Gary's Blog

Thursday, October 14, 2010

The Biggest and Best News in Three Years!

Maui Real estate buyers are seeing competition again.

First my personal experiences this week:

1. One of my listings, for $1,595,000, had three showings and three over full-price offers. Two are cash buyers, and they are still bidding against each other as I type this.

2. A small condo in North Kihei, listed at $138,000 has had two offers, one over full price, and is in escrow now.

3. A house in South Kihei listed at $489,000 has an offer in escrow with a bigger offer waiting in back-up position hoping for the first offer to fall out.

4. My buyer made an offer on a home on the market for over 1000 days ($5,900,000 list price). After months of negotiations and deliberations, appraisal, and writing an offer, the morning we expect a counter offer, the seller gets an all-cash offer that blows us out of the water.

Overall Trend Upward is the title of the article in today's Maui News.Closings of single-family homes through the first three quarters of this year, as reported by the MLS of the Realtors Association of Maui, were up to 616 in Maui County, compared with 462 in the same period in 2009. Average prices were up 10% to $779,769. The number of days on the market before closing is an amazingly small number, 122 days for houses, 130 days for condos. Many of these are short sales that take 3-4 months to negotiate with the bank.

So in many cases, we are seeing homes under contract in less than 30 days. So far this year, we have seen a 47% increase in dollar sales to $480 million for single-family transactions, and up 36% to $624 million in condo sales.

We expect a phenomenal winter, with all the pent-up demand out there.

Oahu Median Home price up to $622k from $605k in September '09. The median price for a condo increased to $335,000 from $309,500 a year ago.

Maui Named Tourists' Top Stop- AgainFor the 16th time in the past 20 years, Maui was named the Best Island in the World by the readers of Conde Nast Traveler magazine.

Maui's Hotel Occupancy Up Considerably in AugustMaui hotel occupancy bounded up nearly 10 percentage points in August, according to the consulting firm Hospitality Advisors. Maui's occupancy rate was 73.4%, not impressive for a normal August, but much better than 63.5% a year ago. Prices held stable, at about $238 per night.

Every other county in the state also gained in visitors over the steady summer. This is on top of the 18.1% jump in revenue per available room in July, and an 11.7% increase in visitor days. Wholesale Inventories and sales up in August 0.8% following a 1.5% increase in July, a sign that businesses expect the economic recovery to continue.

More good news: A new federal report says personal income in Hawaii grew by 0.8% in the second quarter.

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