.net
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
