Maui County REO update - what's for sale and what's sold
Current status of REO properties for sale in Maui County (Maui, Molokai, Lanai):
- 25 total listings show up as REO in all of Maui County
- 9 Active listings - 6 residential and 3 condos
- 16 are Pending listings - 1 condo, 2 vacant lots, 13 residentials
- Wailuku Maui has the highest number of REOs
Looking at sales going back 3 months:
- 33 closed REO sales since June 26 2013
- 10 sales in Kihei/Wailea; 10 from West Maui; 7 in Kahului/Wailuku
- sale price from $48,000 to $3,500,000
- average sale price $449,262 - median sale price $375,000
- total sale price comes to $14,825,672
- Days on Market range from 0 to 1159 days
Lowest priced sale was a Harbor Lights 2BD/1.5BA condo which sold for $48,000 after 49 DOM. Cash buyer.
Highest priced sale was a 5BD/5.5BA McMansion on 3.99 acres in Honolua Ridge Subdivision in Kapalua. Sold for $3,500,000 after 94 DOM. Cash buyer. This luxury home first entered the market in 2008 for $7,800,000.
What's taking so long? The slowest sale was a vacant lot in Lahaina Business Park that took over 3 years to get a good solid contract and then a couple of more months to close this month for $425,000.
As you can see, there's not a lot of inventory of bank owned homes on Maui, but there are still many vacant homes waiting to come on the market. This cute cottage pictured here is being offered along with a main house for $399,000. I expect it will sell soon as they have had a few offers already.
Looking for a bank owned home on Maui? Really? Don't limit your search to just REOs when there are many other properties for sale and some of them are priced to sell.