April has continued to be a busy month for real estate activity. With many showings on the docket, I realized that I never posted a link to the PDF of the Official March 2013 Maui Real Estate Statistics. When it comes to the main sales numbers, there wasn’t too much of a difference from what I had posted in my Unofficial March 2013 Stats earlier in the month. It appears as if there was one additional home sale reported after I released those numbers. That being said, I always appreciate looking at the inventory data provided in the executive summary. With an inventory crunch playing a big factor in market dynamics, these are important numbers. As of the beginning of April, Home inventories were up slightly. Condo and land inventories both continue to shrink. It appears that we aren’t seeing any immediate relief for the inventory crunch that is affecting the median and lower priced market segments.
The one other thing I appreciate about the official stats is that they provide community level granularity. Being that the end of the March was the end of the first quarter of the year, the stats gives us a chance to see how communities fared in the first quarter of 2013 vs the first quarter of 2012. Here are a few numbers that I thought were noteworthy.
- The Spreckelsville, Kuau and Paia market and Pukalani market saw the biggest increase in sales activity compared to the first quarter of 2012. They experienced 150% and 111% increases in activity respectively.
- Many other home markets around the island saw a decrease in activity due in large part to decreased inventory available for buyers
- Lanai was the one condo market where we saw a clear uptick in activity. This is part of a trend of stronger activity on Lanai since it was announced that Larry Ellison purchased the island in June of 2012.
- The number of communities that saw sizable decreases in condo sales activity was notable. Kihei sales were down 15%, Kaanapali sales were down 19% and Napili/Kahana/Honokowai were down 39%. I would surmise much of this may be related to decreased inventory at lower price points.
- Land was the only property type that saw an improvement over the first quarter of 2012. This is one segment that isn’t quite as constrained by inventory shortages.
- Overall condo and home sales volumes were down 13% and 1% respectively. Again, all anecdotal evidence would point to limited supply as the reason for the decrease in sales activity. Demand remains strong.
- Median prices were up in many communities and property classifications due to a combination of price increases and decreased sales volumes at lower price ranges. The inventory crunch at the low end is boosting medians in more ways than one.
Today is the last day of April, so stay tuned on the Maui Real Estate Blog for our April Stats in the coming week. If you have any questions or need assistance, don’t hesitate to contact the Maui Real Estate Team for a free consultation.
