Maui September Market Statistics from RAM

Brief Maui Statistics Overview

September’s Sales Volume – Residential Sales came in at 63 homes sold, while Condo Sales rose to 96 units sold. Land sales came in at 6 lots.

September’s Median SALES prices – Home median prices slipped to $440,000 and Condo median prices rose slightly to $315,635. Land median price was $285,000.

Days on Market for Residential homes = 122 DOM, Condos = 130 DOM, Land = 150 DOM.

(General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it can move this indicator upward, and vice versa. RAM’s Days on Market are calculated from List Date to Closing Date [not contract date]. As such, it includes approximately 60 days of escrow time.) Also – Short Sales transactions can often take 4-6 months to close thereby extending the marketplace’s average DOM.

 “Year to Date Sales” numbers only compare January – September 2010 to January – September 2009. Short timeframe (monthly) views do not necessarily reflect the longer timeframe trends. Better overview is available from these pages at the end of each year such as 2009’s Year End (Dec. 2009) available at: http://www.ramaui.com/UserFiles/File/Stats/All-December2009.pdf

Year to Date: Residential unit sales rose (+33%), average sold price = $779,769 (+10%), median price = $461,750 (-8%) and total dollar volume sold = $480,337,722 (+47%).

Condo unit sales increased (49%), average sold price = $683,797 (-9%), median price = $394,000 (-21%). Total Condo dollar volume sold = $624,307,096 (+36%).

Land – NOTE: Land Lot sales are such a small sampling that statistics in this property class are not necessarily reliable indicators. Land lot sales increased (+32%), average sold price = $502,608 (-63%), median price = $430,000 (-19%), Total dollar volume = $49,758,190 (-51%).

Also, total sales for previous 12 months: Residential = 844, Condo = 1,127, Land = 135.

Oct. 10, 2010 – Active/Pending/Contingent status inventory:

             Oct.   Sept.    Aug.   July    June    May    April    Mar.   Feb.    Jan.    Dec.   Nov.    Oct.

Homes 1,001   981      994     1,008   1,007   1,040   1,059   1,043   1,040   996     1,022  1,018    1,036

Condos 1,394  1,455   1,503   1,412   1,423   1,449   1,494   1,567   1,541  1,495   1,496  1,508    1,529

Land      601     620     604       601     591      579      585      568      561    522      585     592      603

Current Absorption Rate base on this month’s inventory divided by September Sales is:

Residential = 15.8 months, Condo = 14.5 months, Land = 100 months.