November 2009 Maui Real Estate Statistics
November’s Sales Volume – Residential Sales dipped slightly from October, however were
the second best month of the last 12 months. condo Sales rose in November to 69 units and land sales rose to 17 (including 5 Mixed-use lots in Maui Lani Village Center).
November’s Median SALES prices for homes slipped to $465,000 while condos remained steady at $400,000. Land bumped up to $450,000.
Days on Market for Residential homes = 168 DOM, Condos = 192 DOM, Land = 284 DOM.
(General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it can move this indicator upward, and vice versa. Also, RAM’s Days on Market are calculated from List Date to Closing Date [not contract date]. As such, it includes approximately 60 days of escrow time.) Also – Short Sales transactions can often take 4-6 months to close thereby extending the marketplace’s average DOM.
FOR BUYERS: Continued low interest rates and Newly Extended first time/move-up homebuyer incentives provide plenty of options for Buyers who qualify. Buyers should get Pre-Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans).
First-Time Home Buyers – This is your opportunity to purchase. Don’t let it pass you by …. ask Howard when his next First-Time Home Buyers workshop, get familiar with the process, get qualified/approved, do your homework to get your own home. Many current owners never thought they would be able to own until they attended a workshop, discovered they could, and are glad they did. This low point in the market is your rare chance, so don’t delay.