The ghosts and goblins of Halloween have disappeared from Front Street in Lahaina. They will soon be replaced by the sounds of cheering college basketball fans on island for the EA Sports Maui Invitational, the crash of high surf and splash of breaching whales. October has come and gone and it is November on Maui. It is a time to look forward to Thanksgiving and a time to look back at the October Maui Real Estate Statistics. Here is our look at the October statistics with video commentary.
By my count, there were 80 homes sold in Maui County at a median price of $540,000. By comparison, there were 100 homes sold last October with a median price of $485,000. That is a 20% drop in sales volume and an 11% increase in median price when comparing this October to last October.
Thus far, Maui Realtors have reported 103 condos sold in October of 2013 with a median sales price of $360,000. Last October, there were 96 condos sold at a median price of $349,995. That calculates to a 7% increase in sales and approximately a 3% increase in median price when comparing this October to last October.
There have been 23 land sales reported for October 2013 with a median price of $370,000. Last October, there were nine lots sold in Maui County at a median price of $250,000. That is a 255% increase in sales activity and a 48% increase in median pricing when October of 2013 is compared to October of 2012.
While compiling the sales volume numbers and median prices, I came across some other numbers worth sharing.
- The highest priced home sale last month was $3,250,000 for a home in the Kaimanu Estates area of Maui Meadows. The Italian Villa style home is situated on over 2 acres.
- The Kaimanu Estates sale was one of four closes over $2,000,000. The other sales were in Sprecklesville, Kapalua and Launiupoko.
- The high condo sale last month was $3,400,000 for a 2,428 square foot unit at Wailea Point.
- The Wailea Point sale was one of five condo transactions over $1,500,000.
- The land sales figures were bolstered in part by 7 closes at the Peahi Hui subdivision in Haiku. This 16 lot agricultural subdivision hit the market in May and all of the lots went under contract quickly. We are starting to see closes after the developer received final subdivision approval in early October.
- There were a total of 8 bank owned sales that closed through Realtors last month. That compares to 18 bank owned sales last October. Those that are hunting for bank owned opportunities will find scarce inventory.
It was a pretty healthy month for sales on Maui with condo sales and land sales outpacing the October numbers, but we are starting to see a trend that I predicted last month. While most of 2013 has seen stronger sales activity than 2012, thatis starting to shift. Market conditions really started to take off during the last quarter of 2012. That means a stronger baseline of comparison for the 2013 sales numbers. We saw that in the comparison of home sales in October. I expand on those thoughts and give a few more insights in the video commentary below.
We welcome you to contact the Maui Real Estate Team with any questions or comments on this month’s stats or to discuss your real estate needs. We look forward to listening.