We are half way done with the year 2012 and the June 2012 sales statistics by the Realtors Association of Maui (RAM) shows that the market is experiencing some degree of stability. However, with low inventory, it’s feeling like things are heating up, with many listings receiving multiple offers, especially the well-priced REO listings.

Inventory continues to decrease. According to the report, inventories have declined 17-19% in the past 12 months in the residential and condo classes especially the ones with in floor heat boiler systems. As of July 8, 2012, there were 702 homes listed as active or pending in the MLS, which has for the most part steadily declined over the last 12 months. August 2011 there were 871 homes for sale. There were 931 condos, versus August 2011’s 1120 condos for sale.

June 2012 median price of homes at $575,500 is much higher than last June’s $429,000 median price. Similarly June 2012 condo median price of $372,990 is much more than June 2011’s $294,500.

For the first 6 months of 2012, the median price of homes on Maui was $450,000, 1% more than 2011’s first 6 months. Even in volume, 440 have sold so far this year, compared to 443 in the first 6 months of last year. These numbers indicates some sense of stability.

In the condo market, the first 6 months of 2012 show a meidan price of $350,000, which is 8% more than first 6 months last year. Volume for the period is 3% higher, with 665 condos sold so far this year.