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West Maui Hawaii Condo Real Estate Market Trends and Statistics

Posted by Eric and Lisa West on Friday, September 29th, 2017 at 3:19pm.

Bookmark this page....all of these graphs are dynamic and will update every month!

August 2017 is a Buyer's market! The number of for sale listings was down 5% from one year earlier and down 2.6% from the previous month. The number of sold listings decreased 8.1% year over year and decreased 22.7% month over month. The number of under contract listings was up 43.2% compared to the previous month and up 76.7% compared to the previous year. The Months of Inventory based on Closed Sales is 10, up 4.1% from the previous year. The Average Sold Price per Square Footage was down 9% compared to the previous month and up 8.9% compared to last year. The Median Sold Price decreased by 4.4% from last month. The Average Sold Price also decreased by 16.9% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Depreciating". The Average Days on Market showed a neutral trend, a decrease of 48% compared to the previous year. The ratio of Sold Price vs. Original List Price is 97%, an increase of 2.1% compared to the previous year.

It is a Buyer's Market Property Sales (Sold) August property sales were 34, down 8.1% from 37 in August of 2016 and 22.7% lower than the 44 sales last month. Current Inventory (For Sale) Versus last year, the total number of properties available this month is lower by 18 units of 5%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is down 2.6% compared to the previous month. Property Under Contract (Pended) There was an increase of 43.2% in the pended properties in August, with 53 properties versus 37 last month. This month's pended property sales were 76.7% higher than at this time last year.

 

The Average Sold Price per Square Footage is Neutral* The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The August 2017 Average Sold Price per Square Footage of $829 was down 9% from $911 last month and up 8.9% from $761 in August of last year. * Based on 6 month trend – Appreciating/Depreciating/Neutral

The Days on Market Shows Neutral Trend* The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for August 2017 was 77, down 47.3% from 146 days last month and down 48% from 148 days in August of last year. The Sold/Original List Price Ratio is Rising** The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 97% is up 3.2% % from last month and up from 2.1% % in August of last year. * Based on 6 month trend – Upward/Downward/Neutral ** Based on 6 month trend – Rising/Falling/Remains Steady

The Average For Sale Price is Neutral* The Average For Sale Price in August was $998,000, up 2.4% from $975,000 in August of 2016 and down 1.6% from $1,014,000 last month. The Average Sold Price is Neutral* The Average Sold Price in August was $781,000, up 11.3% from $702,000 in August of 2016 and down 16.9% from $940,000 last month. The Median Sold Price is Depreciating* The Median Sold Price in August was $480,000, down 7.7% from $520,000 in August of 2016 and down 4.4% from $502,000 last month. * Based on 6 month trend – Appreciating/Depreciating/Neutral

It is a Buyer's Market* A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers. *Buyer’s market: more than 6 months of inventory Seller’s market: less than 3 months of inventory Neutral market: 3 – 6 months of inventory Months of Inventory based on Closed Sales The August 2017 Months of Inventory based on Closed Sales of 10 was increased by 4.1% compared to last year and up 26.6% compared to last month. August 2017 is Buyer's market. Months of Inventory based on Pended Sales The August 2017 Months of Inventory based on Pended Sales of 6.4 was decreased by 46.2% compared to last year and down 31.9% compared to last month. August 2017 is Buyer's market. It is a Buyer's Market* Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month. *Buyer’s market: 16.67% and below Seller’s market: 33.33% and above Neutral market: 16.67% - 33.33% Absorption Rate based on Closed Sales The August 2017 Absorption Rate based on Closed Sales of 10 was decreased by 3.9% compared to last year and down 20.6% compared to last month. Absorption Rate based on Pended Sales The August 2017 Absorption Rate based on Pended Sales of 15.6 was increased by 85.7% compared to last year and up 47% compared to last month.

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