Gary's Blog

Wednesday, November 4, 2009

REOs and Short Sales on Maui

The recent stats for Maui real estate are interesting.

Last month, 75% of all sales were under 700k. 10% were 700k to $1 million, and 15% were over $1 million.

There are 151 properties in escrow in South Maui, not counting short sales. Short sales are not possible to count, as most agents do not report them as Pending sales until the lender has accepted the offer price and the seller has accepted the lender’s terms.

Last month 39% of all sales were either REOs (real estate owned by a bank) or short sales. 15% were REOs, 24% short sales. I just came from Southern California where 60% of all sales in Orange County are REOs or short sales, so Maui is still holding it’s own.

Sales are holding up. August 2008 actually saw two more units sell than in August of 2009. But for September ‘09, we had 54 sales in South Maui, vs. 44 in September of ’08.

Coldwell Banker Island Properties is doing quite well. Last year in October we closed 50 transactions. This year we closed over 60.

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