Condo sales had a rise not only in unit sales, but also in median price this month. 94 units were sold in August. Volume increased to $75 million compared to last year at $61 million.
For buyers making an offer, well-priced properties are drawing multiple offers. Cash still is king! Property purchasers paying with cash are able to have a stronger negotiation with a shorter close and no appraisal hassles. Don’t forget to get pre-approved! Interest rates are starting to increase. Pre-approval is recommended enabling buyers to shop with confidence.
Although residential unit sales decreased by 6%, the average selling price increased 15%. For sellers, property needs to be competitive with realistic pricing, flexible terms, and good property condition. Help prevent escrow fall out by having properties appraised, inspected, and surveyed. Realistically priced properties are selling!
The Hansen Ohana strives to keep you up to date with the latest in real estate news. If you or anyone you know is looking to buy or sell property, don’t hesitate to contact us! Thank you to Terry Tolman of the Realtors Association of Maui for the statistical compilation and market insight.