On 3/5/08 the Dept of Housing and Urban Development (HUD) announced that new conforming loan limits were increased. They are now calculated at 125% of the HUD published median prices. It is expected that this will generate more capital in the mortgage market which should result in lower interest rates. The current FHA insured loan limits for Single family in Wailuku is $790,000. For mortgage limits in other areas go to https://entp.hud.gov/idapp/html/hicostlook.cfm.

January RAM (Realtors Association of Maui) Stats are out and here’s a brief synopsis for Wailuku, Maui, Hawaii:

  • Wailuku or Central Maui Home Sales Stats for January: Median = $475,000, down from $566,370 in December
  • Wailuku or Central Maui Condo Sales Stats for January: Median = $295,000, up from $280,000 in December
  • Wailuku or Central Maui Land Sales Stats for January: Median = $0.00, down from $552,000 in December

Sales Stats of Maui Real Estate Sales in General:

  • Days on Market (DOM) for Homes = 151 DOM, Condos = 226 DOM, Land = 379 DOM
  • Sales Volume dropped for Maui Residential and Land Sales. However, Condos rebounded from December’s low.
  • Maui median residential sales price declined slightly to $574,113, Maui Condos down to $610,000, and land to $484,500.

Vantage Points for Buyers and Sellers:

  • January numbers show a generally downward tick, condtinued low interest rates provide plenty of options for buyers.
  • Buyers should get Pre-Approved so they can shop in confidence (no last-minute disappoints due to non-funding loans).
  • Maui inventory of homes and condos have grown this month, possibly due to “New decisions for the New Year.”
  • Realistic Sellers can beat competing properties with better property condition with careful pricing, good marketing and flexible terms. Don’t get caught in the “Perils of Overpricing.”
  • Short Sales and foreclosures are appearing in the marketplace. Know the difference, Ask your REALTOR.

Stacey KimAloha and welcome to my new blog, part of the Aloha Living Blog Network. I look forward to sharing with you both a professional and personal perspective on real estate in this area. Stay tuned!