It is hard to believe summer is over halfway done. For Maui school kids, the summer is already over with school starting a couple of days ago. The end of July also means another month on the books for the Maui Real Estate market. We wanted to give you our sneak peek into the July statistics. It was a strong month of transactions. The market is bearing fruit from a flurry of escrows in May and June as interest rates started to rise. While we have seen a decrease in the number of properties going under contract over the last month or so, we won’t really start to see a slow down in sales until August or September. Without further ado, here are the July sales volumes, median prices and other notable numbers for the month. That is followed by a video commentary on the market.
By my count, there were 91 homes sold in July with a median price of $475,000. Last July, there were 76 sales with a median price of $488,000. That is a 28% increase in activity and a 3% drop in median pricing.
I counted 106 condo sales with a median price of $375,000. In July of 2012, there 82 sales with a median price of $332,000. That calculates to a 29% rise in sales volume and a 13% increase in median price when you compare this July to last July.
I noted 13 land transaction in July of 2013 with a median price of $425,000. Last July, there were 12 sales with a median price of $422,500. That is roughly an 8% bump in volume with less than a percentage point increase in median price when you compare this July to last July.
Here were a few other noteworthy numbers I came across while compiling the totals on sales volume and medians.
- The high sales price for a single family home last month was $4,233,000 for a residential condo with 5,863 square feet of living space on 45 acres in Launiupoko.
- The Launiupoko close was one of three home sales on island over $2,000,000. It is worth noting, that there has been one fewer home sale over $2,000,000 through the first seven months of this year than there were over the first seven months of 2012.
- The highest priced condo sale last month was $5,000,000 for a stunning three bedroom/three bath unit at Wailea Point.
- The Wailea Point sale was one of eight condos sold for over $1,500,000. The number of condos sold over $1,500,000 through the first seven months of the year is up 62% over the same period last year.
- There was one big luxury land close of $5,000,000 for an oceanfront lot in Makena.
- While there was only one more land sale this year compared to July of 2012, it is worth noting that two of the July 2012 transactions were commercial purchases. All of the July 2013 land closes were residential land.
- There were only four bank owned (REO) transactions that closed in July. They were all residential homes. While REO condo sales have been dwindling, this is the first time since at least 2009 when we have had no REO condo transactions.
Here are my thoughts on this month’s stats and the overall state of the market:
Contact The Maui Real Estate Team if you have any questions or comments on the Maui Real Estate market. If you are considering buying or selling a property on island, we would welcome the chance to sit down with you for a free consultation to discuss your real estate needs.