County house, condo sales off in November
Residential and condo sales in Maui County dipped slightly last month from a year ago, with median sales prices showing mixed results – rising 12.4 percent for homes but falling 12.5 percent for condos, according to the Realtors Association of Maui monthly report.
Residential sales dipped 11 homes to 74, compared to November 2012, while condo sales fell four units to 96.
The median price for residential sales was $522,500, compared to $465,000 last November. For condo sales, the median price was $350,000, down from $400,000 in November 2012.
Central Maui produced the largest number of residential sales by far, 30 for the month, with the median price of $420,884, up 4 percent from last year. The next-highest area, with eight sales, was Pukalani with a median price of $552,500.
For condo sales, Kihei logged the most, 35 for November, with a median sales price of $305,000, up 3 percent from a year ago.
The data for the first 11 months of the year were much stronger, with 903 homes sold, up 49 units from the same period last year, and a median price of $530,250, up 14 percent. For condos, there were 1,218 units sold, up 107 units, with a median sales price of $375,000, up 6 percent.
The Realtors group said that inventories are growing due to rising prices. The inventory of homes that are active/pending-continue to show/contingent status was 641 units as of Monday, up from the 591 units in July but seven units lower than a year ago.
For condos, the inventory of 826 units was higher than the 788 in July but lower than the 931 a year ago.
The rising prices are having several effects on the market, including possibly pricing first-time homeowners out of the market and turning owners into sellers of their properties, the association said.
“The low point in the market has passed,” said the association in its narrative accompanying the November report.
There also are increased showings and sales, especially on “well-priced” listings, which are turning around quickly, the association said. In fact, the number of days all properties are on the market has fallen significantly since November a year ago – 36 fewer days to 112 for homes and 25 fewer days to 128 for condos.
The number of foreclosed and short-sale properties continues to fall. In the past 12 months, 19.5 percent of residential sales and 10.1 percent of condo sales were for real-estate-owned properties. Those totals were 35.7 percent and 24.5 percent respectively in November 2012.
The statistics may be found at www.ramaui.com/content/ 4921d233da006/Market_Sta tistics.html.
* Lee Imada can be reached at email@example.com.