It is hard to believe we are already midway through 2015. It seems like time moves faster and faster. I think my own personal time space continuum has ramped up with a 19 month old running around the house. Since we are midway through the year, our “Sneak Peek” at the June Maui Real Estate Stats is going to be somewhat abbreviated. This month’s edition is going to be more limited on the analysis. I have some additional posts scheduled for later in the month that will look at the mid year numbers for a number of communities around the island. Those stats posts will have a little more analysis specific to individual communities. In the interim, here are the June 2015 stats.
June Maui Real Estate Sales Volume and Median Prices
By my count, Maui Realtors reported 99 homes sold last month with a median price of $650,000. That compares to 93 homes sold at a median price of $530,000. That calculates to a 6% increase in volume and almost a 23% increase in median price when comparing the two Junes.
I counted 98 condos sold with a median price of $528,184 in June of 2015. The previous June, there were 94 condos reported sold with a median price of $444,500. That is a 4% increase in sales volume and roughly a 19% increase in median.
There were 13 parcels of land sold in June with a median sales price of $395,000. Last June, there were 18 lots sold with a median sales price of $545,500. That is a 28% decrease in sales volume and a 28% decrease in median price.
I have just one quick comment on the numbers above. If you are a regular reader of our stats posts, you have heard this before. That said, it is worth repeating. The change in medians above are not a direct reflection of the change in property values. The increase in median in sales price for homes and condos is influenced in large part to the decrease in inventory on the low end of the market and an increase in activity at higher price points in the market.
Other Notable Numbers From the June Maui Real Estate Sales Activity
While compiling the sales volumes and medians, I came across a few more notable numbers worth sharing.
- The highest price home to sell last month was 102 Honolua Place in Kapalua. The four bedroom, five and a half bath home in the Plantation Estates Subdivision has over 6,500 square feet of living space on 2.8 acres of land overlooking Honolua Bay.
- This was a pretty strong month for luxury home sales with Honolua Place just one of 12 total sales over $2,000,000 last month. There were 2 other sales in Kapalua, 3 homes in Lahaina, 3 in Wailea, and 1 each in Kula, Kihei, Molokai and Ka’anapali.
- It is pretty rare to see high end Molokai sales. This is the first Molokai sale over $2,000,000 reported on the Maui MLS since 2006.
- While I am not sure it is significant in the scheme of things, I thought it was interesting that the sales over $2,000,000 included one bank owned property and one short sale.
- The highest priced condo transaction last month was $3,000,000 for a three bedroom, three and a half bath unit in Ho’olei. This particular unit was on the top row of the development. Due to superior views, the top row units sell at a premium.
- While the luxury home market was particularly busy, the luxury condo market was comparatively quiet. There were only two other sales over $1,500,000 in addition to the Ho’olei close. Those sales were at the Royal Mauian in Kihei and the Ironwoods in Kapalua.
- There were two lots that sold for over $1,000,000 last month. Both of those sales were in Kapalua.
- There were 13 bank owned or REO sales reported on the MLS last month. In June of 2014, there were 13 REO sales.
- There were 8 short sale transactions that closed successfully in June of 2015. By comparison, there were 13 short sales that closed in June of 2014.
Pending Sales in June
The June sales are a reflection of buyer demand largely in March, April and May. We like to track the pending sales so that we have a better sense of more recent market demand.
June was a good month for pending sales with homes, condos and land all performing better than last June. The condo pending numbers were somewhat striking as condo sales for the first half of the year have lagged behind what we saw in 2014.
June Wrap Up
The June sales numbers suggest that market conditions have been fairly consistent throughout 2015. Buyers will find that the lower price points of the market have limited inventory and well priced properties can be particularly competitive. As you go higher in price in the market, there is more inventory to choose from. That said, well priced properties can still go quickly. Sellers will find that market conditions vary depending on town, price point and neighborhood levels. Well priced and well cared for homes are generally selling quickly. If you want to sell quickly, look closely at recent sales in your neighborhood. Sellers who are priced well above comparable sales will find that buyers are being more discerning and looking for value. Contact The Maui Real Estate Team if you have questions on the stats or if you are interested in buying or selling property on Maui. We would welcome the chance to sit down and learn about your needs. Stay tuned for more posts looking at the mid-year sales numbers around the island.
