But it appears that Maui’s housing market has an extra “spring” in its step this season, evidenced by a slight uptick in residential sales last month.
According to residential sales figures released by the Realtors Association of Maui (RAM) in its Maui March 2011 Sales Statistics report, last month alone, 88 single-family homes were sold on Maui. Not bad, compared to a total of 72 sold the previous year. In addition, 124 condominium units sold in March, holding steady to sales data from last year.
And as for the first quarter of 2011 (Jan. 1 to March 31), the outlook is promising, a sign of good things to come. In its recent report, RAM noted average sale prices for single-family homes have begun to nudge forward during the first quarter of the year, rising 1 percent to $681,682 ($672,575 in 2010). However, median sale prices have dipped slightly during this first quarter—from $469,500 in 2010 to $450,000 in 2011. As for condominium units sold between January and March of this year, average sale prices were up $289,000, compared to $197,545 during the first quarter of the previous year.
Now, what does the big picture look like? In the first few months of 2011, RAM reported that residential unit sales had risen by 14 percent, with a 16 percent increase in total dollar volume sales. For condominium units, sales increased by 5 percent this quarter, with a slight decline in total dollar volume.
And certain areas of Maui are bouncing back more quickly, with the greatest number of home sales taking place in Central Maui, Kula-‘Ulupalakua-Kaneho and Kā‘anapali, and condominium sales taking the lead in Kīhei, Kā‘anapali and Nāpili.
This incremental rebound of Maui’s housing market can be attributed to a boost in buyer-showing activity, more first-time homebuyer programs and incentives, as well as proactive sellers who are regaining traction in a bolstered real estate market. Whatever the reason, the numbers speak for themselves. And if you aren’t a numbers person, just know that Maui’s housing market is gaining momentum.
So, what does this mean for you? Whether you are a buyer or a seller, this is the time—and the season—to spring into action.