Last week the official March Maui Real Estate Statistics were released by The Realtors Association of Maui (RAM). The numbers that they released mirror what we posted earlier in the month via our Unofficial Stats. The official stats provide a little more granularity with community level data. They also provide monthly data going back to January 2007 for additional context.
If you have read these official posts before, you might know the one other thing that I like to look at with the RAM stats is their inventory tracking. RAM executive Terry Tolman publishes the current volume of listed inventory for homes, condos and land. The general trend has been shrinking inventory. This month, we saw a slight uptick in home inventory and a slight decrease in condo and land inventory. We are seeing the impact of inventory on the low end condo market where there has been a modest in prices. Scarcity and positive rent vs. buy comparisons have finally brought some pricing stability to this hard hit segment of the Maui Real Estate market. Inventory is likely to remain an important factor in market dynamics. There has been some rumbling that we may see an uptick in bank owned inventory coming to the market this summer. It will be interesting to see if this is true, and if it would be sufficient to have an impact on market dynamics. We will continue to monitor market inventory on the Maui Real Estate Blog. Contact The Maui Real Estate Team with questions or the market or for assistance buying or selling Maui Real Estate.