It is New Year’s Eve, and I am just getting around to the November 2015 statistics. Needless to say, the holiday season is a whirlwind and blogging can find itself on the back burner. Since this is a last minute attempt to squeeze in the November numbers before the end of the year, this is going to be something of an abbreviated post with limited analysis. Don’t worry, I plan to delve deeper into stats next week with year end numbers. In the interim, here are the November Maui Real Estate Stats.
November Sales Volumes and Median Prices
There 72 homes sold in November with a median price of $550,000. By comparison, there were 76 homes sold in November of 2014 with a median price of $587,500. That is a 5% drop in sales volume when comparing this November to last November.
There were 74 condos sold in November of 2015 with a median price of $475,000. Last November, there 68 condos sold with a median sales price of $366,250. That represents almost a 9% increase in sales volume when comparing the two Novembers.
There were a total of 9 land parcels sold in November with a median price of $520,000. In November of 2014, there were 10 lots sold in Maui County with a median sales price of $411,500. That is a 10% drop in volume comparing this November to last November.
Notable Numbers from the November Maui Sales Activity
While compiling sales volumes and sales medians, I came across some notable numbers that I thought were worth sharing.
- The highest priced home to sell in November was located in the Kaanapali Coffee Farms. The 3,716 square foot home has big ocean views, an infinity pool and over 4.6 acres of land. It closed for $3,475,000.
- This was one of four home sales in Maui County for more than $2,000,000 in November. The other sales were in Lanai, Paia and Wailea respectively.
- The Wailea sale set a new record for the Wailea Kai neighborhood. It closed for $2,200,000.
- The highest priced condo to close in November was a 3 bedroom, 3 bathroom unit at Honua Kai with 2,170 square feet of living space. It closed for $3,197,450.
- The Honua Kai sale was one of six condos to close for over $1,500,000 in November. The other big condo sales included two more at Honua Kai, a Hoolei, a Ritz Carlton Residences and a Makena Surf.
- The highest priced land transaction last month was for a .43 acre parcel in the Maluaka Estates Neighborhood of the Makena Golf and Beach Club. The lot closed for $9,000,000. Six of the ten lots in Maluaka Estates have now sold.
- There were 16 bank owned sales and 1 short sale that closed in November. In November of 2014, there were 12 bank owned sales and 4 short sales.
November Maui Pending Real Estate Sales Activity
As I have said before in our stats posts, sales volume can be a lagging indicator. With contracts that typically take 30-60 days to close, the November sales are more of a reflection of buyer interest in September and October. That is why we also like to look at the total number of properties that go pending in a particular month. The chart below compares the number of homes, condos and parcels of land that went pending this November as compared to last November.
Home pending sales were up significantly over November of 2014. Condos and land saw a modest dip in pending sales activity. In the one bit of analysis in this post, I would surmise that the strength of pending home sales may pertain to the anticipation of increases in interest rates. While the December increase in rates proved to be modest, buyers wanted to lock down as low as rate a possible.
Wrapping it up
With the new year upon us, expect quite a few stats posts in the coming weeks. We will be taking a look at the December stats, the overall 2015 stats and year end reviews and outlooks for a handful of communities around the island. We wish everyone a Happy New Year. Contact The Maui Real Estate Team if buying or selling real estate on Maui is part of your 2016 plans. We would welcome the chance to sit down with you and discuss your needs.