The Maui News online published a story yesterday (April 10, 2008) that states Maui real estate sales numbers and prices were holding steady for the first quarter. Condo sales appear to be having the most success. Read the whole story here. The interesting thing about statistics on Maui is that we are a small island, with a small set of statistics (currently there are about 1,200 residential properties in our Maui County MLS system). All it takes is one sale at either end of the price spectrum to throw off the numbers. If there are only 3 sales in a geographical area, what does that tell you? All it tells you is that there were 3 sales. A person can draw their own conclusions, and can spin the facts in various ways.
What's important is that a buyer needs to get more detailed information, more historical data and a better understanding of the situation in order to make an educated decision about buying a home on Maui. Buyers - ask your favorite Maui Realtor to provide sales comps for the area. Get the facts before you jump to conclusions. Sellers - your property will sell at the market price, if it gets enough exposure... price it right and it will get exposure. Again, you need to consult with an experienced real estate professional to get the big picture.
Here are some other points to consider:
- median price - is the point at which half the sales were for more, half for less
- average price - the sum of all the items, divided by the number of items
- DOM - days on market - the time it takes to sell a home
See the current YEAR TO DATE statistics for single family homes in Maui County, then ask some questions.