Below are the updates, statistics, and market summaries provided by the Realtors Association of Maui for February 2012. Key excerpts from the entire report have been cut and pasted to this blog for quick review. Enjoy!
Here is a LINK TO THE ORIGINAL ARTICLE IN FULL
Maui February 2012 Sales Statistics
February’s Sales Volume – February’s Residential Sales rose to 77 homes sold, while Condo Sales declined to 79 units sold. Land sales came in at 12 lots sold.
February’s Median Sales Prices –The Residential home median price rose significantly to $535,000, while the Condo median price declined to $287,000. Land median price was $333,925.
Days on Market Residential homes = 150 DOM, Condos = 172 DOM, Land = 371 DOM.
IN A NUT SHELL…… the good, the bad….. AND THE ROAD AHEAD ……
Well priced properties are attracting multiple offers making for a quick sale. Inventories have declined 14-22% over the past 12 months in Residential and Condo classes. Many short sales and REO (bank owned) properties will need to be absorbed as sales before we can move ahead to a more normal marketplace. Interest Rates are remaining near historic record lows which may help motivate would-be Buyers to go ahead and buy IF they can qualify. Current World and US events will have ripple effects on cost of living, consumer confidence, and our Real Estate Market.
Sellers who don’t really need to sell (just “fishing?”) should stay off the market, and clear the
marketplace for those who REALLY have to sell. UNLESS- you are motivated to Upsize, Downsize or
Upgrade – While selling now will “net” less, your next property will cost less. Sharpen your pencil, talk to your CPA and Realtor® to explore the hidden benefits or consequences. Make no assumptions that will sting later.
To be successful, Sellers need to beat competing properties with better property condition, REALISTIC pricing, good marketing, and flexible, creative terms Days on Market figures show that properties priced right will sell in a reasonable timeframe. “Priced Right” is still the determining factor.
THE BEST Deals are selling, everything else is getting old.
Pro-Active Sellers are getting their properties appraised, inspected and surveyed in advance to encourage realistic offers from knowledgeable Buyers. This can prevent unanticipated escrow fallout or Buyers whittling your price down during the transaction when previously unknown facts come to light. Unrealistic Sellers continue to be ignored by the market and miss current opportunities that later become woefully apparent.
Very Low interest rates prevail, however could inch up. Buyers should get Pre-Approved so
they can shop in confidence (fewer last minute disappointments due to non-funding loans).
More “short-sales” and foreclosures are happening in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6 months) to close, if at all. Be prepared, but BE REALISTIC. Lenders are much more stringent now on requirements for loan approval.
First-Time Home Buyers – Many programs are available….. Attend a First-Time Home Buyers workshop, get familiar with the process, get qualified/approved, do your homework to get your own home. Many current ownersnever thought they would be able to own until they attended a workshop, discovered they could own a home, and are glad they did.
This low point in the market is your rare chance, so check it out carefully.
Meghan Clair is a Realtor at Coldwell Banker Island Properties Shops at Wailea Office. She is pleased to represent you in the sale of your home or as a Buyers agent on any Maui Property! Please contact Meghan for more details.
Realtor (S), EcoBroker
Coldwell Banker Island Properties
(808) 874-8668 office
(808) 463-8485 cell