Maui Real Estate and Kapalua Resort: Market Statistics for August 2011
The Realtor's Association of Maui (RAM) has posted the August 2011 Maui Real Estate Statistics.
The report provides an overview for the market for Maui County in general and by area. I find the a comparison of the market through August 2011 as compared with the same period in 2010 to be of particular interest. RAM reports the following activity across Maui County:
Residential Sales: number of sales (+6%), average sale price $792,210 (+5%), total dollar volume $268,988,206 (+11%)
Condo Sales: number of sales (+1%), average sale price $516,537 (-28%), total dollar volume $428,725,338 (-27%)
Land Sales: number of sales (+2%), average sale price $640,197 (+24%), total dollar volume $60,818,751 (+27%)
In my own Newsletter and Market Update, I prepare a similar analysis for the Kapalua Resort:
Kapalua (Residential, Condo, and Land) Sales: number of sales (+13%), average sale price $2,286,253 (+3%), total dollar volume $70,873,862 (+15%)
According to RAM, the absorption rate for Maui County is:
Residential= 10.4 months, Condo= 13 months, and Land=48 months
In Kapalua, I calculate the absorption rate to be:
Residential= 15 months, Condo= 36 months, and Land= 30 months
While in Kapalua we have a larger overall supply of properties, we have seen a marked increase in the volume of the total number of sales in 2011 over 2010. It is also noteworthy that as a resort community the average sales price is significantly higher.