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Price Reduction in Pukalani

The sellers of our listing in Pukalani just reduced the price of their home to $649,000. The house has four bedrooms and two baths in an up and down configuration that could make it appealing for investors or a home buyer who wants a mortgage helper. There is also an attached two bedroom, one bath ohana that feels very separate from the rest of the home. A little bit of elbow grease, a paint brush and your tool bet could go a long way toward enhancing the existing structure. It already has a small garden area with citrus, avocado, banana, breadfruit, mango and Coconut trees. There are even peekaboo views of both coastlines. The convenient Upcountry location is within walking distance of the Pukalani Town Center, the public pool, a park and Pukalani Elementary. You are roughly fifteen minutes from Central Maui shopping and Baldwin Beach in Paia.

Porch of a home for sale at 172 Hiwalani Loop in Pukalani

Exterior of a home for sale at 172 Hiwalani Loop in Pukalani

Aerial shot of a home for sale at 172 Hiwalani Loop in Pukalani

This home is now offered for $649,000. You can check out the 172 Hiwalani Loop listing page for additional photos and details. Contact The Maui Real Estate Team to arrange a showing or to discuss this property with an agent.

By » 4/14/2015 » in

Sneak Peek at the March 2015 Maui Real Estate Statistics

The beginning of April means our peak visitor season is wrapping up. It is also time to bid farewell to the bulk of the Humpback Whales that winter in the waters off our coastline. The end of another month also means another opportunity to take a look at how the Maui Real Estate market is performing. This sneak peek at the March Maui Real Estate Statistics includes information on sales volume, median pricing, pending sales, notable numbers and a few thoughts on the stats and the state of the market for buyers and sellers. Without further ado, here are the March numbers.

March Real Estate Sales Volumes and Median Prices

March 2015 Maui Real Estate Statistics

This chart compares the real estate sales volumes for Maui County during March of 2014 and 2015

By my count, there were 83 homes sold in March 2015 at a median price of $625,000. There were 70 homes sold in March of 2014 with a median price of $590,500. That calculates to a 19% increase in sales volume and a 5% increase in median price.

I counted 122 condos sold in March 2015 at a median price of $442,500. By comparison, there were 127 sold with a median price of $420,000 in March of last year. That is a 4% decrease in volume and a 5% increase in median price.

I counted 14 lots sold in Maui county during March with a median sales price of $528,500. That is the exact same number of sales as March 2014 when there were 14 land transactions with a median price of $507,500. That calculates to a 4% increase in median when comparing this March to last March.

Other Notable March Maui Real Estate Sales Numbers
While compiling the sales volumes and median prices, I came across a few other numbers that were worth sharing from the March Maui Real Estate sales activity.

  • The highest priced home sale on Maui in March was $14,500,000 for a beachfront home in Kihei. The 5,682 square foot home is located on a half acre lot directly on Keawakapu Beach.
  • This was one of five home sales over $2,000,000 for the month. In addition to the Keawakapu home, there were sales in Kapalua, Spreckelsville, Olinda and one additional sale in Kihei.
  • The highest priced condo transaction last month was a 3 bedroom, 3.5 bath unit at Montage Kapalua Bay which sold for $3,995,000.
  • It was a busy month of sales for luxury condos on Maui with 13 closes over $1,500,000. There was one additional close at Montage, 4 sales at Honua Kai, 2 at Ka’anapali Ali’i, 2 at Wailea Point, a Wailea Elua, a Na Hale O Makena and a Masters.
  • The highest priced land sale last month was $1,250,000 for a 5.12 acre lot in Launiupoko.
  • There were 12 bank owned sales that closed in March as compared to 4 bank owned sales last March. There were 4 short sales that closed in March compared to 12 successful short sales last March.

Some Quick Thoughts on the March Stats
March saw a resurgence in home sales activity with sales outpacing both last month and the same period last year. The strength of the market varies by price range with homes below and close to the median sales price seeing the greatest amount of demand and activity. While Luxury home sales improved last month, we are still behind the pace of sales for 2014. This is an interesting market segment as there is a lot of inventory providing abundant selection for buyers. That said, it isn’t a true buyer’s market in the sense that there aren’t a lot of really motivated sellers. The majority of home owners in the higher price ranges tend to have additional staying power that thus far has enabled them to hold out for higher prices.

Condo sales activity dipped below the levels that we saw during March of 2014. Overall sales volume is being impacted by a soft middle of the market specifically in the vacation rental condo market. I would surmise that some of the dip stems from a lack of activity among Canadian buyers. The weakened Canadian Currency has put a good number of potential Canadian buyers on the sidelines. You could also argue that some of the decreased activity in the middle of the condo market may be due to inflated asking prices. With demand down, it is surprising to see how many condos are priced well above recent comparable sales. That said, this is another area of the market where seller motivation appears to be lacking. There are quite a few sellers with enough means and sufficient rental revenue to enable them to hold out for higher pricing. The lower price points of the market continue to see pretty healthy demand. The high end of the market condo market was particularly strong last month with 15 sales over $1,500,000. There is a good selection of high end condos on the market and buyers appear to be taking advantage of the quality available.

The land market continues to chug along at about the same clip as what we were seeing in 2014. Limited financing options and a lack of inventory at lower price points have been the biggest constraints to increased sales activity.

March Maui Pending Sales
Sales are always a lagging indicator of current demand. With that in mind, we started tracking pending sales in our monthly statistics posts. Here is a comparison on what we were seeing going under contract in March of 2015 compared to March of 2014.

March 2015 Pending Real Estate Sales

This chart compares pending sales in Maui County during March of 2014 and March of 2015

It appears as if March was a pretty strong month for buyer demand for all but land, as both home and condo pendings outpaced what we saw in March of 2014. It is good to see the last full month of buyer’s season end on a good note. It will be interesting to see if the market sustains itself as we transition out of peak buyer’s season later in April.

What Does it Mean for Buyers and Sellers?
Maui market conditions have not seen any significant changes throughout our peak winter sales season. Buyers will find that market conditions vary pretty widely based on price point and geography. The greatest competition among buyers is occurring at or below the median sales price for each community. That said, buyers shopping at higher price points may find that well priced properties can go quickly at almost any price point. It all depends in part on demand within the specific community. As a result, buyers should prepare themselves so they can act quickly when the right opportunity comes along. We strongly advise buyers who will need financing assistance to get pre-approved prior to their search. Prospective Sellers should consult with a Realtor to better understand market conditions specific to their neighborhood and community. While some parts of the market are strong, other parts still have a glut of inventory. Sellers who want to sell quickly should take a strong look at depth of inventory and recent sales prices when developing their go to market pricing. Contact The Maui Real Estate Team if you have questions about buying or selling property on Maui. We would welcome the opportunity to sit down with you to learn more about your real estate needs.


Hale Pono’i Kula 200

Kula 200 is one the best neighborhood’s in Upcountry Maui, and Hale Pono’i is one of the best homes in all of Kula 200. This four bedroom, three and a half bath home has 3,751 square feet of living space. The homes pool, palapa and expansive lanai areas beckon you to head outside and take advantage of the Upcountry weather. Hale Pono’i is situated on a two acre lot with a variety of tropical plants, fruit trees, koa trees, mature banyans and even a Rainbow Eucalyptus. You can get a better sense of all that this home has to offer in this new video that highlights the property.

HALE PONO KULA HOUSE from Martin Lenny on Vimeo.

Hale Pono’i is offered for sale for $2,100,000. Check out the Hale Pono’i listing page for photos and additional details. Contact The Maui Real Estate Team today to discuss the property with an agent or to arrange an exclusive preview.

Kula Koa Price Reduction

We just had a significant price reduction on Kula Koa. This 52 acre property in Upcountry Maui consists of two separate parcels of land. There is one parcel that is 38 acres and a second parcel that is 14 acres. The seller had a massive well and water system installed that delivers water throughout the property. There is a very well constructed two bedroom cottage that includes high end appliances and a fire place to warm and cozy on cool Upcountry nights. There is a massive garage with an attached ag work shop that gives you plenty of space to store farm equipment with room to spare for a surfboard or two. The existing structures are powered by a six kilowatt photovoltaic (solar) system with back up batteries and generator. The seller has already installed a septic system and graded a building pad for a main home. The building site offers impressive views of the West Maui Mountains, the North Shore Coastline and Haleakala.

Kula Koa North Shore Views at Twilight

The Cottage and the Garage at Twilight at Kula Koa

the cottage, the garage and the building site at Kula Koa

The front porch of the cottage at Kula Koa

The Cottage Kitchen at Kula Koa

The water, zoning and acreage offer a number of opportunities for buyers. There is the potential for additional subdivision, enough water to share with neighbors and a lot of agricultural potential. There are already separate pasture areas set up for livestock or other grazing animals. The elevation and climate are ideal for orchards. There is also opportunity for vegetable farming.

Kula Koa is now offered by the Maui Real Estate Team, Inc. for $4,975,000. Check out the Kula Koa Listing Page for additional photos and details on the property. Qualified buyers may contact The Maui Real Estate Team to discuss the property or to arrange an exclusive preview.

Pukalani Property with Lots of Upside

This home in Pukalani has lots of upside for savvy buyers. The house has four bedrooms and two baths in an up and down configuration that could make it appealing for investors. There is also an attached two bedroom, one bath ohana that feels very separate from the rest of the home. A little bit of elbow grease, a paint brush and your tool bet could go a long way toward enhancing the existing structure. It already has a small garden area with citrus, avocado, banana, breadfruit, mango and Coconut trees. There are even peekabo views of both coastlines. The convenient Upcountry location is within walking distance of the Pukalani Town Center, the public pool, a park and Pukalani Elementary. You are roughly fifteen minutes from Central Maui shopping and Baldwin Beach in Paia.

Porch of a home for sale at 172 Hiwalani Loop in Pukalani

Exterior of a home for sale at 172 Hiwalani Loop in Pukalani

Aerial shot of a home for sale at 172 Hiwalani Loop in Pukalani

This home is offered for $675,000. You can check out the 172 Hiwalani Loop listing page for additional photos and details. Contact The Maui Real Estate Team to arrange a showing or to discuss this property with an agent.


By » 3/16/2015 » in

February 2015 Maui Real Estate Statistics

February is smack dab in the middle of our whale season and our visitor season on Maui. Lots of visitors on island also typically means a fair amount of real estate activity. This is our look at how the Maui Real Estate Market performed in February of 2015. Included among the numbers below are sales volumes by property types, median sales prices, notable sales and pending sales. We also give a few thoughts on the stats and what it all means for buyers and sellers. Without further ado, here are the numbers.

February Maui Real Estate Sales Volumes and Medians

Maui Real Estate Sales Volumes for February 2014 and 2015

This chart compares the Maui Real Estate Sales volumes during February 2014 and February 2015.

By my count, there were 59 homes sold on Maui in February with a median price of $567,250. That is the same exact number of homes sold as last February. The February 2014 median was $550,000. That is a 3% increase in median prices comparing this February to the same month last year.

There were 92 condos sold last month with a median price of $477,500. In February of 2014, there were 88 condos sold at a median price of $345,000. That is just under a 5% increase in sales activity and a 38% increase in median price.

There were 14 lots sold in Maui County during February with a median sales price $490,000. Last February, the total was 12 lots sold at a median price of $447,500. That is roughly a 17% increase in activity and a 9% increase in median price.

Notable Numbers from the February Maui Real Estate Sales
While compiling the sales volumes and median prices, I came across some other notable numbers from the February Maui Real Estate activity that I believe are worth sharing.

  • The highest priced home to sell in Maui last month was located in the Ka’anapali Coffee Farms subdivision. The four bedroom, four bath home has 3,599 square feet of living space and a pool on 5.58 acres.
  • That was one of three home sales over $2,000,000 that closed in February. The other two homes that closed were also located in Ka’anapali with one home closing in the Summit and another in Ka’anapali Golf Estates.
  • The highest priced condo sale last month was a 3 bed, 3.5 bath condo at the Montage Residences on Kapalua Bay.
  • That was one of ten condos sold for more than $1,500,000 last month. The other big sales included 3 closes at Honua Kai, 2 at Wailea Elua and one each at Makena Surf, Andaz and The Terraces at Manele Bay on Lanai.
  • The highest priced land sale last month was $1,430,000 for a homesite in Makena Papa’anui.
  • There were 13 bank owned transactions that closed last month in Maui County. There were 8 banked owned sales last February.
  • There were 3 short sales that closed last month compared to the 8 short sales that closed in February of 2014.

Quick Thoughts on the February Stats
While February wasn’t the busiest month for closed sales, it was positive to see that homes, condos and land sales volumes outperformed the February 2014 numbers. This hasn’t occurred all that often over the last 6-10 months with condo and land sales typically lagging behind the same month of the year prior. While the increase in one month of sales activity is generally a good thing, I am not sure it is a sign of any substantial shift in the market.

The Maui luxury property market saw another strong month of condo sales in February. Buyers have a good selection of inventory to choose from with a variety of high end resales on the market and new developer units still available at places like Montage Kapalua, The Residences at Andaz and Honua Kai. The luxury home market has seen a slower start to 2015 with sales over $2,000,000 down compared to the same period of 2014. There is also a good inventory for buyers searching in this price range so you can’t chalk up the reduction of activity to limited supply. It will be interesting to see if sales activity picks up for luxury homes during the rest of the year.

Sales activity for bank owned properties was stronger than February of last year, but the impact of bank owned properties on the market remains limited. Rather than dragging down prices with below market sales prices, most banks are pricing properties high with the hope of achieving maximum value for their assets. This means many banks are having to make one or more price reduction before they actually find the market. Buyers searching for bank owned bargains may be disappointed with the selection of properties available.

February Pending Sales

February 2014 and February 2015 Maui Real Estate Pending Sales

This chart compares the number of properties on Maui that went pending during February 2014 and February 2015.

While the February sales provided good news, the February pending sales were a mixed bag. There were 20 more homes on island that went pending this February compared to last February. Pending land sales were exactly the same as last February. The condo market was a lot quieter with 28 fewer condos going under contract compared to February 2014. The lower condo sales activity in February is more typical of what we have seen since the middle of 2014. Limited inventory has been a factor in the lower sales volumes. I surmise we may also be seeing some impact from a weakened Canadian dollar. I was showing condos in South Kihei last week and was struck by both the depth of inventory and lack of activity at some complexes that are traditionally popular with Canadian buyers.

What Does it All Mean for Buyers and Sellers?
Buyers and sellers will find that market conditions have changed little over the better part of 18 months. At a broad level, the Maui Real Estate market is continuing to experience modest price appreciation with limited inventory at and below the median price points of the market. As you hone in on the different communities and neighborhoods, you will find a little more variability in conditions. Depth of inventory and buyer demand may vary. Buyers will find that well priced properties regardless of location or price point can go very quickly and may attract multiple offers. Buyers should be pre-approved if they require financing on their purchase so they can put their best foot forward with sellers. Sellers need to look closely at recent sales activity when determining go to market pricing for their property. Over priced properties are sitting even if that part of the market may have more limited inventory. Contact The Maui Real Estate Team with questions or if you are interested in buying or selling Maui Property. We would welcome the opportunity to sit down with you for a free consultation.

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