More record breaking stats are in for May. Residential sales of 105 homes in May were at a six-year high here in Maui. The median home price for a residential home also increased 22% since last year to $540,000. Condo sales remain steady and strong at 138 units sold. Prices for condos also rose 12% since last year to $381,500. On both Condos and Homes there is less than a 6 month supply on the market. This brings us to a solid Seller’s market. Here is a link to the real estate stats: http://www.mauirealestate.net/All-May2013.pdf
We are again at a time where multiple offers are coming in on well priced properties. If you are a first time home buyer looking to break into the real estate market, now is the time. Low inventory is driving prices and statistics are showing this trend in the market will continue. For sellers, having your property appraised and inspected in advance will encourage offers from buyers. If you’re a buyer, getting pre-approved so your house hunting adventure can be done with the confidence that you know your loan will be funded is strongly encouraged.
The Hansen Ohana strives to meet all of your real estate needs. Contact us today if you or someone you know is looking to buy or sell property here on the islands. We are happy to assist you!