Today, we will delve into the fascinating world of real estate metrics. These numbers may seem daunting at first, but fear not! We will explore the correlation between these metrics in a way that is engaging, truthful, and keeps you all interested.
Let's start with the "Months Supply of Inventory," which currently stands at 2.95. This metric represents the number of months it would take to sell all the available homes on the market, given the current pace of sales. A lower number indicates high demand, while a higher number suggests a surplus of properties. In our case, with a 2.95 month supply, we can safely say that demand is relatively high.
Now, let's dive into the "12-Month Change in Months of Inventory," which shows an impressive increase of 57.75%. This reveals a significant shift in the housing market. While we still have a healthy supply of homes available, the pace of sales has slowed down slightly compared to the previous year. This could be due to various factors such as economic conditions, interest rates, or even seasonal fluctuations.
Moving on to another vital metric - the "Median Days Homes are On the Market," we find that it currently stands at a mere 17 days. This number represents the average time it takes for a home to go from listing to being sold. With such a short timeframe, it is evident that the market is quite active and homes are finding buyers relatively quickly.
Now, let's explore the "List to Sold Price Percentage," which sits at a commendable 98.2%. This metric reflects the percentage of the listing price that a home ultimately sells for. A higher percentage indicates that sellers are getting closer to their desired asking price. With a solid 98.2% list-to-sold price percentage, it is safe to say that sellers are achieving a significant portion of their initial asking price.
Lastly, we come to the "Median Sold Price," which currently stands at an impressive $989,500. This metric represents the midpoint price of all homes sold in the given time period. It gives us a sense of the overall market value. With a median sold price of almost a million dollars, it is evident that the real estate market we are discussing caters to a higher-end clientele.
To summarize, we have discovered a correlation between these real estate metrics that paints an intriguing picture. Despite a slight increase in the number of months of inventory, the market remains active, with homes selling relatively quickly and at a high percentage of their asking price. The median sold price reflects a higher-end market. These metrics suggest a healthy and vibrant real estate market that offers exciting opportunities for both buyers and sellers.
These metrics refer to all of Maui County. Your individual neighborhoods and condominium complexes will have varied information.
As for South Maui, this is how we did this past week:
49 single family homes are on the market in South Maui. List prices range from $799,000 to $33,500,000. Median list price is $3,200,000. 95 Condominiums are active on the market ranging in price from $369,000 to $17,500,000. Median price is $925,000. 20 parcels of land round out the South Maui market. Prices range from $379,000 to $55,000,000. Median price is $4,497,500.