Maui Real Estate Blog
Sneak Peek at the October 2014 Maui Real Estate Statistics
It’s time for our monthly look at the pulse of the Maui Real Estate market. Our sneak peek at the Maui Stats gives a look at median prices, sales volume, pending sales and a few other notable numbers from the October Maui Real Estate Sales activity. We also give our thoughts on some of the more eye catching numbers and what it all means for prospective buyers and sellers. Without further ado, here are the October numbers.
October Maui Real Estate Sales Volumes and Medians
By my count there were 83 homes sold in October at a median price of $566,000. Last October, there were 82 homes sold at a median price of $540,000. That calculates to a 1% increase in sales activity and a 5% increase in median prices.
Maui Realtors have reported 94 condo sales for October with a median price of $407,000. By comparison, there were 104 condos sold in October of 2013 with a median price of $360,000. That means that October 2014 was 10% lower in sales volume and 13% higher on price.
By my count, there were 14 land sales reported in Maui during October with a median price of $467,500. Last October, there were 23 sales with a median price of $370,000. That is a 39% drop in sales activity and a 26% increase in median price when comparing October 2014 to October 2013.
Notable Numbers from The October Maui Real Estate Sales
While compiling this month’s medians and sales volumes, I came across some other numbers that I thought were worth sharing. Here are some of the high sales and other notable closes from the October real estate transactions.
- The highest priced home to sell in October was located in Kihei. The 4,800 square foot oceanfront home on Halama Street closed for $5,750,000.
- That was one of four home sales over $2,000,000 in October. The other high dollar closes were in Wailea, Makena and Paia.
- The highest priced condo sale in October was at the Andaz Residences in Wailea. The three bedroom condo closed for $5,495,000. That is the third condo to close at Andaz and the first sale in eleven months. There are nine units still for sale in Wailea’s newest luxury beachfront condo development.
- There were 9 total condo sales over $1,500,000 last month including the Andaz transaction. Honua Kai had the most activity with five closes. There were also sales at Wailea Ekahi, Wailea Elua and Hoolei.
- The highest priced piece of land was a lot on the beach in Ka’anapali. The 1.16 acre parcel sold for $5,600,000.
- There were 11 bank owned transactions that closed in October. That is up from the seven that closed in October of 2013.
- Short sale transactions continue to be slow with 4 successful transactions closing last month. There were 24 short sales in October of 2013. This 83% drop in short sale transactions stems from improved equity positions for sellers.
The October Maui Real Estate Market saw the continuation of recent trends. Home sales are roughly keeping pace with last year, while condo and land sales are down. As discussed in the September stats, it appears as if a decrease in inventory for entry level condos is driving the decrease in condo activity. I did not delve into the land market in quite the same level of detail, but anecdotal evidence would also suggest that a shrinking inventory of lower priced lots may be contributing to the lower sales volume. Looking at the October 2013 sales, the totals from that month were buoyed by a large number of new development sales in Haiku. The lots in that subdivision were priced lower than other sales of comparable properties.
The one other number from this month’s stats that I found noteworthy was the high number of luxury condo sales. There had been a decrease in the sale of condos priced over $1,500,000 over the last couple of months including zero sales in that price range during September. I had a close eye on the October sales to see if this might be a trend or just variability in the market. It appears to be the latter. The nine total sales was buoyed by the continued strong interest in Honua Kai. There have now been 22 sales at Honua Kai over $1,500,000 since the start of the year.
October Pending Sales
For the most part, October sales stem from contracts that were agreed upon one to two months prior to closing. To get a better sense of more current buyer demand, we also documented the pending sales from last month.
It is interesting to see that home pendings are up significantly compared to last year. Condo sales continue to under perform compared to last year. Land pending appear to be down significantly, but a little digging helps explain the discrepancy. The October 2013 numbers were inflated by 14 contracts at the Peahi Hui development in Haiku. Buyers actually signed reservation agreements for that community dating back to June of 2013. Formal contracts weren’t penned until October when final subdivision approval was granted.
What Does This Mean for Buyers and Sellers who Are Interested in The Maui Real Estate Market?
Now that it is November, we only have about one month left until the start of our peak real estate season. As peak season approaches, what do the current conditions tell us about what buyers and sellers might expect? For buyers, it will depend in part on where you are searching in the market. There is quite a bit of variability in market conditions depending on price and location. In general, lower priced home and condo buyers are going to find limited inventory and a competitive market. Really well priced homes and condos in most market segments have the potential to attract multiple offers. There is typically more inventory to choose from and less competition at the high end of the market, but you may also find some more resolute sellers with the means to wait for pricing that fits their needs. Sellers will need to take into account market conditions in their particular neighborhood and price point when considering a go to market strategy. Overpriced properties are sitting in this market. If a seller needs to or wants to sell quickly, they need to price as close as they can to recent comparable sales. Contact The Maui Real Estate Team if you are considering buying or selling property on Maui, we would welcome the opportunity to sit down with you for a free consultation to discuss your real estate needs.
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
October 2013 Maui Real Estate Statistics
The ghosts and goblins of Halloween have disappeared from Front Street in Lahaina. They will soon be replaced by the sounds of cheering college basketball fans on island for the EA Sports Maui Invitational, the crash of high surf and splash of breaching whales. October has come and gone and it is November on Maui. It is a time to look forward to Thanksgiving and a time to look back at the October Maui Real Estate Statistics. Here is our look at the October statistics with video commentary.
By my count, there were 80 homes sold in Maui County at a median price of $540,000. By comparison, there were 100 homes sold last October with a median price of $485,000. That is a 20% drop in sales volume and an 11% increase in median price when comparing this October to last October.
Thus far, Maui Realtors have reported 103 condos sold in October of 2013 with a median sales price of $360,000. Last October, there were 96 condos sold at a median price of $349,995. That calculates to a 7% increase in sales and approximately a 3% increase in median price when comparing this October to last October.
There have been 23 land sales reported for October 2013 with a median price of $370,000. Last October, there were nine lots sold in Maui County at a median price of $250,000. That is a 255% increase in sales activity and a 48% increase in median pricing when October of 2013 is compared to October of 2012.
While compiling the sales volume numbers and median prices, I came across some other numbers worth sharing.
- The highest priced home sale last month was $3,250,000 for a home in the Kaimanu Estates area of Maui Meadows. The Italian Villa style home is situated on over 2 acres.
- The Kaimanu Estates sale was one of four closes over $2,000,000. The other sales were in Sprecklesville, Kapalua and Launiupoko.
- The high condo sale last month was $3,400,000 for a 2,428 square foot unit at Wailea Point.
- The Wailea Point sale was one of five condo transactions over $1,500,000.
- The land sales figures were bolstered in part by 7 closes at the Peahi Hui subdivision in Haiku. This 16 lot agricultural subdivision hit the market in May and all of the lots went under contract quickly. We are starting to see closes after the developer received final subdivision approval in early October.
- There were a total of 8 bank owned sales that closed through Realtors last month. That compares to 18 bank owned sales last October. Those that are hunting for bank owned opportunities will find scarce inventory.
It was a pretty healthy month for sales on Maui with condo sales and land sales outpacing the October numbers, but we are starting to see a trend that I predicted last month. While most of 2013 has seen stronger sales activity than 2012, thatis starting to shift. Market conditions really started to take off during the last quarter of 2012. That means a stronger baseline of comparison for the 2013 sales numbers. We saw that in the comparison of home sales in October. I expand on those thoughts and give a few more insights in the video commentary below.
We welcome you to contact the Maui Real Estate Team with any questions or comments on this month’s stats or to discuss your real estate needs. We look forward to listening.