Maui Market Update 2013
We have many reasons to be thankful for big improvements happening in Maui County and our Nation!!
-Jobless claims drop to a near 6-year low, great news for the labor market.
-Unemployment in the U.S. dropped to 7.3% and a staggering 4.3% in Hawaii** this is remarkable! That makes Hawaii #3 in the Nation for Unemployment rates. #1 and #2 spots going to North Dakota and South Dakota due to the Oil Boom.
With that great information in the labor market here are some creditworthy statistics for our Maui Real Estate Market!
-U.S. Home prices increase by most in the last 7 years!
-Highest existing home sales since February 2007.
-U.S. Foreclosure activity down 8%-lowest since December 2008.
- 38 of the 50 states posted lower foreclosure rates in August 2013.
- Maui dropped 24% from previous month.
- Maui down 41% from previous year.
-DOM (Days on Market) have gone down as well.
- Single-Family homes 14.4%
- Condominiums 37.5%
-Comparing 2012 to 2013 and showing the large growth in our market here are some staggering numbers!!
- August 2013 vs. 2012
- Lahaina Single Family Homes: Units + 175% and $ Volume + 379%
- Napili/Kahana Condominiums : Units + 10.5% and $ Volume + 39%
-The Residential home median price increased to $585,000. The Condo median price increased to $420,000. Land median price declined to $350,000.
For BUYERS, Low interest rates prevail; however have started to nudge up Buyers should get Pre-Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans). “Short-sales” and foreclosures are still in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6-12 months) to close, if at all. Be prepared, but BE REALISTIC. Lenders are much more stringent on requirements now for loan approval, compared to 2004-2008.
For SELLERS, Sharpen your pencil, talk to your CPA and your Realtor® to explore the hidden benefits or consequences. Make no assumptions that will sting later. To be successful, Sellers need to beat competing properties with better property condition, REALISTIC pricing, good marketing, and flexible, creative terms (Seller Second Loan, Agreement of Sale, Lease-with-option-to-buy, and Sale-with-lease-back to seller). Days on Market figures show that properties priced right will sell in a reasonable timeframe, often with multiple offers. “Priced Right” is still the determining factor. BEST Deals are selling, while significantly over-priced listings remain un-sold.
In a Nutshell….Inventory is down, Sales are Up! Prices are rising and Interest rates are slowly climbing….Game On!!
Feel free to contact me for a no-obligation consultation! You may be surprised to learn that you qualify to buy your own home.
I’m born and raised In West Maui I have vast knowledge of the area this is where I live and work!
Ciara Quam RS, Quam Properties Hawaii INC. (808) 298-7719, Ciara@quamproperties.com, www.CiaraQuam.com
Some information provided by RealtyTrac and RAM.