Wednesday Morning Coffee on Maui - 02/06/13

Aloha & Good Morning!

Today Maui will enjoy a high of 80 degrees with a chance of showers.  

It’s always good to step back and see the big picture to get a better view of what’s really happening. The real estate market on Maui turned in 2010 in terms of sales and finally turned last year in terms of sales price. See the charts below for a quick picture.

Condo sales are up 3% overall with a median price gain of 16%.  Single family home sales are up 4% with a median price gain of 9% and vacant land sales are up 29% with median prices up 13%. The market has turned! The bottom is behind us! However, the curve of the increase is slow and gradual, and national predictions are suggesting a 4%-6% gain this year. That is a reasonable pace and one with which Maui seems to be keeping pace.

The map below shows the details behind the overall gains and it proves very interesting. For each area on Maui you can get a better idea of what is happening in the market. It is worthwhile to note that this market picture is also a reflection of the very low inventory that we continue to experience. The inventory is down almost 50% in single family homes and 40% in condos as compared to 3-5 years ago. With fewer listings on the market, prices are driven up and sales are down because buyers can’t find the property they want. This is best demonstrated by the low days on market we currently have: 114, vs our normal of 145. In some areas there is 1 or 2 months worth of inventory and these circumstances lead to multiple offers and stiff competition amongst buyers in the competitive price ranges.

I realize this map graphic is very small.  If you prefer to have a larger one just let me know and I can send it as an attachment.

It continues to be a great time to purchase a home with historically low interest rates. It also is an excellent time to list a home and sell in an environment with little competition.

RAM's GOT TALENT

Saturday, February 16th
Pre-Show Pupu Party: 5:30 at Saeng's Thai restaurant - Cost: $25
Final Show: 7:00 at The Historic Iao Theater - Cost: $25

Performances by:

Greg Pereira, Yvienne Peterson, Reggie Audant, P.Denise La Costa and Al Alfonzo, Kit Okazaki, A performance by 'Burlesque', Debbie Guimond, Tess Cartwright, Ron Wilson, Larry Feinberg, A performance by the cast 'Shout', Bob Wills and Fred's Garage.

 Buy tickets to the pre-party and the final show here.

Help raise funds for the Realtors® Presidential Scholarship and Maui Onstage at The Historic Iao Theater!

Visit: www.ramsgottalent.com for more info.

OWNER FINANCING AVAILABLE

This ocean front 2 bedroom, 2 bath condo unit is located in Kapaula.  It is not easy to find a condo unit of this quality available these days that is located so close to the water for under a million on Maui.  If you have been dreaming of owning a condo on the ocean on Maui then this is  your rare opportunity to get in on a great deal.  This listing comes with owner financing with as little as 10% down from a seller who is motivated to sell.  Even better yet, this listing was recently reduced! Contact me today to put in your offer!

View the full listing - HERE!

View the video tour - HERE!

New listings have been added to the Windermere Valley Isle Properties YouTube Channel.  If you want to keep up-t-date with the newest listings you can follow them by clicking HERE!  

  

Don't forget to get your name in for this year's exciting i-Pad giveaway!  

Looking for more great articles, videos and advice?  Check out the Real Estate Sales Maui Team on FACEBOOK, TWITTER, BLOGGER and PINTEREST

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Lender Corner by Craig Haueisen                                                                                         
Last Week In The News
Orders for durable goods — items expected to last three or more years — increased 4.6% to $230.7 billion in December. This increase follows a 0.7% increase in November. Excluding volatile transportation-related goods, December orders posted a monthly increase of 1.3%.
Pending home sales, a forward-looking indicator based on signed contracts, fell 4.3% in December. On a year-over-year basis, pending home sales were up 6.9% compared with December 2011.
The Standard & Poor's/Case-Shiller 20-city housing price index — on a non-seasonally adjusted basis — fell 0.1% in November, following a revised 0.2% decrease in October. On a year-over-year basis, prices rose 5.5% compared with November 2011.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending January 25 fell 8.1%. Purchase volume fell 2%. Refinancing applications decreased 10%.
The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — decreased at an annual rate of 0.1% in the fourth quarter of 2012. This follows a 3.1% pace of growth in the third quarter of 2012.
Manufacturing activity rose to 53.1 in January after a reading of 50.2 in December. A reading above 50 signals expansion.
Total construction spending rose 0.9% to $885 billion in December, following a downwardly revised 0.1% increase in November. Compared to December 2011, construction spending has risen 7.8%.
Initial claims for unemployment benefits for the week ending January 26 rose by 38,000 to 368,000. Continuing claims for the week ending January 19 rose by 22,000 to 3.197 million. The less volatile four-week average of claims for unemployment benefits was 352,000. The unemployment rate increased to 7.9% in January from 7.8% in December. Employers added 157,000 jobs in January.
Upcoming on the economic calendar are reports on factory orders on February 4 and international trade on February 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.com
Click here to visit Craig's website and apply online: http://myprospectmortgage.com/CHaueisen