This is the third and final post I will be doing on the October Maui Real Estate Statistics. I just wanted to provide a link to the official October Maui Statistics created by the Realtors Association of Maui. There were a few small differences from what I had reported in Part I of our Unofficial October Statistics. There was one additional land sale, three additional home sales and there was one fewer condo sale than what I had reported. Perhaps, RAM found a residential condo that was reported as both a home and a condo sale. Regardless, the tenor of the stats was similar to what we had posted earlier in the month.
I always hone in on the update to inventory that RAM provides in their monthly stats. Shrinking inventory is starting to have a profound impact on the market. In part II of our Unofficial October Statistics, we talked about a shift in market conditions. Scarcity and increased demand from buyers is pushing prices upward in parts of the market. The news from this month’s RAM stats was somewhat mixed. Home inventory was down, albeit by a smaller number than what we had seen previously. The number of condos for sale remained the same, and there was a bump in the number of land listings for sale. With anecdotal evidence of strong buyer continuing halfway through November, inventory is likely to be big factor as we approach the start of peak buying season. Buyers should expect competitive bidding on well priced properties. Homeowners with equity will find more favorable conditions for selling their home. Contact the Maui Real Estate Team, if you are considering entering the Maui Real Estate market. We would welcome the opportunity to discuss your real estate needs.