The end of year statistical report of December 2014 from the Realtors Association of Maui showed that the median price of a home for 12 month Jan through December Year To Date 2014 compared to YTD 2013 rose 8% to $570,000 from $530,000. The condo 2014 YTD median rose 11% from $373,000 in YTD 2013 to $415,000.
Volume dropped a little, by 4% comparing YTD 2014 with the prior year, with 943 single family homes sold in 2014. Condo number of sales dropped even more dramatically, by 10%, with 1199 units sold in year 2014.
Interesting features of the report:
– 12.9% of homes sold were either short sales or REO (Real Estate Owned aka bank sales) in 2014
– 7.9% of the condos sold were either short sales or REO in 2014
– 2.4% of land sales were either short sales or REO in 2014
– 42% of all sales closed were Cash in 2014