Maui: Island Wide Statistics for April 2009

The Realtor's Association of Maui has posted the April 2009 sales statistics for the island.

It is noted that inventory is shrinking overall, but there is an increase in short sales and REO (bank owned) properties. New categories have been added to the MLS system to help consumers more readily identify a distressed sale (a potential short sale) or an REO. All new listings must contain information (Y/N) for these two new fields.

I'm often asked how the current economy has affected our market. With a general slowing in sales, and resulting lack of comparables, it can be hard to assess declines in valuation. It is noteworthy that in the Kapalua Resort, there has been one REO to close this year, 406 Monarch in Pineapple Hill at $1.7 million. In addition, there is one potential short sale noted in MLS, Bay Villa 29G5 at $799,000.

Compare that with Maui's other resort, Wailea, where the short sale market more active. The are currently 7 listings actively marked as Short Sales, with asking prices ranging from $499,000 to $2,199,000 at properties such as the Wailea Fairway Villas, Wailea Ekolu, Kanani Wailea, Kai Malu, and Ho'olei. There are currently no pending sales or sales since January of properties marked in MLS as short sales in Wailea. While there are no properties actively marked as REO's, there is one pending sale and one recorded sale of a Grand Champions Villa at $310,000

Please note: as the fields are new, only new listings are required to stipulate whether the property is a potential short sale or REO. As such, there could be distressed properties that are not categorized actively listed in MLS. When those properties close escrow, or if any changes are made to the listing, the agent will be required to enter whether or not the property is a short sale or REO.