Maui Real Estate Blog

October 26th Weekly Maui Real Estate Market Update

As we move into the middle of October, a lot of new pending sales shows buyer demand for the Maui Real Estate market remains strong. Closed transaction took another anomalous dip. While new inventory ticked up again led by new condo listings. Keep reading for all of the numbers for October 14th-20th.

This Week’s Pending Sales

This is a chart showing the weekly new pending sales by property type in Maui County during the Covid Pandemic.
Weekly new pending sales by property type in Maui County, Hawaii During the Covid-19 Pandemic. New Pending Sales are the best indicator of current market demand .

Maui Realtors reported 61 new pending sales over the six day period between October 14th and October 20th. That is approximately a 2% increase over the seven days prior. It is 15% more activity than the same period of 2019.

Notable Numbers From This Week’s Pending Sales

  • This is the fourth straight week of 60 or more new pending sales
  • The 61 new pending sales included 28 homes, 27 condos and 6 lots.
  • Of the 27 condo pendings, 17 are located in developments that allow vacation rentals.
  • The high end market continues to see heightened levels of activity. Six homes and one condo priced over $2,000,000 went under contract this week.

This Week’s Closed Transactions

This chart shows weekly closed transactions in Maui County during the Covid Nineteen Pandemic.
Weekly closed transactions by property type in Maui County, Hawaii during The Covid-19 pandemic. Keep in mind that sales are a lagging indicator of buyer demand.

Maui Realtors reported 37 properties sold over the seven day period between October 14th and October 20th. This is 36% below the prior seven days. It is 26% below the same seven days of 2019. The low sales numbers were driven largely by a lack of single family home sales. Only 11 homes closed.

I have to say the sales numbers make me scratch my head a little. Dating back to mid-July, the lowest weekly pending sales number is 51. Since the start of September, there have been four weeks with 42 sales or less. We are seeing a few properties fall out of escrow, but not enough to quite explain the difference between pending and sales.

This Week’s New Inventory

Maui Realtors listed 87 properties between October 14th and 20th. This is a 45% increase over last week. It is 14% higher than the same seven days of 2019.

Last week, I asked the question as to whether we might see more condo owners decide to bring their property to market with visitors back on island. The answer to that question is a resounding yes. The 53 condos that came to market is the highest weekly total since the last week of August. The next question is whether we continue to see higher levels of condo inventory going to market or if the surge is limited to immediately around the reopening.

The 53 new condo listings is well over the 27 that went under contract over the same period. After a couple of weeks of slower inventory growth, the condo inventory jumped again. This is going to be really interesting to follow the inventory over the next few weeks. As asked above, will we see a lot of new listings? On the other end of the spectrum, might we see an increase in demand for vacation rental condos with visitors/potential buyers back on island.

The 26 new home listings is less than the 28 new pending home sales. This means another modest decrease in inventory. As with recent weeks, the decrease in inventory is particularly pronounced at lower price points with few home listings coming to market under $800,000. The median price of the new home listings this week came in at $1,422,500. The average price of the new home listings is $2,373,125. Limited inventory and strong buyer demand is pushing up home values in many of the markets around the island.

The land inventory saw another modest increase with 8 new listings compared to 6 new pending sales. Overall, inventory in the land market seems to be pretty steady. If anything, pricing seems to be increasing modestly in a number of markets around the island. This is particularly the case Upcountry and in Haiku. Those markets are seeing more activity.

Contact The Maui Real Estate Team

Market activity remains very strong on island. Buyer demand is fueled by two separate dynamics. Local buyers with steady employment are taking advantage of very low interest rates. There is also a healthy pool of off island buyers who are relocating to the island. The work from anywhere ethos is causing a fair number of people to make the move to Maui. Contact The Maui Real Estate Team if you are thinking of buying or selling property on island. We are working hard to bring our clients success in these dynamic market conditions. We look forward to talking and learning more about your real estate needs.

Pete Jalbert

Maui Real Estate Blog

Great Value in Haiku Makai

There has been a significant price reduction on our listing in Haiku Makai. This home is one of the best values on the North Shore with a new list price of $1,395,000. The three bedroom, three bath home with a pool is located on a gated and fully fenced 2.18 acre lot. Other amenities include a Moneir Tile Roof, hardwood floors and granite counter tops.

Haiku Makai is a sought after neighborhood due to its outstanding location. It is five minutes to the world renowned Ho’okipa Beach Park. Ho’okipa is considered one of the premier windsurfing and kiteboarding breaks in the world. It is also one of the most consistent surf spots on Maui, and just a beautiful place to take in the scenery. Haiku Makai is ten minutes to Paia Town and charming boutiques, yoga studios and good restaurants its incredible health food store Mana Foods. It is less than five minutes to the Haiku Town Center which also has good restaurants, a fitness center, grocery store, post office and yoga studio. Families will appreciate the proximity to a number good schools. Central Maui and the airport are all just 20 minutes away. Haiku Makai is also located in an area that historically receives the least amount of precipitation in Haiku.

Check out the 41 Piialii Street, Haiku listing page for more photos and details on the property. Contact The Maui Real Estate Team to schedule a showing of the home or if you have any questions. This is a great opportunity to get a quality home in one of the North Shore’s more sought after neighborhoods.

Pete Jalbert

Maui Real Estate Blog

Haiku Makai Opportunity

Location, location, location. Yes, I am hitting you with that old real estate cliche right out of the gates on this blog post. This is one of the more desirable neighborhoods in all of Haiku. The climate is warmer and sunnier, and the beaches and other amenities are that much closer when you own a home in Haiku Makai. This is a great location for those who want convenience to North Shore water sports while still looking for a quiet setting and more land. You are a 5 minute jaunt down Hana Highway to the world renowned water sports haven of Ho’okipa Beach Park. Paia Town is just five minutes further down the road. Haiku Town Center is less than five minutes up the hill from the neighborhood. It offers a growing list of amenities including good restaurants, a fitness center, yoga and a new grocery store set to open soon. Families will appreciate the proximity to good schools.

The property is gated and fenced. The three bedroom, three bathroom home has 2,374 square feet of living space. Property amenities include a monier tile roof, hardwood flooring, stainless steel appliances and granite finishes throughout. The home has good West Maui Mountain, ocean and Molokai Views. The pool area is well suited for entertaining and offers a great outdoor living space.

This Haiku Makai home is offered for $1,695,000. Check out the 41 Piialii listing page for more photos and details on the property. Contact The Maui Real Estate Team with questions or to arrange a showing of the property.

Pete Jalbert

Maui Real Estate Blog

Like Hana in Haiku

Opportunity abounds for savvy buyers with this property located on Hogback Road in Haiku. This place evokes the feel of Hana in a convenient North Shore location. It is less than five minutes to the Haiku Town Center, 10 minutes to Hookipa Beach and 15 minutes to Paia. The property consists of 6.24 acres of land situated at the end of a quiet road. A good portion of the land is flat and level. The remainder dips into the dramatic Kuiaha Gulch. An old road that accesses the gulch has the potential to be refurbished opening up additional usable land. There are two homes, a detached garage and two additional outbuildings on the property.

The main home has modern construction with a new roof, deck and exterior paint, open-air design with loft and updated kitchen. The deck is right on the edge of Kuiaha Gulch which makes for a beautiful view looking out over the tree tops.

The second home is single wall redwood construction with a corrugated steel roof. It once served as a ranger station before being relocated to the property. The one bedroom has a large covered porch area that is ideal for taking in the beautiful, lush surroundings. This home evokes memories of old Hawaii.

The property is zoned rural and has a 3/4 inch water meter. It is also on the better half of the waiting list for two additional water meters. The rural zoning, acreage and water situation provide interesting potential. This home is offered through the Maui Real Estate Team, Inc. for $1,295,000. Check out the 999 Hogback Road, Haiku listing page for additional details and photos of the property. Contact The Maui Real Estate Team to arrange a showing or if you have questions on the property.

Pete Jalbert

Maui Real Estate Blog

Price Reduction on the Haiku Cottage with Room to Grow

We are excited to announce a healthy price reduction on our Haiku Cottage with room to grow. This fully fenced 2.25 acre parcel includes an existing 720 square foot cottage as well as the infrastructure to support the construction of a main home including a large septic system, 200 amp electrical service and underground utilities. This property is now offered for $604,900.

The existing cottage offers vaulted ceilings, a great covered wrap around lanai and hardy plank siding. The cottage has nice views of the rolling countryside that surrounds the property.

County zoning allows for the possibility of a primary residence on the property. There are no CCRs governing the design of a main house. Potential building sites have nice ocean and mountain views.

The property itself is beautiful. There is rolling pastureland with a small year round stream running through along one edge of the property. The property is situated just down the street from Haiku landmark Hanzawa’s store. It is a short drive to Makawao, Haiku Town Center, Paia and Seabury Hall.

Check out the Haiku Country Cottage listing page for additional information and photos of the property. Contact The Maui Real Estate Team to arrange a showing or to discuss further.

Pete Jalbert

Maui Real Estate Blog

Haiku Real Estate Market Midyear Update

In the second installment of our mid-year Maui market updates, we decided to take a look at the North Shore community of Haiku. Haiku is a rural community situated to the East of Paia. It is a geographically expansive area in the windward area of Maui. The community is favored for its natural tropical beauty, property with acreage, peace and quiet, proximity to wind and wave sports and accessibility to Central Maui. Here are the real estate sales numbers for the first half of 2012 and the first half of 2011 for context. The numbers are followed by a few thoughts on the Haiku real estate market and it’s prospects for the second half of 2012.

The chart above compares Haiku Real Estate Sales Volumes for homes and land in the first six months of 2011 and 2012

There were 33 homes sold in Haiku during the first six months of 2012 at a median price of $620,000. By comparison, there were 22 homes sold in the first half of 2011 at a median price of $673,000. That calculates to a 50% increase in sales volume and an 8% decrease in median price. There were 12 Haiku Land Sales for the first half of 2012 with a median price of $393,750. There were 5 land sales during the first half of 2011 at a median price of $300,000. That is a 140% increase in sales volume and a 31% increase in median prices.

Here are a few other numbers worth noting from the first six month of Haiku Real Estate sales:

  • The high sale in the first of 2012 for Haiku was $1,900,000. This property is a 3,800 square foot, ocean view, luxury home on just over two acres. It has a pool and a detached ohana. During the same period last year, Haiku’s top sale was $1,150,000. This home is a 1,700 square foot high quality finish home home with detached cottage on almost three and a half acres.
  • The low sale for the first half of 2012 was $256,000. This property is a modest off the grid cottage on around a third of an acre. The low for the first half of 2011 was $236,000. That home is a small Bali kit house on just under a tenth of an acre.
  • There were five homes sold over $1,000,000 during the first half of 2012. There were also five homes sold over $1,000,000 during the first six months of 2011.
  • Three of the properties that closed in the first half of 2012 were bank owned properties. There were also three successful short sale transactions. By comparison, there were two short sales during the first half of 2012 and no REO closes.
  • The high sale for land in the first half of 2012 was $854,000 for 14 acres at the edge of the rainforest in upper Haiku. The high sale for the first half of 2011 was $900,000 for 38.49 acres with preliminary approval for a six lot subdivision.

Compared to last year, there has been a distinct uptick in activity in the Haiku Real Estate market. Sales volumes have increased significantly with a 50% increase in volume for homes and a 140% increase for land. Values are a little more muddled. While the median for homes was down 8%, it can be argued that the composition of sales is driving medians just as much as changes in values. The same can be said for land values where the 31% increase in medians is by no means a true reflection of changes in property values. Our feeling is that home values may be down a little in the Haiku market, but we are close to some sort of bottom. Whether that bottom is definitive or not depends in part on the overall global economic picture. Land prices are mixed. There haven’t been as many bottom dollar land sales opportunities that we saw a year or two ago, but the overall trajectory seems lower.

The big question is what can we expect for the rest of 2012? There are 49 active homes for sale in Haiku with 27 homes pending. Of the active homes, 25 homes are listed over $1,000,000. That is over half the inventory. That includes 13 homes over $2,000,000 and 7 homes over $3,000,000. If you are looking at the high end of the market, there appears to be a fair amount of inventory and a smaller pool of potential buyers. Keep in mind that there were only five home sales above $1,000,000 and none above $2,000,000 in the first six months of the year.

The lower the price range, the more scarce the inventory becomes within the Haiku Real Estate market. There are only six homes active under the median sales price of $673,000. That limited inventory may well constrain sales volumes. It may or may not have an impact on values. Scarcity will often drive prices up. It remains to be seen if that will happen with lower priced Haiku homes. We have seen some signs that buyers are opting to remain patient vs. stretching or reaching on prices. Buyers are holding out for quality and value. It will be interesting to see if we see any bumps in inventory. It has been surmised that we may see an increase in bank owned inventory at some point this summer. We haven’t seen any clear signs of that yet.

On the land front, there are 41 active lots for sale and 4 lots pending in Haiku. Twelve of the 41 active lots are priced over $1,000,000. It appears as if there is healthy inventory to choose from in all segments of the Haiku land market. However, it could be argued that there is a lack of premium view lots that are well located and market priced. I can’t see the threat of price increases in the Haiku land market at any point in the near future.

Contact The Maui Real Estate Team with questions or for assistance with Haiku properties. Want to see what homes are available in Haiku now? You can check out the current listing inventory of Haiku Real Estate here.

Pete Jalbert