As predicted the Maui Real Estate Market is on fire during this busy season. Typically we see the traffic pick up in October and continue for the next few months. I had a busy October and I have had a busy first half of November!
The Realtors Association of Maui (RAM) recently released data for sales from January 2011 - October 2011. Here is my analysis of what the numbers say.
The Maui Real Estate Market has been holding well and the buyer activity has increased this year over last for residential sales. When looking at the current data available from RAM it is clear that the market is holding-up well when comparing the first ten months of 2010 vs. 2011.
It is good news to report that the number of sales were up for both Residential and Vacant Land. Although the Condo sales number remained the same, I think that most of us would take that over a decline in sales. The Maui Real Estate market is still in a holding pattern with a glimmer of hope that we can come out at the end of the year with a good percentage change over last year's number.
When we look at the average sales price for sales from January - October and we compare them year-over-year it is apparent that it continues to be a buyer's market for anyone looking to get a condo on Maui. That was the case when I looked at these numbers back at the end of July and it continues to be the same status now. This may be the time to get in on the condo market as the average sales price has dropped for condos. The average sales price for residential was up only slightly. Those who are looking to purchase a residential property should strongly consider making an offer while the prices are holding and before they increase. RAM points out that land lots sales can be slightly skewed due to the small sampling of numbers that are available.
With a continued focus on interest rates it is clear that they are still at record lows. Today's rates are slightly lower than yesterday. Here are the latest Mortgage Rates that are listed on MortgageNewsDaily.com.
We also have loan officer Craig Haueisen from Prospect Mortgage who is available to answer any questions and give additional information. As you’ve noticed he is a regular contributor to this newsletter and you can read his latest Economic Update located below. Please feel free to email him or call him for any of your Mortgage needs. Office: 808-298-7549 or Email: craig.haueisen@prospectmtg.com
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I took a drive out to Nahiku yesterday to view the amazing property that is zoned commercial. There is a cottage rented in the back all year long and the property has room to build another 1000 sf cottage! There is also a fully permitted roadside retail store that provides income. This is a "cash cow"! Call me for specific details!
Did you miss yesterday's BIG ANNOUCMENT? Click HERE to read the announcement!
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Looking for the current Bank Owned Foreclosures on Maui? Click HERE.
Last Week in the News
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending November 4 rose 10.3%. Refinancing applications increased 12.1%. Purchase volume rose 4.8%.
According to the Federal Reserve, consumer credit debt rose in September by $7.39 billion for a total credit level of $2.452 trillion. Revolving debt, which includes credit cards, fell by $627 million to $789.6 billion. Non-revolving debt, including loans for cars, rose by $8 billion to $1.662 trillion.
Wholesalers decreased their inventories 0.1% to $462 billion in September. This followed a revised 0.3% decline in August. Sales at the wholesale level rose 0.5% to $403.1 billion in September. On a year-over-year basis, sales were 15% higher since September 2010.
The trade deficit decreased to $43.1 billion in September from a revised $44.9 billion in August. Exports rose 1.4% to $180.4 billion. Imports increased 0.3% to $223.5 billion.
Import prices fell 0.6% in October, following a 0.3% increase in September. On a year-over-year basis, import prices are up 11%, led mostly by a sharp rise in fuel prices. Export prices fell 2.1% in October after advancing 0.4% in September. For the year, export prices are up 6.3%.
The Reuters/University of Michigan consumer sentiment index for November's preliminary reading rose to 64.2 from 60.9 in October. It was the third monthly gain in a row for the index.
Initial claims for unemployment benefits fell by 10,000 to 390,000 for the week ending November 5. That's the lowest level since April. Continuing claims for the week ending October 29 fell by 92,000 to 3.615 million.
Upcoming on the economic calendar are reports on retail sales on November 15 and housing starts on November 17.
Craig Haueisen is a Loan Officer with Prospect Mortgage. Please feel free to email him or call him for any of your Mortgage needs.
Office: 808-298-7549 or Email: craig.haueisen@prospectmtg.comClick here to visit Craig's website and apply online: http://myprospectmortgage.com/CHaueisen
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