Last week, the Realtors Association of Maui posted their official February Maui Real Estate Statistics. There were a few minor differences from my unofficial February stats that I posted during the beginning of the month. Typically, RAM tends to catch a few extra sales that are reported after I compile our numbers. This month the official sales numbers actually have fewer sales than what we posted. I am not sure of the source of the discrepancy as I double checked the MLS, but it doesn’t change the overall tenor of the month. The official numbers includes a little more granularity on monthly sales numbers with community level data available. The official stats also feature a commentary from Terry Tolman, RAM Executive. Terry has been keeping tabs on the total volume of inventory available. It was interesting to note that both condo and home inventory shrank again last month while land inventories rose.
The lower end of the condo and home markets are both starting to feel the impact of shrinking inventory. Low end condos in particular are seeing prices stabilize or in some cases increase modestly. There is some discussion of additional bank owned inventory coming on the market during the summer that may bolster inventories again. That remains to be seen. The land market already had an abundant inventory. The addition of more listings is not going to help pricing in this market segment. Contact The Maui Real Estate Team with questions on the local market or for assistance buying or selling Maui Real Estate.