July’s Sales Volume
Residential home sales rose to 96 units, second highest in 12 months.
Condo sales rose slightly to 63 units sold
Land sales came in at 7 lots sold.
July’s Sales Median
Residential Home prices held steady at $615,000,
Condos held at $575,000
Land rose to 1,025,000 (only 7 lots sold in July)
Days on Market
Residential Homes = 163 DOM
Condos = 167 DOM
Land = 218 DOM
“Year to Date Sales”
Numbers are gaining relevance now that they include the first 7 months of 2008. In the current lackluster market, a low or high number YTD may not hold true by Yearend. Short time-frame (monthly) views do not necessarily reflect the longer time-frame trends.
Total sales for immediately past 12 months:
IN A NUT SHELL…… the good and the bad
Since the market peaked in Summer 05, the monthly numbers have bounced up, down and sideways,with a continuing, general cooling trend.
Active inventory has grown considerably in the last twelve months.
While Unit Sales are lagging, Median Prices are holding up, and Days on Market figures show that properties priced right will sell in a reasonable timeframe. “Priced Right” is the determining factor.
FOR BUYERS: Continued low interest rates provide plenty of options for Buyers.
Buyers should get Pre-Approved so they can shop in confidence (no last minute disappointments due to non-funding loans). More “short-sales” and foreclosures are happening on the marketplace.
Buyers waiting for the “bottom” may also miss unique properties or opportunities as market forces, qualification requirements and rates may fluctuate. (Bird in the hand is worth two in the bush.)
FOR SELLERS: To be successful, Sellers need to be realistic and can beat competing properties with better property condition, careful pricing, good marketing, and flexible terms. Some Pro-Active Sellers are getting their properties inspected and surveyed in advance to encourage knowledgeable offers from realistic Buyers. Doing this can prevent unanticipated escrow fallout.
Unrealistic Sellers will follow the market down and miss current opportunities that later become woefully apparent.
Sellers who don’t really need to sell (just “fishing?”) should stay off the market, and clear the marketplace for those who REALLY want/need to sell.
Zooming in on the figures of a specific geographic area or property type may lead to different conclusions than the overall view. (Choose carefully 😉 )
As always, I will remind everyone that Maui’s market place is much smaller than Oahu’s, and that a few high or low sales have a greater effect on the statistical numbers without necessarily indicating a big market swing one way or another.