Aloha & Good Afternoon!
This new year has already started off on the right foot! I'm so happy to bring you the end-of-year statistics that were just released by the Realtors Association of Maui (RAM). The best news from the numbers is that things are looking up for Maui Real Estate. The sales data below compares January - December for 2010 vs 2011. For the year comparison you can see that the number of Residential units sold increased by 10%. The number of Condo units sold also increased by 1%. And to round it all off, the number of Vacant Land units sold also increased 5%. Once again, the data leads me to say that the Maui Real Estate Market is on an upward trend.
| Maui County | 2010 | 2011 | Change |
| Residential Sales | 817 | 898 | up 10% |
| Condo Sales | 1148 | 1155 | up 1% |
| Vacant Land | 127 | 133 | up 5% |
| *Jan-Dec 2010 - 2011 |
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!
| Maui County | 2010 | 2011 | Change |
| Residential Average Sales Price | $746,780 | $787,552 | up 5% |
| Condo Average Sales Price | $647,595 | $485,874 | down 25% |
| Vacant Land Average Sales Price | $513,571 | $608,400 | up 18% |
| *Jan-Dec 2010 - 2011 |
Are you worried that you might have "Missed-the-Boat" on a great Maui deal at an amazing rate in 2011? I have confidence when I say that the rates continue to hover at near historic lows and prices on Maui still allow you to pick up a steal-of-a-deal. That gives you the opportunity to lock in a low rate and find your perfect Maui property at the right price in 2012! By locking in a low rate now you will give yourself lower monthly mortgage payments and with the market in a volatile state the rates could go up at any time.
There is a great deal on Maui that I want to let you in on. The new community on the West Side called Ho'onanea at Lahaina has a great move-in deal for qualified buyers. Just $808 will move you into this beautiful community and they will waive the maintenance fees for 1-year! The community has brand new 2 & 3 bedroom condominium townhomes with a private garage and parking stall. Ho'onanea at Lahaina is located near shopping and the beaches. Check out the listings below that are available on MLS and let me know if you want more info.
Ho'onanea at Lahaina - Website
Of course I also have some great listings to show you from recent Realtor Caravan events in South Maui and UpCountry in Kula. Please relax and enjoy these short videos and let me know if you'd like additional information on any of the listings.
South Kihei Caravan - VIDEO - Featuring Hokulani Golf Villas and several other South Maui condo communities as-well-as beautiful South Maui Homes.
Wailea and Makena Caravan - VIDEO - The first new listings of the New Year with great properties in Maui Meadows and Wailea. Be sure to check out the amazing ocean view from the Polo Beach Club listing!
Kula Caravan - VIDEO - These amazing new UpCountry listings in Kula were shot on a beautiful blue-sky day!
Don't forget to get your name in for this year's exciting i-Pad giveaway! Check out the details HERE!
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
Factory orders rose 1.8% in November to a seasonally adjusted $459.2 billion, following a revised 0.2% decrease in October. Excluding the volatile transportation sector, orders rose 0.3% in November.Retail sales rose 1.2% for the week ending December 31, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 5.3%.
The Institute for Supply Management reported that the monthly composite index of manufacturing activity rose to 53.9 in December after a reading of 52.7 in November. A reading above 50 signals expansion. It was the 29th straight month of expansion.
Total construction spending rose 1.2% to $807.1 billion in November, following a 0.2% decrease in October. Economists had anticipated an increase of 0.5% in November. Compared to a year ago, construction spending rose 0.5%.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending December 30 fell 3.7%. Refinancing applications decreased 1.9%. Purchase volume fell 9.7%.
The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity rose to 52.6 in December from 52 in November. A reading above 50 signals expansion. It was the 25th straight month of expansion in the services sector.
Initial claims for unemployment benefits fell by 15,000 to 372,000 for the week ending December 31. Continuing claims for the week ending December 24 fell by 22,000 to 3.595 million. The monthly unemployment rate fell to 8.5% in December from a revised 8.7% in November and 9% in October.
Upcoming on the economic calendar are reports on wholesale trade on January 10, retail sales on January 12 and consumer sentiment on January 13.
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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