Today’s blog is a look at the numbers for the 2014 Maui Real Estate Market. We give you the total sales volumes and the medians by property types. We also delve a little deeper looking at notable sales, communities that saw more activity and other noteworthy numbers from the past year.
There were 941 homes sold in Maui during 2014 with a median sales price of $570,000. In 2013, there were 983 homes sold with a median price of $530,000. That is roughly a 4% drop in volume and roughly an 8% increase in median price.
There were 1,197 condos sold in Maui County during 2014 at a median price of $414,750. By comparison, there were 1,339 condos sold in Maui during 2013 with a median sales price of $374,000. That is an 11% drop in volume and an 11% increase in median price.
Maui Realtors reported 166 lots sold in Maui County during 2014 with a median price of $520,000. Last year, there were 219 lots sold at a median price of $399,000. That is a 24% drop in volume and a 33% increase in median price.
There are other notable numbers that are worth sharing from the 2014 Maui Real Estate Sales. Here are some of the highlights.
- The highest priced home sale this year was $9,300,000 for an oceanfront estate at Makena Place. This beautiful home has four beds, four and a half baths and over 4,000 square feet of living space.
- That was one of 61 homes sold over $2,000,000 in 2014 and one of 15 sales over $5,000,000. In 2013, there were 47 sales over $2,000,000 with 12 of those sales priced over $5,000,000. That is an increase of almost 30% on homes over $2,000,000 and 25% for homes over $5,000,000.
- The Wailea and Makena area was the busiest market for high end sales with 14 closes over $2,000,000.
- On the other end of the spectrum, the lowest priced transaction in 2014 was $1 for a leasehold bank owned home on Molokai. The lease for the home was set to expire in December.
- Kihei was the busiest community for home sales in all price ranges. There were 171 homes sold by Realtors in Kihei during 2014.
- The total dollar volume of homes sold was $818,163,161. In 2014, there was $773,479,738 of homes sold in Maui County. That is roughly a 6% increase in the total value of homes sold when comparing this year to last year and the highest dollar volume over the last five years.
- The 941 homes sold was the second highest annual total sales volume over the last five years behind 2013.
- The highest priced condo sale was $8,250,000 for a four bedroom, four and a half bath unit at the Montage Residences Kapalua Bay. That condo has an impressive 4,050 square feet of living space.
- That was one of 83 condos sold over $1,500,000. Of the 83 condos sold, an impressive 13 were over $4,000,000 in price. In 2013, there were 76 condos sold over $1,500,000 with 9 of those sales over $4,000,000. That is a 9% increase in condos over $1,500,000 and a 44% increase in condos over $4,000,000.
- Honua Kai saw the most high end sales activity with 27 closes over $1,500,000. It also led the way for overall sales with 73 total transactions for 2014.
- The lowest priced condo sale on Maui in 2014 was $39,500 for a two bedroom, one and a half bath condo at Harbor Lights.
- The town of Kihei saw the most condo sales activity with 428 total units sold.
- The total dollar volume of condos sold in Maui County during 2014 was $751,850,728. That is down from the $764,301,283 worth of condos sold in 2013. That is roughly a 2% decrease in dollar volume. The 2014 total was the second highest dollar volume over the last five years.
- The 1,197 condos sold in 2014 was the third highest annual total over the last five years.
- The highest priced land transaction of 2014 was for a parcel of beachfront land in Ka’anapali. The .87 acre lot sold for $6,900,000.
- That was one of 25 parcels of land sold for over $1,000,000 in 2014. In 2013, there were 28 parcels of land sold for over $1,000,000. That is an 11% decrease.
- Wailea and Makena had the most activity with five sales over $1,000,000.
- The lowest priced land sale was $35,000 for a 1/4 acre lot on Molokai.
- Ka’anapali had the most land sales activity with 27 total lots sold in 2014
- The total dollar volume for =lots sold in Maui County during 2014 was $119,330,445. That is down approximately 23% from last year’s total of $155,596,747. The 2014 total was the second highest total dollar volume of the last five years behind 2013.
- The 166 lots sold was the third highest annual total in the last five years.
- There were 115 bank owned properties that closed in 2014. That was down 5% from the 121 bank owned properties that sold in 2013.
- There were 97 successful short sale transactions completed in 2013. That is down 56% from the 220 short sale transactions that were completed in 2013. This isn’t a big surprise with the equity position of more and more sellers improving.
That’s it for the notable numbers from the 2014 Maui Real Estate market. If you missed it, you can check out our post “Four Trends That We Saw in the 2014 Maui Real Estate Market.” We still have more 2014 year end stats posts coming with additional numbers and analysis of individual condos, neighborhoods and communities from around the island. Stay tuned…