Aloha & Good Morning!
There is some fantastic news about Real Estate Sales on Maui for the month of November! The Realtors Association of Maui (RAM) recently released data for sales from January 2011 - November 2011. It is with great pleasure that I bring you the news and statistic because they show growth. The number of Residential units sold increased 26% when comparing November 2010 vs. 2011. The number of Condo units sold increased 12% when comparing November 2010 vs. 2011. And that's not all the good news.
Here is my analysis of what the numbers say.
The Maui Real Estate Market has been on the rise. When we compare the first 11 months of 2010 vs. 2011 you can see that all three categories are looking up. While it is true that the condo sales have been relatively flat I think that it is significant enough to say that all three areas showed an upward trend.
When you look at the next set of numbers you can see that the average sales price for Residential sales was up slightly. However, the Vacant Land average sales price was significantly up. The decline in the average sales price for condos tells me that if you are in the market to buy a condo that now is a good time to get shopping!
So are you wondering how to find that perfect Maui address? There are so many great ways to search for property. You can start with a visit to the Real Estate Sales Maui website where you can conduct a customized search at any time. You can also contact me and I'd be happy to set up an automatic email alert that sends you listings based on the criteria that you provide. That way you won't miss when a new listing enters the market that meets your buying needs! As always, if you are on Maui (or planning a visit) I am available to take you on a personal tour of any properties you want to see.
Maybe you want to see something new right-now! Take a quick tour of all the new properties that were showcased at the North Kihei Realtor Caravan and the Kula Realtor Caravan. This will give you a virtual look at what I recently saw!
KULA REALTOR CARAVAN - VIDEO
NORTH KIHEI REALTOR CARAVAN - VIDEO
Looking for more great articles, videos and advice? Check out the Real Estate Sales Maui Team on FACEBOOK, TWITTER and BLOGGER.
Looking for the current Bank Owned Foreclosures on Maui? Click HERE.
Last Week In The News
New home sales rose 1.3% in October to a seasonally adjusted annual rate of 307,000 units from a revised rate of 303,000 units in September. Compared to a year ago, new home sales were up 8.9%.
The Standard & Poor's/Case-Shiller 20-city housing price index — on a non-seasonally adjusted basis — fell 0.6% in September after a 0.1% increase in August. On a year-over-year basis, prices fell 3.6% compared with September 2010.
The consumer confidence index rose to 56 in November from 40.9 in October, the largest gain since April 2003. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
Pending home sales, a forward-looking indicator based on signed contracts, rose 10.4% in October after a 4.6% decrease in September. On a year-over-year basis, pending home sales are up 9.2%.
The Institute for Supply Management reported that the monthly composite index of manufacturing activity rose to 52.7 in November after a reading of 50.8 in October. A reading above 50 signals expansion. It was the 28th straight month of expansion.
Total construction spending rose 0.8% to $798.5 billion in October, following a 0.2% increase in September. Economists had anticipated an increase of 0.3% in October.
Initial claims for unemployment benefits rose by 6,000 to 402,000 for the week ending November 26. Continuing claims for the week ending November 19 rose by 35,000 to 3.7 million. The monthly unemployment rate fell to 8.6% in November from 9% in October.
Upcoming on the economic calendar are reports on factory orders on December 5 and wholesale trade on December 8.
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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