The Realtors Association of Maui (RAM) released the official November Maui Real Estate Statistics last week. The sales volume and median sales price numbers were pretty similar to what we posted earlier in the month in our unofficial stats. RAM reported one additional home sale above and beyond what we had reported. That raised the number of homes sold to 84 a month. The RAM stats also include some additional details on community level sales as well as historical data running back until January of 2007.
If you have read one of our “official” stats posts before, you know that we tend to gravitate to the executive summary for the stats. This is where levels of inventory are reported. We have been experiencing a steady decrease in the number of properties for sale on island for a period of 18 months or more. This is particularly the case with properties priced at or below the median sales price. The limited inventory and increased demand have created a competitive market place for buyers. Well priced properties are generating multiple offers with some selling for more than asking price. After a busy fall that caused inventory to shrink, Realtors have expressed some concern that we lack the depth of quality inventory to support the demand that usually comes during our winter buyers season. We saw some good news in the official stats with a modest bump in home inventory and a more substantive bump in condo inventory. It appears that more sellers are coming to market enticed by the increased activity. It will be interesting to watch supplies throughout the next three and half to four months of higher buyer activity. We of course will continue to report on these dynamics on The Maui Real Estate Blog. Contact The Maui Real Estate Team today if you would like to discuss the Maui Market or for assistance buying or selling.