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Maui Real Estate 2013 Midyear Update

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We have just passed the midway point of 2013. Thus far, this has proven to be a busy year for the Maui Real Estate market. I give a few thoughts on the first six months of the year as well as some thoughts on what we may see during the second half of 2013 in my video commentary below. Below the commentary, you will find specific details on the midyear Maui Real Estate stats.

Sales Chart Comparing Maui Real Estate Sales Volumes in 2012 and 2013

This Chart Compares Maui Real Estate Sales Volumes for Homes, Condos and Land during the First Half of 2013 and the First Half of 2012

By my count, there were 479 homes sold in the first six months of 2013 with a median price of $542,000. In the first half of 2012, there were 439 homes sold with a median price of $450,000. That is a 9% increase in sales volume and a 20% increase in median price when comparing the first half of 2013 to the first half of 2012.

Thus far there have been 672 condos sold during the first half of 2013 with a median sales price of $372,990. In the first six months of 2012, there were a total of 668 condos sold with a median price of $351,495. That is for all intents and purpose no significant change in sales volume with a 6% increase in median price when comparing the two time periods.

There were a total of 97 land sales in Maui County during the first six months of 2013 with a median sales price of $450,000. During the first half of 2012, there were 80 land sales with a median sales price of $352,500. That calculates to a 21% increase in sales volume and almost a 28% increase in median prices.

A chart comparing REO sales in maui during the first half of 2013 and the first half of 2012

A Comparison of Bank Owned (REO) sales during the first half of 2013 with sales during 2012. You can see a sharp drop which reflects the big drop in bank owned inventory

Maui has seen a big decrease in inventory below the median price points of the market. One of the reasons for decreased inventory has been a reduction in the number of bank owned (REO) properties on the market. That is evidenced by the reduction in the number of bank owned sales that closed in the first six months of the year.

There were 37 REO home sales in the first half of 2013. During the first half of 2012 there were 96 REO homes sold. That is a 61% reduction in bank owned sales.

There were 18 bank owned condo sales in the first half of 2013. During the first half of 2012, there were 72 bank owned condo sales. That is a 75% reduction in REO condo sales.

There were 7 REO land transactions in the first half of 2013. During the first six months of 2012, there were 11 REO land sales. That is a 36% reduction in bank owned land sales.

Chart comparing Luxury Property Sales during the first half of 2012 and the first half of 2013

This chart compares the sales of luxury properties on Maui during the first half of 2012 and 2013. The price thresholds we established for luxury properties are $2,000,000 and above for homes, $1,500,000 and above for condos and $1,000,000 and above for land. We recognize that this is a pretty high standard with quite a few luxurious properties priced below these numbers We may be better served calling this the ultra luxury market.

During 2012, we actually saw a dip in sales activity in the luxury property market. The dip was particularly strong among luxury condo sales. This was a little bit of a surprise in light of an overall increase in home, condo and land sales from the year before. The first six months of 2013 showed renewed interest in the luxury market as all three segments saw improvements over the first half of 2012.

By my count, there were 25 homes priced $2,000,000 higher sold in Maui during the first six months of 2012. That is a modest 4% increase over the 24 luxury homes sold in the first six months of 2012.

There were 31 condo sales over $1,500,000 during the first six months of 2013. That is a 41% increase over the 22 sold during the first half of 2012.

There were 20 land sales of $1,000,000 or more during the first six months of 2013. That is a 122% increase over the 9 lots sold during the first half of 2012.

Here were a few other notes and numbers from the Maui luxury property market during the first six months of 2012.

  • The highest priced home sale was $9,700,000 for an oceanfront estate in Kapalua.
  • The Wailea and Makena real estate market was the busiest area for luxury home sales. There were 8 sales in Wailea and five in Makena. The Wailea Golf Estates neighborhood had more $2,000,000 or greater sales than most other communities on the island with 4 total sales.
  • The highest priced condo sale was $4,450,000 for a 3bedroom/three bath unit at the Honua Kai Resort on the north end of Airport Beach in Ka’anapali.
  • Ka’anapali was the second most active community for luxury condo sales with 12 total closes over $1,500,000. The Wailea and Makena market was the busiest with 16 closes.
  • Wailea Point was the most active individual condo complex with 6 closes followed by Honua Kai and Ka’anapali Ali’i with 5 closes each.
  • The highest priced land sale was $10,000,000 for 159 acres in Makena.

If you have any questions or observations on these stats, don’t hesitate to leave us a comment or feel free to contact us directly. Stay tuned to The Maui Real Estate Blog for midyear market updates from some selected communities around the island.


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7/4/2013

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