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Maui Market Update 2013

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Maui Market Update 2013

We have many reasons to be thankful for big improvements happening in Maui County and our Nation!!

-Jobless claims drop to a near 6-year low, great news for the labor market.

-Unemployment in the U.S. dropped to 7.3%  and a staggering 4.3% in Hawaii** this is remarkable! That makes Hawaii #3 in the Nation for Unemployment rates. #1 and #2 spots going to North Dakota and South Dakota due to the Oil Boom.

With that great information in the labor market here are some creditworthy statistics for our Maui Real Estate Market!

-U.S. Home prices increase by most in the last 7 years!

-Highest existing home sales since February 2007.

-U.S. Foreclosure activity down 8%-lowest since December 2008.

  • 38 of the 50 states posted lower foreclosure rates in August 2013.
  • Maui dropped 24% from previous month.
  • Maui down 41% from previous year.

-DOM (Days on Market) have gone down as well.

  • Single-Family homes 14.4%
  • Condominiums 37.5%

-Comparing 2012 to 2013 and showing the large growth in our market here are some staggering numbers!!

  • August 2013 vs. 2012
  • Lahaina Single Family Homes: Units + 175% and $ Volume + 379%
  • Napili/Kahana Condominiums : Units + 10.5% and $ Volume + 39%

-The Residential home median price increased to $585,000. The Condo median price increased to $420,000. Land median price declined to $350,000.

For BUYERS, Low interest rates prevail; however have started to nudge up Buyers should get Pre-Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans). “Short-sales” and foreclosures are still in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6-12 months) to close, if at all. Be prepared, but BE REALISTIC. Lenders are much more stringent on requirements now for loan approval, compared to 2004-2008.

For SELLERS, Sharpen your pencil, talk to your CPA and your Realtor® to explore the hidden benefits or consequences. Make no assumptions that will sting later. To be successful, Sellers need to beat competing properties with better property condition, REALISTIC pricing, good marketing, and flexible, creative terms (Seller Second Loan, Agreement of Sale, Lease-with-option-to-buy, and Sale-with-lease-back to seller). Days on Market figures show that properties priced right will sell in a reasonable timeframe, often with multiple offers. “Priced Right” is still the determining factor. BEST Deals are selling, while significantly over-priced listings remain un-sold.

In a Nutshell….Inventory is down, Sales are Up! Prices are rising and Interest rates are slowly climbing….Game On!!

Feel free to contact me for a no-obligation consultation! You may be surprised to learn that you qualify to buy your own home.

I’m born and raised In West Maui I have vast knowledge of the area this is where I live and work!

Ciara Quam RS, Quam Properties Hawaii INC. (808) 298-7719, Ciara@quamproperties.com, www.CiaraQuam.com

Some information provided by RealtyTrac and RAM.

Maui Real Estate Market trends

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The Current Maui Real estate market trends for June 2013

The Residential home median price rose to $615,000, the highest since Aug. 2008. The Condo median price increased to $390,000. Land median price rose to $469,260. Days on Market has Shrunk Residential homes = 116, Condos = 143 DOM, Land = 105 DOM. General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it will move this indicator upward, and vice versa. RAM’s Days on Market are calculated from List Date to Closing Date [not contract date], including approximately 60 days of escrow time.

Total sales for immediate past 12 months: Residential=983 (with 26% being Foreclosures or Short Sales), Condo=1,257 (14.2% Foreclosures or Short Sale), Land=193 (14% Foreclosures or Short Sale).

Current Absorption rate JUNE: Residential 6.5 months of active inventory, 6.4 months of active inventory, 23.4 months of active inventory. Definition of ‘Absorption rate’ the rate at which available homes are sold in a specific real estate market during a given time period. It is calculated by dividing the total number of available homes by the average number of sales per month. The figure shows how many months it will take to exhaust the supply of homes on the market. A high absorption rate may indicate that the supply of available homes will shrink rapidly, increasing the odds that a homeowner will sell a piece of property in a shorter period of time.

Honua Kai Aerial shot of Hokulani & Konea tower

Honua Kai Aerial shot of Hokulani & Konea tower

Inventory is down, Sales are up! Prices are rising…Interest rates are steadily rising!! It’s time to Move!Increased showings and sales, multiple offers on “well priced” listings, hesitant buyers become onlookers….The window of opportunity is quickly closing for first-time homebuyers. Well priced properties are attracting multiple offers and making for a quick sale.  Inventory has declined 16% over the past 12 months in Residential and Condo classes. Which is making it a competitive market for buyers who are hesitating. Most of Maui is in a Seller’s market***

REO (Foreclosures) and Short Sales are dwindling, with any “hidden inventory” (or overhang) backlog slowly trickling onto the market. Mortgage Interest Rates are inching up slightly which may help motivate would-be Buyers to go ahead and buy IF they can qualify. Savvy Investors are buying with Cash. While general U.S. economic news looks cautiously hopeful, current World and US events will have ripple effects on cost of living, consumer confidence, Financial and Real Estate Markets. As prices rise, some “Owners” will decide to become “Sellers.”

Hoonanea

SELLERS need to beat competing properties with better property condition, REALISTIC pricing, good marketing, and flexible, creative terms (Seller Second Loan, Agreement of Sale, Lease-with-option-to-buy, and Sale-with-lease-back to seller). Days on Market figures show that properties priced right will sell in a reasonable timeframe, often with multiple offers. “Priced Right” is still the determining factor. BEST Deals are selling, while significantly over-priced listings remain un-sold.

BUYERS Low interest rates prevail; however have started to nudge up Buyers should get Pre-Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans). “Short-sales” and foreclosures are still in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6 months) to close, if at all. Be prepared, but BE REALISTIC. Lenders are much more stringent on requirements now for loan approval,compared to 2004-2008.

***Information provided by RAM Maui, June 2013 Statistics.

There are still many different loan options for First-time home buyers contact me and I can give you 3 different well-qualified lenders that can give you many loan options to suite your life and income qualifications. If you are not able to qualify right away there are still a few home buyer clubs that can help you become creditworthy and purchase a home in 6 months to a year from now. The low point in the market is your rare chance, so check it out carefully don’t delay. The opportunity is fading quickly!

Visit my website www.CiaraQuam.com to do a market search. Contact me Ciara Quam for a market analysis and a one on one meeting to see how I can help you find your piece of paradise on Maui~

Have a beautiful day in Hawaii Nei…

KapaluaAerial2

 

Honolua Ridge REO

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Foreclosure REO in Honolua Ridge Kapalua

Amazing value for Kapalua and a luxurious property that sits on nearly 6 acres overlooking the world renowed surf spot Honolua Bay (Lipoa Point)

4 bedroom, 4 bath 4316 interior square feet on the main dwelling and a 2 bed, 2bath Ohana (2nd dwelling) 1015 interior square feet sitting on 6.09 acres

3 car garage and seperate 2 stall carport, with many upgrades and tasteful furnishings…

Property is priced at: $2,645,000 asset owned by WellsFargo

Maui County appraised property at: $4,611,000

Tremendous value when looking at these figures…

Contact me for details and viewing of the estate*

Ciara Quam RS

(808) 298-7719; ciara@quamproperties.com

Maui Affordable Housing

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Kahoma Affordable HousingWest Maui

The State Land Use Commission will meet on March 21 on Maui. The Final Decision and Vote will be made for Kahoma Affordable Housing Project. The Kahoma Affordable Housing Project is a 68-lot; 16.7 acre parcel in Lahaina West Maui.

In December, the commission denied the project’s land use change from agriculture to urban but have sense agreed to reconsider there decision.

State Land Use Commission members ran out of time and didn’t hear closing arguments or vote Thursday in their reconsideration of the proposed Kahoma affordable housing project in West Maui.

Thursday’s hearing was called after the commission was 2 votes shy of an acceptance of the project on Feb. 22 to grant the developer’s request to reconsider the vote on Dec. 5 denying the land use reclassification.

The Kahoma Affordable housing project has the support of the county Department of Planning and the state Office of planning in favor of the project.

Panel members not in favor of the Kahoma Affordable Project came from Lincoln and Routh Bolomet of Oahu. They maintain that the project site should remain an open area, available for agriculture use.

Plans called for selling the homes to families with incomes of up to 160 percent of median income on the 16.7 acre 68-lot parcel.

This community is very much needed in West Maui, FHA guidelines and lending continue to be far and few between leaving affordable housing in West Maui a glimpse of hope.

Will the Kahoma Affordable Housing Project move forward or be rejected…

March 21 on Maui the final decision is in the hands of the Land Use commissions and panel members, the Maui community will wait with thoughts of Hope.

Pono: the hawaiian term for righteousness; to make things right, good.

IMUA Maui!!

Contact me for details…Ciara@quamproperties.com…(808) 298-7719

Kahoma Village Project

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A new mixed housing development project has been proposed for the 22 acres just south of Lahaina Cannery Mall.

This area has recently been cleared and the new project – called Kahoma Village is proposing building 69 three- and four-bedroom single family dwellings, and 102 two- and three-bedroom multi family units in 17 structure round three parks of a total of 1.75 acres.

The multi family units will affordable housing, reserved for families making 80- 160% of the island median income.

The assessment has a estimated cost of $60 Million over a 4 year time frame, ground breaking is projected within 5 years.

The draft environment assessment has also been filed this month. The site plan from the project assessment is below.

***Information provided by Mauinow.com

Market Update*

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Very LOW Interest Rates prevail, however they could creep up. All Buyers should get pre-approved before starting the home search and being faced with disappointment. More foreclosures and short sales are coming on the market but lender’s requirements are becoming more challenging. More hurdles and hoops to jump through…
SELLERS in order to be successful in selling your home be realistic on the sales price otherwise your property will sit on the market and become a stale listing. Be pro-active and get an appraisal, inspection, and survey done to encourage realistic offers from knowledgeable buyers. Be realistic on your sales price and get your property sold quickly and move onto a new beginning in your life. Don’t end up in foreclosure or a short sale.
Maui Sales for October 2012:
98 Single-family homes–Rose to 5-year high*
94 Condominiums
8 Land parcels
Inventory is down 18-21% from last year!!
For all your Real Estate needs contact me: #298-7719; Ciara@quamproperties.com