Gary's Blog

Thursday, January 28, 2010

Home Sales UP 5% for 2009

Total sales of previously occupied homes closed the year at 5.16 million units, up about 5% from 2008! That was the first a nnual sales gain since 2005. Granted, we all know prices dropped for the year. The average was 12.4% for 2009 vs. 2008. We actually did see home prices on a nationwide basis rise last summer.

In another report, inventory of unsold homes on the market fell about 7% to 3.3 million units. That's a 7.2 month supply at the current sales pace, close to a healthy level of about six months.

This is great news for owners and sellers of Maui real estate. For prospective Maui real estate buyers, it appears there will be no better time than now. Sellers are still anxious, and discounting dramatically. Inventory is still high enough that there is a good selection. Interest rates are at the lowest level on record. The Canadian dollar is stronger than it has been in decades.

I see the perfect storm, and I am ready to help all those who want help!

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