For the last five year’s the Maui Real Estate Blog has provided you with the first look at Maui Real Estate Statistics. There have been a few months where the Realtor’s Association beat us to the punch, but not many. This month is no different as we take a sneak peek at the Maui Real Estate sales activity in May. This is a chance to get an early look at the latest market data. Being the first to have market data can be an advantage in this market. To be the first to read a new blog posts, you can subscribe by RSS or e-mail via the buttons on the right hand side of this page. May proved to be a very strong month for sales in what has become a rapidly strengthening real estate market. Without further ado, here are the numbers for May 2013 followed by a video commentary with thoughts on the Maui market.
By my count, there were 105 homes sold in Maui with a median sales price of $540,000. By comparison, last May there were 64 closes with a median sales price of $381,000. That is a 64% increase in activity and a 42% increase in median price when comparing this May to last year.
I counted 140 condo sales for May of 2013 with a median sales price of $381,500. In May of 2012, there were 113 sales with a median price of $336,000. That calculates to a 24% increase in sales volume and a 14% increase in median price compared to last year.
There were 18 land sales reported in May of 2013 with a median sales price of $305,000. The May 2012 land sales figures were 16 sales at a median of $330,000. That is a 13% increase in sales activity and a 9% decrease in median sales price.
Here are some other numbers that I came across while compiling the statistics that I thought were worth sharing.
- May had the highest sales volume for single family homes since June of 2007.
- The highest priced home sale in May was $9,900,000 for a stunning oceanfront estate on 6.5 acres in Kapalua.
- This was one of 6 homes sold over $2,000,000 on Maui in May. Three of the closes were in Kapalua.
- The highest priced condo sale for the month of May was $4,300,000 for a three bedroom listing at Wailea Beach Villas.
- That was one of 7 condo sales over $1,500,000 in May.
- There was quite a bit of luxury activity in the land market as well with 6 sales that closed over $1,000,000.
- The increase in sales this year over 2012 is being driven in part by activity in higher price ranges. Condo sales over $1,000,000 during the first five months of the year are up 66% over the first five months of last year. Home sales over $1,000,000 for the first five months of the year are up 44% over the first five months of 2012.
- There were 16 bank owned properties (REO) that closed in May. Last May, there were 32 REO that closed. That is a 50% reduction in REO closes and continues a trend we have seen throughout the year.
- There were 22 short sale transactions that closed in May. There were 18 short sales that closed in May of 2012. While the number of short sales was higher this May, they constituted a smaller percentage of the overall sales numbers than they did in May of 2012.
I wanted to give a few written comments about the numbers above before going into our video commentary. This was a very strong month for sales overall with sales volume topping the May 2012 numbers in all three different property classifications. One thing that I do want to make clear is that the jump in home medians is not an accurate reflection of a change in property values. Most properties on island are seeing an increase in value. There are some neighborhoods and condominium complexes that are seeing particularly strong increases in prices. That being said, we are not seeing 42% price appreciation. The jump in medians is due to both price increases AND a decrease in inventory at lower price ranges.
Having provided that context, we wanted to try a couple of different things in this month’s stats. First, you may have noticed that we are no longer calling these the unofficial stats. Why? Quite frankly, the old name was kind of boring. Second, this is the first month that we are offering a video commentary.
Contact The Maui Real Estate Team if you have questions about the stats or are interested in Maui Property. We would welcome the opportunity to sit down and “talk story” about your Maui Real Estate needs.