Maui Real Estate Blog
November 2013 Maui Real Estate Statistics
Usually our blog takes a sneak peak at the Maui Real Estate Statistics. We attempt to be the first outlet to report the numbers while also providing some additional context on what the numbers mean and what we might expect in the market. For reasons you will find out more about below, we have been a little slow to the punch as of late. We were slow getting our stats out last month and the Realtors Association of Maui (RAM) released their November stats earlier this week. That being said, our stats have a few additional numbers that aren’t reported in the RAM stats and we do provide a little more discussion regarding what is happening in the market and what we might expect as we begin our peak buyer’s season. If you are still reading, stick around for numbers and info on the Maui Real Estate market.
There were 75 homes sold on Maui in November with a median sales price of $515,000. For comparison purposes, there were 84 homes sold in November of 2012 with a median sales price of $465,000. That calculates to an 11% drop in sales volume and an 11% increase in median prices when comparing this November to last November.
There were 96 condo sales reported in November of 2013 with a median price of $350,000. Last November, there were 100 sales with a median sales price of $400,000. That means that our November sales activity was down 4% and our median price was 12.5% lower than last year.
The land sales totals for November came in at 23 sales with a median price of $547,371. In November 2012, the numbers were 22 sales with a median price of $455,000. That is a modest 4% increase in sales activity and a 19.4% increase in median price for this November compared to November of last year.
While compiling these numbers, I came across some other numbers that were worth sharing.
- The High Sales price for a single family home last month was $3,600,000 for a beautiful home across the street from Big Beach in Makena
- In addition to the home sold in Makena, there were four other homes sold for over $2,000,000. All of the sales were in either South Maui or West Maui with closes in Ka’anapali, Kihie, Launiupoko and Kapalua.
- The highest condo sales price last month was $11,395,000 for a 4 bed/5 bath villa at the New Andaz Residences. This was of the first two closes of one of the 10 units available at the new Andaz Resort in Wailea. The other sale in Andaz closed for $10,730,250.
- In addition to the Andaz transactions, there were 9 condo sales over $1,500,000 in November. One of the nine sales could arguably be classified as a residential close. Residential condos sold at Maluhia in Wailea have been frequently classified as residential sales.
- Last year, the Hoolei condos in Wailea were a big driver of luxury sales volume. The Hoolei sales volumes have decreased as all but a few of the new developer units have sold. As a result, you are seeing a more diverse list of condominium developments with big dollar sales. This month’s luxury sales included condos at Makena Surf, Wailea Beach Villas, Honua Kai, Ka’anapali Ali’i, Kapalua Ridge and Hoolei.
- The land sales numbers deserve something of an asterisk this month. Of the 23 sales, 7 were commercial lots. Our local Realtor association classifies residential and commercial land sales together. Of the remaining 16 lots, five were new developer offerings at the Peahi Hui Subdivision in Haiku
- There were only 7 bank owned (REO) closes last month compared to 22 bank owned closes last November. REO sales continue to have a limited impact on the market compared to years past.
The November sales were relatively strong this year, but not quite as strong as what we saw during a booming fall in 2012. The market has backed off from its more torrid pace. Fall activity is more in line with what we traditionally see in our market. Lower visitor numbers on island tend to result in fewer sales. We are on the cusp of the peak season for Maui Real Estate as we approach the holidays. The busiest times on Maui are during our peak visitor season from roughly Christmas through mid April. Keep in mind that the sales stats tend to lag a month behind the peak buyer activity. Typical Maui Real Estate transactions take 30-60 days to close. In the video below, I will give a few thoughts on what will shape our market during the peak buyer season and unveil the reason behind our recent lack of blogging activity.
If you are interested in buying or selling property on Maui this winter, we would welcome the chance to sit down with you to listen to your needs. Contact The Maui Real Estate Team today for a free consultation.
Maui Real Estate Blog
Sneak Peek! August 2013 Maui Real Estate Statistics
Now that labor day has come and gone, summer is slipping into the rear view mirror. That means another month in the books for the Maui Real Estate market. The Maui market continued to see a solid number of closes through the last month of summer. This is an early look at some of the August stats before the local Realtor’s association publishes their own statistics. You will find key data on sales volume, median prices and other numbers of interest. I also give a few thoughts on the market via a video commentary. Without further ado, here are the August 2013 Maui Real Estate Statistics.
By my count, there have been 79 home sales reported to date for August with a median price of $585,000. That is slightly better than what we saw during August of 2012 when 77 homes closed. The August 2012 Median was $509,000. That is approximately a 3% difference in sales volume and a 15% difference in median value between this August and last August.
I tallied a total of 108 sales reported during August of 2013 with a median price of $415,000. Last August, there were 98 condo sales recorded in Maui county with a median price of $342,450. That is a 10% increase in sales volume and a 21% increase in median value when comparing the two Augusts.
There have been 25 land sales reported thus far for August 2012 with a median price of $350,000. There were 12 sales last August with a median of $350,000. That is a 208% increase in activity when comparing this August to last August.
While compiling the numbers above, I came across some other numbers worth sharing from the August Maui Real Estate Stats.
- The highest sales price for a home was $6,300,000 for a luxurious four bedroom/six bath home in Wailea Golf Estates. That is the second time in the last three months where a Wailea Golf Estates property was the high sale for the month.
- This was one of five total home sales on the month over $2,000,000. The five sales were diverse geographically. In addition to Wailea, there were sales in Haiku, Spreckelsville, Kapalua and Launiupoko.
- The highest priced condo sale last month was $3,500,000 for a two bedroom/two bath front row Ka’anapli Ali’i. This was one of three condo sales over $1,500,000 in Maui last month.
- There were two land sales over $1,000,000 in August. Both sales occurred in Launiupoko.
- There were 16 total REO or bank owned closes in August. That is a slight uptick over what we saw in July and June of this year. Bank owned inventories remain low when compared to what we saw a couple of years ago.
Here are my thoughts on this months stats, what we might expect in the coming months and what it all means for buyers and sellers.
Contact The Maui Real Estate Team with any questions on this month’s stats or feel free to leave a comment below. If you are interested in buying or selling a property on Maui, we would welcome the opportunity to sit down with you for a free consultation.
Maui Real Estate Blog
Sneak Peek July 2013 Maui Real Estate Stats
It is hard to believe summer is over halfway done. For Maui school kids, the summer is already over with school starting a couple of days ago. The end of July also means another month on the books for the Maui Real Estate market. We wanted to give you our sneak peek into the July statistics. It was a strong month of transactions. The market is bearing fruit from a flurry of escrows in May and June as interest rates started to rise. While we have seen a decrease in the number of properties going under contract over the last month or so, we won’t really start to see a slow down in sales until August or September. Without further ado, here are the July sales volumes, median prices and other notable numbers for the month. That is followed by a video commentary on the market.
By my count, there were 91 homes sold in July with a median price of $475,000. Last July, there were 76 sales with a median price of $488,000. That is a 28% increase in activity and a 3% drop in median pricing.
I counted 106 condo sales with a median price of $375,000. In July of 2012, there 82 sales with a median price of $332,000. That calculates to a 29% rise in sales volume and a 13% increase in median price when you compare this July to last July.
I noted 13 land transaction in July of 2013 with a median price of $425,000. Last July, there were 12 sales with a median price of $422,500. That is roughly an 8% bump in volume with less than a percentage point increase in median price when you compare this July to last July.
Here were a few other noteworthy numbers I came across while compiling the totals on sales volume and medians.
- The high sales price for a single family home last month was $4,233,000 for a residential condo with 5,863 square feet of living space on 45 acres in Launiupoko.
- The Launiupoko close was one of three home sales on island over $2,000,000. It is worth noting, that there has been one fewer home sale over $2,000,000 through the first seven months of this year than there were over the first seven months of 2012.
- The highest priced condo sale last month was $5,000,000 for a stunning three bedroom/three bath unit at Wailea Point.
- The Wailea Point sale was one of eight condos sold for over $1,500,000. The number of condos sold over $1,500,000 through the first seven months of the year is up 62% over the same period last year.
- There was one big luxury land close of $5,000,000 for an oceanfront lot in Makena.
- While there was only one more land sale this year compared to July of 2012, it is worth noting that two of the July 2012 transactions were commercial purchases. All of the July 2013 land closes were residential land.
- There were only four bank owned (REO) transactions that closed in July. They were all residential homes. While REO condo sales have been dwindling, this is the first time since at least 2009 when we have had no REO condo transactions.
Here are my thoughts on this month’s stats and the overall state of the market:
Contact The Maui Real Estate Team if you have any questions or comments on the Maui Real Estate market. If you are considering buying or selling a property on island, we would welcome the chance to sit down with you for a free consultation to discuss your real estate needs.