The statistical report as of November 2012 of the Maui Real Estate Sales Statistics by the Realtors Association of Maui is out, showing a residential median home sales price of $467,500 at 84 homes sold, down from October in price in volume, but up in both compared to November a year ago.
November’s report shows a median condo price of $390,945 with 96 units sold. This is up in price compared to the prior month, and steady in volume. Compared to November of a year ago when the median condo price was $265,000, the median price is significantly up. However, if you look at the year-to-date information, a better indicator, the condo median price is $353,900, which is up a healthy 14% compared to Y-T-D in the same period last year, when the median was $310,000.
Back in the residential home category, the year-to-date through November 2012 median is $465,000, a close reflection of November’s price, and is up 7% compared to Y-T-D in same period in 2011.
Land year-to-date median prices are at $350,000, 15% higher than same period last year.
As is typical November’s busiest district for single family home sales was the Central district of Kahului/Wailuku, where 28 homes sold at a median of $405,063. THis is about similar in price compared to 1 month ago, but is much higher than November 2011’s median Central home price of $348,000. Central’s current Y-T-D median home price is $372,000, 1% less than same Y-T-D period in 2011.
Kihei’s (2nd busiest district) current median home price is $549,500, up a lot from same month a year ago when the price was $371,500. It’s also up greatly from just one month earlier, when October’s median was $455,750.
In the condo market, Kihei was, as typical, the busiest distrcit, with 31 units sold at a median of $280,000, which is not much higher than the prior month or prior year. Strong sales in Napili, Wailea and Kaanapali helped push the median up for the month.
Inventory of properties remains low. However, November showed an uptick in the amount of inventory compared to the prior month. As of the Dec 8th, 2012, 648 homes were active/pending or contingent, which translates to 7.7 months of inventory, compared to 635 in the previous month. For Condos, 931 properties were active/pending/contingent (9.7 months of inventory) compared to 883 in the previous month.