After a long run of double digit appreciation, our market has experienced a transitional year. The first quarter of the year, we had a stand off between buyers and sellers. Sellers were seeking the rapid appreciation of the previous years, while buyers were expecting the Maui market to reflect mainland market depreciation. There was a lot of inventory, and only premier properties were moving. The middle of the year saw some sellers adjust their expectations. Sellers started to lower prices closer to recent comparable sales. A select number of opportunities started to appear on the market as sellers who needed to sell quickly slashed prices to be below recent comps. We also experienced a contracting inventory and fewer properties were going on the market. That left some buyers grumbling about a lack of quality inventory. Fall is our traditional slow season. We saw more of the same with a number of buyers and sellers sitting on the sidelines. Some sellers are still clinging to the idea that the market will turn the corner and prices will be back on the path of double digit increases again. However, more and more sellers are adjusting their expectations and pricing properties at levels more suitable to the current market.
The last month has seen a more buyer friendly market. The number of opportunities to purchase below comparable sales has increased. It is also notable that inventory has increased. Just in the last couple of weeks, I have scanned the new listings on the Maui MLS and found myself saying, “wow! That’s a great looking house.†Many of these homes are priced very reasonably based on recent sales, some are priced at levels that people may even consider bargains. This is good news for buyers who will be coming to the island in the winter months. There is quality inventory and there are good values appearing on the market. For additional information on the market or to discuss your property needs, feel free to contact us at any time for a free consultation.
