The February 2013 Maui Real Estate Sales Statistics by the Realtors Association of Maui show a huge increase in the number of condos sold in February. 100 units closed with a total sales volume of over $50 million, a large increase from January when 62 units sold with a total sales volume of about $25 million. The median price of a Maui condo in February was $364,950, a large increase when compared to the previous month ($292,000).

For single family homes, the median price held steady at $550,000, with 65 homes sold.

The market is pretty hot. On recent showings this week, homes were flying off the market in numerous areas. In Waiehu Heights (Wailuku) alone, I showed two homes yesterday, each of which had only be listed less than one week, and both had 3 offers on the table. Another that I had hoped to show had gone into escrow after about only 10 days on the market. In Kihei, my clients saw a home they liked, but by the time we could even discuss writing up an offer, we learned an offer was accepted of two that had come in after only a few days on the market. This is a common occurrence. What does this mean for buyers? Serious buyers must get themselves comfortable with the concept of “jumping” on a home they like if they want to have any chance of making the purchase happen. The environment, especially from the $350,000 – $550,000 price range for homes is very competitive. When buyers understand this and are ready to jump, a prequalification letter must also be available to submit with the offer in order for their offer to be looked at seriously and favorably. Depending on the circumstances, it is not uncommon for offers to be accepted at higher than the asking price.

Call us at 808-242-1467, Delmore Realty’s office, to further discuss the market and your specific real estate needs or questions.