The Maui May 2012 Sales Statistics are out from the Realtors Association of Maui, showing a low median sales price of $382,250 for single family homes, the lowest May number median in at least 5 years, according to an article in The Maui News. May’s median single family sales price has dropped in each of the past 5 years as follows:
2007: $653,746, 2008: $567,000, 2009: $482,500, 2010: $442,000, 2011: $418,000.
May’s median price is also lower than the previous month, when the median was $469,000.
Year-to-date from January to May 2012, the median sales price for single family homes is $435,000, which was only 3% less than the same 5-month period in 2011.
The single family median sales price in the month of May 2012 was $340,000 in Central Maui, with 25 homes sold (year-to-date it was $362,500); $425,000 in Haiku with 5 homes sold (year-to-date $671,000); $410,000 in Kihei, with 13 homes sold (year-to-date $444,000), for a look at some of the busier districts.
For condominiums, May’s median was $336,000 on 11 units sold, which was a decline for volume and price when compared to the previous month ($399,000 on 129 units sold) and last May ($349,500 on 114 units sold). The condo median sales price in the month of May 2012 was $434,900 on 18 units sold in Kaanpaali (year-to-date $459,900); $275,000 on 42 units sold in Kihei (year-to-date $246,500); $343,000 on 20 units sold in Napili/Kahana/Honokowai (year-to-date $315,000) for a look at some of the busier districts.
Year-to-date for fee simple condominiums, the median price was $350,000, which was 1% more than the same 5-month period last year. Volume is up year-to-date by 2% in this category to 514 units sold.
In the land category, 66 units have sold year-to-date with a median price of $365,000, which was up when compared to the same year-to-date period last year.
A continued presence of short sales and bank sales are helping to keep prices low. While interest rates are also at record lows, qualification standards continue to be stringent. It’s a great market in which to buy, for those that are able to qualify. We say, definitely try to qualify and buy, if you can. A lot of cash buyers are snapping up the great deals, but for buyers needing loans who are organized and have well-documented income records that meet lender qualifications, the time is right to make a purchase.