Gary's Blog

Tuesday, February 5, 2013

Maui Real Estate is ON FIRE!

Maui Real Estate is ON FIRE!
  
There are many signals that point to a very strong real estate market here on Maui.

The most recent was what we did here at Coldwell Banker Island Properties.  Our company alone put 101 new properties in escrow in January.  That is a near-record level.  A strong month is 60-70 new escrows.

All statistics are pointing toward good times ahead.  Inventory, for example, is down 16-18% over the last 12 months in single-family and condo classes.

Median sales prices are up significantly in 2012 vs. 2011 as well. 

The median sales price of a single-family home in Maui County shot up by 24.5% in December, compared with December 2011.  One month's stats are a bit misleading.  Still, if you look at all of 2012, the median price for single-family homes for the year was up 9% to $470,000, based on sales between January and December.  The number of home sales increased by 32 homes to 933 total sales, representing a 4% boost over 2011.

The same trend applied to condos.  December condo prices were 26% higher than December 2011.  For the full year, the median price for condos was up 5.8%, (December '12 vs. December '11 went to $358,995, a 17.5% increase), while the number of sales for 2012 increased by 91 units to 1,248 total condo sales, an 8% increase over 2011.

Honolulu home sale prices also rose.  The median price for condos in Honolulu in 2012 was $335,000, a 17.5% increase over 2011.  And for the full year, single family homes on Oahu sold at a median price 7.8% higher than in 2011.

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