Last week, the Realtors Association of Maui released their official sales statistics for February 2011. There were a couple of sales that were reported after I released my unofficial Maui Real Estate Statistics. Two additional condo sales were included in the official stats raising our number of sales to 95 for the month. As usual, the official stats also include some data at the community level and commentary from RAM executive Terry Tolman.
When we post these official stats, the one part of Terry’s commentary that we hone in on is the total monthly inventory. Condos and land inventory both decreased again last month, while home inventory was up slightly. Looking back to last year, the inventory is down almost 15% for condos. Home inventory is down 8% from the same time last year. We have talked about the importance of a reduction in market inventory as a path for prices to stabilize. We are seeing some substantive reductions. That being said, a prospective buyer commented on the our last official stats about how a reduced inventory will have an adverse impact on his own buying time line. He is finding less quality inventory to choose from in the segment of the market that he is targeting. In turn, this buyer indicated he was planning on waiting. I thought this was an interesting perspective. Regardless, it appears that total inventory and quality of inventory is going to be an increasing market dynamic. Contact the Maui Real Estate Team with questions or for assistance buying or selling Maui Real Estate. Of course your comments are always welcome below!