Monthly Market Statistics
Every month we’ll bring you a report about the latest real estate market statistics and information that influence the purchasing and selling decisions of people interested in owning a piece of property here in Hawaii.
In a rundown, the following key market trends identify and measure the potential and performance of every aspect of real estate.
- New Listing (condominium, single-family homes, and estate lands)
- Days on Market Until Sale
- Closed Sales
- Pending Sales
- Average Sales Price
- Inventory of Homes for Sale
- Months’ Supply of Inventory
- Percent of List Price Received
- All Properties Combined
- Housing Affordability Index
The metrics use bars to demonstrate each component’s history and year-to-date (YTD) changes in percentage. The monthly indicators assist real estate agents in studying and predicting the market landscape based on previous and current statistics.
Hawaii real estate investment is a wonderful way to spend your hard-earned money and grow your wealth. The right property in an excellent location will give you better ROI and the opportunity to earn passive income. Even in the midst of a pandemic or crisis, the real estate industry thrives because of the variety of benefits. These include hedge against inflation, generation of cash flow from rental income, value appreciation, and ownership that guarantees happy retirement.
And since location is the king in real estate, why not set your eyes on the Hawaiian islands, particularly beautiful Maui County. Real estate on Maui is very much active, offering satisfaction to the sellers and buyers of nice properties that you would be proud to say, “This is my slice of paradise.” Prized properties sell fast, which is why you need to hire the services of a trusted real estate agent to help you navigate the selection and purchase process. Checking the latest stats and trends will also give you insights into when and where to buy properties.
Maui Real Estate Market Overview
These reports offer a Single Family Market Overview and a Condominium Market Overview that show the key metrics. They generally reflect the demand and supply of Maui luxury properties in the different areas of the island. While there was a slight slowing down of real estate transactions due to the pandemic, the housing market industry in Hawaii remains strong and solid.
But like other markets, the Maui real estate market can be volatile. Trends and economic factors influence the decisions and choices of investors and homeowners, which makes statistics a handy tool to find the right time to buy or sell a property. Properties in West Maui, for instance, are more on the high-end luxury real estate side, but they are very attractive to the eyes of investors because of the breathtaking beauty of the surroundings. In general, the healthy state of the local real estate market sustains the interest and confidence of buyers and sellers, which empowers the industry’s fundamentals.
New Listings, Sales, and Days on the Market
New MLS property listings refer to the number of properties that are listed in a given month. It shows the count of Single Family homes and condominiums, including the Year-Over-Year changes and historical New Listings by month. At a glance, you can easily determine which is getting the lion’s share of sales.
The average number of days that the listed properties stay in the market is also a crucial element for investors. Days on Market Until Sale can make a difference in the purchase price, giving an advantage to the interested buyer who sees the property’s potential value and buying it less than the offered amount. Properties that stay long in the listing do not necessarily mean that they are not good investments. There are factors that make them a bit hard to sell, such as location, selling price, or proximity to commercial areas.
In the context of sales, the number of properties sold in a given month is called Closed Sales, while the Pending Sales refer to the count of Single Family homes and condominiums offers accepted in the month.
Median Sales and Average Sales Price
Price is always the deciding factor in every transaction. Even a nominal discount makes a big difference that can turn the investor’s ‘No’ to ‘Yes’. When it comes to negotiations, experienced real estate agents are good at them.
The Average Sales Price refers to all closed sales in a given month, while the Median Sales Price is the sale price or point where half of sold properties for more and half sold for less meets. Both of them are used by the Federal Housing Finance Administration to make House Price Index along with other figures.
For investors and buyers, median sale price and average sale price are valuable numbers when figuring out your potential spend on your preferred property in a certain location. If you’re selling your home or land, utilizing both can help you determine the ideal price when you list your property.
Monthly Sales Volume and others
The RAM report also provides the Monthly Sales Volume of condominiums, single-family homes, and lands, displaying the units sold, median sales price, and dollar volume. This gives an idea of how much the cost of property in different areas of Maui. The prices vary depending on the location, development, and amenities.
Also included in the monthly report are the Leasehold Condominium Sales, Fee Simple Condominium Sales, Land Monthly Sales Volume, and All Properties Combined stats. Don’t forget to check out the Housing Affordability Index, which shows the ability of the buyers to afford housing in the region. More numbers mean the greater capacity of locals or foreign investors to purchase median-priced properties under the prevailing interest rates.
Whether you are looking for a charming condo unit, a luxury vacation home, a single-family home, or vacant land for your dream home or business, Maui has you covered. The strategic locations of luxury properties in West Maui and other parts of the island are perfect for a luxurious lifestyle you wish for yourself and your family. Call us today and we’ll help you get started on your quest for real estate in Maui.