The Realtors Association of Maui (RAM) posted their official real estate statistics for both December. This months stats also include data on sales volume and medians for 2010 as a whole. I have been a little bit slow to post these numers as it has been a busy start to 2011. The Official December 2010 Maui Real Estate Statistics look pretty similar to what I posted in my unofficial stats at the beginning of the month. They actually reported one less condo sale than I did. I surmise RAM may have identified a residential condo sale that appeared in the database as both house and condo. One other thing to note from the official stats, RAM continues to keep tab on the overall inventory on the market. Both home and land inventory continued to shrink. Condo inventory increased for the second straight month.
The 2010 year end statistics compared favorably to 2009 across the board when it comes to sales volume. Homes, condos and land all saw increases in sales. Home sales volume was up 17% over last year. Condo sales volume was up 39% over last year. Land sales were up 11% over 2009. I thought it might be interesting to compare the take a broader perspective by comparing sales volume for the last three years.
The 2010 numbers compare favorably with the 2008 numbers in two of the three property types with home sales being the exception. The difference between the 2010 and 2008 numbers can be accounted for by new development closes. There 178 closes at Waikapu Gardens alone in 2008. Many of those were affordable housing closes based on longer term reservations.
While we are seeing a general upward trend in volume, median prices continued to adjust downward in 2010. The median price for home sales shifted downwards 8% between 2010 and 2009. The Condo median sales price was down 16%. The median for land sales was down 19% between 2010 and 2009. Price adjustments have moderated from the more precipitous drops we were seeing in 2009, but we are still seeing adjustments nonetheless. It is tough to say where we are in terms of the bottom. I suspect we will see different segments of the market hit bottom at different time periods. Those segments where inventory is scarce are likely to see prices stabilize first. Those communities and property types where inventory remains high and/or where there continues to be a steady supply of bank owned inventory will be slower to recover. We will continue to keep a close eye on these trends on the Maui Real Estate Blog. Feel free to contact The Maui Real Estate Team with questions or for assistance buying or selling Maui Real Estate.
