maui home source -maui real estate- GRAY RINGSBY, REALTOR
MEDIAN PRICES NUMBER SOLD DAYS ON MARKET AVERAGE
HOMES- +7.2%YTD -10%YTD 133
CONDOMINIUMS- +4.4%YTD -4.0%YTD 133
LAND- +5.0%YTD -19.4%YTD Not available but usually longer than homes and condos.
MONTHLY MEDIAN PRICES INCREASED IN HOMES, IN CONDOMINIUMS AND IN LAND
Residential median price increased to $794,500, while Condos median increased to $493,000 and Land median increased to $498,750.
CURRENT INVENTORY FOR JULY 2019- Number of units for sale-INVENTORY IS DOWN SIGNIFICANTLY FROM LAST YEAR
Homes on market JULY 2019 441 Homes on market last year JULY 2018 534
Condos on market JULY 2019 481 Condos on market last year JULY 2018 604
Residential and Condo prices have been slowly and steadily rising the last year. Inventory is low, down -17.4% for single family homes and down -20.4% for Condominiums, compared to last year and this is driving prices higher. An extended period of low unemployment, higher wages and favorable mortgage rates has created a stable housing market for the foreseeable future. Prices have leveled off in many areas in the mainland and this is creating more interest from buyers.
The sales numbers have bounced up and down the last few months. Of the last 12 months 38% of total sales have been CASH transactions. Cash is king when making an offer! Well priced properties are receiving multiple offers for a quick sale. REO and Short sale inventory is much lower now which is helping prices to rise. Interest rates were raised by the Federal Reserve .25% in March. If you want to finance a place, borrowed money is not going to get any cheaper than it is right now. People have been getting 30 year fixed rate loans JUST DROPPED to around 3.8%, which is lower than last year and excellent compared to the historical average of 6%. I can put you in touch with an excellent local lender if you would like.
SELLERS need to beat competing properties with REALISTIC PRICING, better condition, good marketing, and creative sales terms.
Days on Market figures show that properties that are priced right will sell in a reasonable time frame while over priced listings remain
unsold. Proactive sellers are getting their properties appraised, inspected and surveyed in advance to encourage realistic offers
from knowledgeable buyers.
BUYERS should be aware that interest rates are still low but rising and predicted to go higher. Buyers that are pre-approved
can shop with confidence in the price range that they can afford. For first time home buyers there programs available to help you.
The low point in the market has passed so act now before prices climb out of your reach.
Owning real estate has many rewards and is the biggest purchase most people make in their lives. Go with an agent that you trust
to guide you through the process.
Call Gray today at (808) 870-7661
Let's get something started.
INCOMPARABLE MAUI... THIS IS WHERE YOU WANT TO BE!