With the new year tomorrow, we figured we would get a jump on looking back on the 2010 Maui Real Estate statistics. After the first of the year, I will be posting my unofficial 2010 December statistics, a look back at the 2010 year end statistics as well as the statistics for a few specific communities. Over the last couple of days, I spent some time looking at the numbers for the Maui luxury market. There was quite a bit of fanfare associated with the luxury market this year due to some high profile closes. During the spring we saw the highest ever sales prices for a single family residence and a condominium at $19,850,000 and $12,500,000 respectively. Add in another home sale at $17,500,000 and it is easy to see why some were proclaiming the return of boom times at the very high end of the market.
While those three sales were significant, we entered the year with a substantial luxury inventory. Has the luxury market really rebounded? Were these sales isolated or were they part of a broader recovery? The following is an attempt to go beyond the anecdotal evidence and take a quantitative look at the luxury market. This is part I of a two part blog post detailing the luxury market statistics. The first part will detail general sales volume statistics for homes, condos and land. The second will include a look at luxury sales in specific communities and resorts followed by some thoughts and analysis on the luxury market.
There were 41 homes sold over two million dollars on Maui in 2010. This includes two sales we are aware of that did not involve Realtors. This compares to thirty-two homes sold over two million in 2009. This is a 28% increase in sales volume year to year. Properties priced over two million include a pretty broad spectrum of homes ranging from gated executive homes in resort communities to premier oceanfront estates. It was interesting to break things down further to get a better sense of what price ranges saw the biggest increases year by year. The chart below gives you an idea.
Comparison of Luxury Home Sales Volume between 2009 and 2010
Of the 41 homes that were sold in 2010 over two million, 17 homes sold between two and three million and 14 of the homes sold had a sales price equal to or greater than three million and less than five million. Eight homes closed at prices between five million and ten million and 2 homes sold for more than ten million. This compares to the 2009 numbers of 18 homes sold between two million and three million and 6 homes sold between three million and five million. In 2009, there were 3 homes sold between five million and ten million and 1 for more than ten million.
There were 112 condos sold in 2010 on Maui priced at one and a half million or more. This compares to 110 sales for the same price range in 2009. This translates to a 1.8% increase in sales year to year. As with the home numbers above, I also broke down these numbers to show a little more granularity of where there may have been any shifts in activity.
Comparison of Maui Luxury Condo Sales volume between 2009 and 2010
Of the 112 condos that were sold in 2010 over one and a half million, 77 condos sold between one and a half and three million. There were 27 condos that sold between three and five million. There were 8 sales of condominiums priced between five and ten million and one sale priced at over ten million. This compares to the 2009 numbers of 80 condos sold for between one and a half million and three million dollars. In 2009, there were 29 sales between three and five million dollars and one sale over five million. There were no sales over ten million.
The land market on Maui has been slow since 2007. The luxury market has not been immune to the lower sales volume. This is the one segment of the luxury market where we saw a significant decrease in sales volume year to year. There were 13 lots sold on Maui for more than one million dollars in 2010. This compares to 29 lots sold over $1,000,000 in 2009.
Comparison of Maui land sales volume for lots priced over One Million between 2009 and 2010
Stay tuned for part II of my Maui Luxury Real Estate statistics post. I hope to have something up a little later today before heading out for new year’s celebrations. Feel free to Contact the Maui Real Estate Team with any questions or for assistance in buying or selling Maui Luxury Properties.