Maui Real Estate Blog

Tour Some of Maui’s Stunning Oceanfront Properties

It’s the weekend. Or at least I think it is. With stay at home rules in place, many buyers are turning to video and 3D tours as a safe way to tour property. We already posted video and 3D tours for the Maui Real Estate Team’s listings. If you need a little distraction and you’ve binged all that Netflix has to offer, I thought we might take you on a tour of some of the island’s more impressive oceanfront listings. Whether you are an oceanfront home buyer stuck on the mainland waiting for the all clear to fly out, or you just want a little Maui eye candy, we hope you enjoy the tour.

9 Bay Drive, Kapalua

This beautiful property of just under 10 acres is currently the most expensive active listing on Maui. The eight bedroom, eight and half bath home has 6,645 square feet of interior living space and a stunning pool area. Situated on a bluff overlooking the Pailolo Channel between Maui and Molokai, the views of the ocean and neighbor islands are stunning.

Hawaii Life Real Estate Brokers listed this home for $37,500,000. Check out the listing details for 9 Bay Drive for more photos and information.

4508 Makena Road

This new home is located along one of our favorite beaches on the island. Palauea or White Rock is a beautiful sandy beach with good snorkeling at either end. The four bedroom, five and half bathroom home has 5,065 square feet of living space. Never lived in before, the builders completed construction in 2018.

You can also take a 3D tour of 4508 Makena Road to get a better sense of layout. Find photos and additional details at the 4508 Makena Road MLS listing page. Island Sotheby’s Real Estate listed the home for $27,498,000.

11485 Honoapiilani Highway

I always loved this Olowalu Oceanfront home for its classic Kama’aina style. While built in 2001, it features a lot of the best design elements of 1930s Hawaii Architetcure. The main house is four bedrooms, five and a half baths and includes over 6,065 square feet of living space. There is a 75 foot long pool, a separate one bedroom ohana and a third structure with a gym steam room and suite above.

Listed by Hawaii Life Real Estate Brokers, the asking price is $9,395,000. Check out the MLS listing of this Olowalu Oceanfront home for more photos and details.

7381 Makena Road

This Makena property isn’t direct oceanfront, but it is pretty darn close. Makena Road is what separates this home from a small rocky beach. Built by renowned local builder John Cahill, this 3 bedroom, 3.5 bath home includes 3,919 square feet of living space. There is a separate two bedroom, two bath cottage.

Hawaii Life Real Estate Brokers listed the home for $12,990,000. Check out the MLS listing of 7381 Makena Road for more photos and details.

Wailea Point 102

There are some pretty stunning oceanfront condo options. Wailea Point 102 is arguably one of the best. It is a double unit overlooking Wailea Beach, Ma’alaea Bay, Kaho’olawe, Molokini and Lanai. The three bedroom, three bath unit includes 3,805 square feet of living space. The video for the property shows a lot of the scenery surrounding Wailea Point. It is easy to see why. This is one of the premier locations on the island with the Four Seasons and the Grand Wailea located to the North and the Fairmont Kealani located just to the South.

Island Sotheby’s Realty listed the property for $17,995,000. Find more photos and details on the Wailea Point 102 MLS listing page. There is a second double unit at Wailea Point on the market that is also worth checking out. Wailea Point 1602 is equally stunning and priced almost $1,000,000 lower.

Makena Surf G 301/302

This is another double unit just down the coastline from Wailea in Makena. Makena Surf offers beautiful vistas and a great setting on Po’olenalena Beach. The combination of two units means plenty of space for friends and family with five bedrooms and five bathrooms.

Romvari Realty listed this beautiful condo for $6,999,999. Check out the Makena Surf G301/302 listing page for more photos and details.

More Oceanfront Options

Contact The Maui Real Estate Team if you have any questions on any of the stunning properties above. If you need to binge on more Maui Oceanfront Property, you can check out the full inventory of Maui Oceanfront Homes and Maui Oceanfront Condos.

Pete Jalbert

Maui Real Estate Blog

April 2016 Maui Real Estate Statistics

As we hit the midpoint of May, I wanted to give an update on the April Maui Real Estate Statistics. April is the last month of Maui’s “peak” home buying season. Once we get past April 15th, visitor numbers typically dip reducing the number of potential buyers. That said, the bulk of the sales that we see in April are from contracts written earlier in the buyer season. These stats take a look at the number of properties sold, median prices, properties that went under contract in April and notable numbers from the April sales activity. I also give a few thoughts on the state of the market and the numbers that stood out to me in April. Without further ado, here are the April numbers.

April Maui Real Estate Sals Volumes

This chart compares the real estate sales volumes for Maui County during April 2015 and April 2016

There were 99 home sales reported in Maui County during April with a median sales price of $680,000. In April of 2015, there were 87 homes sold with a median price of $581,000. That calculates to roughly a 14% increase in sales activity and a 17% increase in median price.

There were 125 condo sales reported in Maui during April with a median price of $445,000. Last April there were 105 condos sold with a median price of $410,000. That is a 19% increase in sales volume and roughly a 9% increase in median price.

There were 10 land sales reported in Maui County for the month of April with a median sales price of $453,500. In April 2015, there were 12 sales with a median price of $417,500. That calculates to a 17% decrease in sales and an 8% increase in median price.

While compiling the median sales prices and sales volumes, I came up with some numbers that I thought were worth sharing from the April numbers.

Notable Numbers from the April Maui Real Estate Sales

  • The highest priced home sale in April closed for $6,550,000. This Kula Estate included a 4 bed, 4 bath home with 7,809 square feet of living space, 2 cottages, a 9 car garage building and a lot more on 23 acres.
  • It was a busy month for luxury home sales with 13 closes more than $2,000,000. In addition to the big Kula sale, there was one additional Kula sale, 3 sales in Wailea, 3 sales in the Launiupoko area of Lahaina and one sale each in Paia, Haiku, Kapalua, Kihei, and Ka’anapali.
  • The highest priced condo sale in April closed for $5,490,309. This Honua Kai Condo has 3 beds, 3.5 baths with 2,770 sq feet of living space and a 2,200 square foot lanai.
  • The big Honua Kai close was one of 13 condo sales over $1,500,000. Other sales included 4 more closes at Honua Kai, 2 Wailea Point Condos, a Montage Kapalua Bay, a Polo Beach, an Alaeloa, Mahana, Kaanapali Shores and a Masters Ka’anapali Unit.
  • The highest priced land sale in April closed for $850,000. The 1.45 acre condominiumized agricultural lot in Launiupoko has the entitlements to build the main house for the condo.
  • There were 11 bank owned transactions that closed in April. That is up slightly from the 9 bank owned sales in April of 2015. There were 4 successful short sales that closed in April 2016. That is the same total as April 2015.

Pending Real Estate Sales in April
Sales are a lagging indicator. They do not show current buyer demand. That is why our stats posts include the number of properties that go pending in that particular month.

This chart compares the number of properties that went under contract in Maui during April 2015 and April 2016

The number of properties that went pending in April was lower compared to April of 2015. New contracts for homes and lots were down while condos were up. I am not sure that is indicative of any sort of trend. As a whole it is something of a reversal of what we saw during the first quarter of the year where home sales were up significantly, land was up slightly and condo sales were down. One month of varied market activity is one thing. If we were to string a few months together, we might be seeing a trend.

Thoughts on the April Sales Number and The Maui Real Estate Market
Of all of the sales figures from April, the luxury property sales stood out the most to me. There were more homes sold over $2,000,000 in April than the previous three months of the year combined. The 13 condo sales over $1,500,000 wasn’t too far behind the 17 total sales during the first quarter of 2016. After a slower start to the year, there appears to be a little bit of a bump in high end sales activity. It makes some sense as the stock market has seen a recovery from the doldrums of earlier this year. It will be interesting to see if that was just one month or if this increased activity will sustain itself.

The high median sales price for homes was noteworthy. This was the second highest median sales price since the recovery of the real estate market. The high median is related to the high number of higher priced sales. It is also due in part to a shrinking inventory of lower priced homes. Rising values and just a tight overall market have resulted in a shrinking pool of homes available for sale for less than $500,000.

The condo market numbers were also somewhat notable in that sales were up and pending sales were up compared to April 2015. The condo market was slower during the first quarter of 2016 when compared to 2015. This may be a blip or it may be the start of an uptick in activity in the condo market. It will be interesting to see the numbers in the next couple of months.

While the April condo market bucked the first quarter trends, the home market continued the momentum of the first quarter. April home sales were well above the totals for April 2015. That made it something of a surprise to see April pending home sales were well below April 2015. As mentioned above, one month may just be due to variability in the market. We will see what unfolds in the coming months.

If you are a buyer or a seller thinking of entering the Maui Real Estate market, you will find that market conditions are not monolithic. While this blog post discusses the generalities of the Maui market, market demand and inventory varies by geography and price point. Contact The Maui Real Estate Team to discuss market conditions specific to your real estate needs. We look forward to being of service.

Pete Jalbert

Maui Real Estate Blog

March 2016 Maui Real Estate Statistics

It has been a while since I have beaten the the local Realtor association to the punch with a true sneak peek at the Maui statistics. That said, I think it is important to still put out a monthly stats post on our blog. We are able to offer some unique data with our pending data and notable numbers. I also try to avoid the hype train that can come with real estate statistics. You will never read the words “the market is on fire!” in one of these posts. That said, here is my look at the March Maui Real Estate sales, and a few thoughts on what some of the numbers might mean.

Maui March Real Estate Sales Volumes and Median Prices

This chart compares the number of properties that sold in Maui County During March 2015 and March 2016

By my count, there were 97 homes sold in Maui during March with a median price of $610,750. In March of 2015, there were 86 homes sold with a median price of $632,625. That is a 12.8% increase in activity and just over a 3% decrease in median pricing when comparing this March to last March.

There were 104 condos sold on Maui in March with a median sales price of $494,000. Last March, there were 123 condos sold with a median price of $440,000. That is just over a 15% drop in sales activity and a 12% increase in median price when comparing the two Marches.

There were 17 lots sold in Maui County during March with a median price of $439,000. The March 2015 numbers included 16 lot sales with a median price of $451,000. That is a 6% difference in volume and a 3% decrease in median price when comparing this March to last March.

Notable Numbers from the Maui March Real Estate Sales Numbers

  • The highest priced home to sell in March closed for $5,700,000. The six bedroom, six and a half bath home with 8,210 square feet of living space and 3,100 square feet of lanai space is located in Ka’anapali Golf Estates.
  • That was one of 4 homes sold for more than $2,000,000 in March. The other big closes included two properties in Kapalua and one home in Wailuku Country Estates.
  • The highest priced condo to sell in March closed for $4,600,000. It was a 2 bedroom, 2 bathroom beachfront unit at Ka’anapali Ali’i.
  • That was one of seven condo sales over $1,500,000. The other sales included 3 units at Honua Kai, 2 units at Wailea Point and a Mana Kai condo.
  • The highest priced land transaction closed for $1,825,000. That was a 24 acre parcel on Waipoli Road in Kula.
  • There were 16 bank owned transactions that closed in March. That is up from the 13 bank owned transactions that closed last March. There were only 4 successful short sales completed in March. That is up 1 from the 3 short sales completed in March of 2015.

March Pending Sales
March is the last full month of our peak season for visitors and buyers. Looking at the total number of properties that went pending gives us some sense of what kind of buyer activity occurred with all of those visitors on island.

This chart compares the number of Maui County properties that went under contract in March of 2015 and March of 2016

As the chart shows above, it appears to have been a good month. Homes, condos and land all had more pending sales compared to March of 2015. Home and condo sales activity were up pretty significantly. The increased home buying activity stems from a few factors. Low interest rates, high rents and limited supply have created strong buyer demand at or below the median price points in the market. The bump in condo sales is something of an anomaly from recent market activity. I will discuss that in more detail below.

Thoughts on the March Market
March was a microcosm of the first quarter of 2016 for Maui Real Estate sales. Home sales were up, land was up slightly and condo sales were down. I discussed the boost in the home market above. The dip in condo sales is due in large part to a dip in luxury condos. For the quarter, luxury condo sales on Maui were down 32%. I think we can attribute the drop in the luxury market to a number of different factors. A recent Wall Street Journal Article on price adjustments in the luxury property market suggests that there is a broader slowdown on the mainland. Maui appears to be following part of an overall national trend. I surmise that some of the national weakness could be due to weakness in the stock market during the end of 2015 and the beginning of 2016. Looking locally, I think another factor could be a reduction in new developer inventory at Honua Kai. Honua Kai has been one of the strongest condos for luxury sales on Maui over the last couple of years. There were 3 fewer sales over $1,500,000 at Honua Kai in the first quarter of this year. The other factor hampering the luxury condo market is the weakness in the Canadian dollar and the Canadian Oil Industry. A number of Maui luxury buyers over the last 5 years were coming from Alberta’s Oil industry. With that industry hurting and a bad exchange rate, those buyers are not as active as they had been.

What Can Buyers and Sellers Entering the Market Expect if They are Entering the Maui Market?
It is tough to paint the Maui market with a broad brush. Some parts of the market are strong and some are slow. It depends in part on the type of properties and the price point. That means the strategy of buyers and sellers is going to be contingent on budget and property type. If you are looking for entry level homes or entry level condos to be used for a primary residence, a pre-approval from a lender is a prerequisite before you start looking at property. When listings that appear to be good values hit the market, showings should be scheduled as soon as possible. If a buyer wants to put in an offer, they are usually advised to act quickly. If it is a potential multiple offer situation, buyers should put their best foot forward on initial offers. While less common, you can see this level of competition at higher price points in the market if the property is extraordinary, well priced or both. Buyers shopping in the vacation rental condo market can expect a different market place with fewer buyers and more inventory. That means a little less pressure to act and a different offer strategy. Reading the above, you might expect that most sellers should have an easy go of things. That isn’t necessarily the case. Overpriced properties can still sit in this market regardless or price point. Shooting for the moon can result in a lower sales price down the road and a much longer period on market. Sellers should also also do what they can to address potential transaction pit falls before they go to market. Deferred maintenance or unknown issues can be identified with a pre-listing home inspection. Contact The Maui Real Estate Team if you are considering buying or selling a property on Maui. We would welcome the chance to sit down with you to listen to your real estate needs and market conditions specific to properties that might fit your needs.

Pete Jalbert

Maui Real Estate Blog

December 2015 Maui Real Estate Statistics

If prompt and punctual blogging was my New Year’s resolution were my New Year’s resolution, I would have already failed. I am a little slow out of the gates this year. The good news is that the delay is due to a busy start to the year with clients. If you have already seen the December Maui Real Estate stats elsewhere, there is still reason to keep reading. We report on a few things that other outlets don’t, and we don’t treat fluctuations in median prices with breathless hyperbole. Without further ado, here are the December 2015 numbers.

December Maui Real Estate Sales Volumes and Median Prices

This chart compares the Maui County Real Estate Sales Volumes in December of 2014 and December of 2015

There were 93 homes sold on Maui in the last month of 2015 with a median sales price of $550,000. By comparison, there were 63 homes sold during the last month of 2014 with a median sales price of $565,000. That is almost a 48% increase in sales activity and a 3% decrease in median price.

There were 101 condos sold in December with a median price of $410,000. Last December there were 125 condos sold with a median price of $380,000. That is roughly a 20% drop in sales activity and an 8% increase in median prices.

There were 16 lots sold with a median price of $281,750 in December of 2015. In December of 2014, there were 12 lots sold with a median price of $650,000. That is a 33% increase in sales volume and a 57% drop in median price.

Notable Numbers from the December Maui Sales
While compiling median prices and sales volumes, I came across some other notable numbers from the December Maui Real Estate Sales activity.

  • The highest priced home sale was for an oceanfront property on Front Street in Lahaina. The 3 bedroom, 3 bath home with 3,747 square feet of living space sold for $4,375,000.
  • That was one of four home sales over $2,000,000 in December. The other three sales included another oceanfront home on Front Street and two closes in Kula.
  • The highest priced condo transaction was for a three bedroom, three and a half bath unit at Montage Kapalua Bay. That 2,789 square foot condo sold for $4,625,000.
  • That was one of eight total condo sales over $1,500,000. The other closes included one sale at the the Ritz Carlton Residences and two sales each at Wailea Point, Wailea Beach Villas and Puamana.
  • the highest priced residential land transaction was $1,100,000 for 67 acres in lower Kula. There was also a commercial land transaction that closed in Kahului for $1,510,000.
  • There were 18 REO or bank owned transactions that closed in December of 2015. That was up from 13 REO sales in December of 2014. There were only 2 short sale transactions in December compared to 4 last December.

December Maui Pending Real Estate Sales
December is usually a pretty quiet month for properties going under contract. Many buyers will put their home buying on hold while they negotiate the already hectic holidays. Maui tends to see a slight uptick at the end of the month when an island filled with holiday visitors means more potential buyers.

This chart compares the number of properties that went pending in Maui County During December 2015 with the number of pending sales in 2014.

This December, we saw a little more home buying activity. I would surmise that there are two factors at play. Buyers trying to lock in rates at the beginning of the month before the fed rate increase, and buyers who kept their focus looking for new listings in an otherwise limited inventory.

This is another shorter than usual stats post. I want to save the analysis for some forthcoming 2015 overviews. Stay tuned for those posts in the next week. In the meantime, please contact The Maui Real Estate Team if you have any questions about the stats or buying and selling Maui Property. We would welcome the opportunity to sit down with you and learn more about your real estate needs for 2016.

Pete Jalbert

Maui Real Estate Blog

Sneak Peek at the October 2015 Maui Real Estate Statistics

It seems like just a few days ago when I was writing about the September Maui Real Estate statistics. Actually, it was a just last week when I wrote that post. Last month, a busy schedule kept me from posting the stats until the last week of the month. I had an opportunity to get the October stats out a little sooner. They are early enough in the month that I may even miss a few late reported sales. This is my sneak peek at the October sales volumes, median prices, notable sales numbers and pending sales. I also give a few thoughts on the state of the market, and what it all means for buyers and sellers. Without further ado, here are the October numbers.

October 2015 Sales Volumes and Median Prices

This chart compares real estate sales volumes for Maui County during October 2015 and October 2014

By my count, there were 103 homes sold in October with a median sales price of $585,000. Last October, there were 84 homes sold at a median price of $566,000. That is almost a 23% increase in sales volume and roughly a 3% change in median price.

There have been 102 condo sales reported to date for October with a median sales price of $391,450. By comparison, the October 2014 numbers were 95 condos sold at a median price of $419,000. That is a 7% increase in volume and a 7% decrease in median price.

There have been 16 lots reported sold in October with a median sales price of $375,000. Last October, there were 14 sales at a median price of $467,500.

Notable Numbers from the October Maui Real Estate Sales Activity
While compiling the numbers above, I came across some notable numbers from the October sales that I thought were worth sharing.

  • The highest priced home to sell on Maui in October closed for $3,750,000. The home in the Wailea Golf Estates Subdivision has 4 bedrooms, 4 bathrooms and 4,277 square feet of living space. The home is located on the fourth green of the Wailea Blue Course. It has unobstructed ocean views and a 20 meter pool.
  • The Wailea Golf Estates sale was the only home to close for over $2,000,000 last month.
  • The highest priced condo to sell in October closed for $3,650,000. The condo in question is a 3 bedroom, 4 bathroom oceanfront condominium in the Kapalua Ironwoods complex.
  • The Kapalua Ironwoods transaction was one of 7 condo sales to close for over $1,500,000. The other sales included 2 condos at Honua Kai, 2 at the Ritz Carlton Residences, a Wailea Point condo and a unit at Ho’olei.
  • The high land sale last month was at the Makena Golf and Beach Club. The .4399 acre parcel in the Maluaka Estates neighborhood sold for $8,500,000.
  • That was one of three land sales over $1,000,000. The other sales included a home site near Manele Bay on Lanai and a 131 acre parcel in Haiku.

October Pending Maui Real Estate Sales
Sales are a lagging indicator of buyer activity. Most of the sales referenced above were based on contracts that were written in August and September. The chart below shows the number of properties that went pending or under contract in October.

This chart compares the number of properties that went pending in Maui County during October of 2015 and October of 2014.

The October pending sales look pretty strong with only home pendings down compared to October of last year. That said, the dip in home pendings is noteworthy as the home market had been particularly strong over the last couple of months. The modest dip in activity comes as a bit of a surprise as I have been in three multiple offer situations over the last month for homes below $600,000. That is a small sample, but it still feels like there are quite a few buyers in the market. It will be interesting to watch home sales over the next couple of months. Are things cooling down a little or was this an aberration?

Thoughts on the Maui Real Estate Market and What it All Means for Buyers and Sellers
The October Stats showed another strong month of buyer activity. As mentioned in other recent stats posts, the stronger sales activity can be attributed in part to buyers trying to get into the market to take advantage of what has been a long run of really low interest rates. The federal reserve continues to discuss an increase in rates and buyers are trying to tie properties down before any rate increases occur. The low borrowing costs are that much more appealing due in part to a really tough rental market on Maui. Rental prices have gone up significantly over the last few years and some borrowers are finding that mortgages are equivalent to or in some cases better than monthly rents.

Buyers who are interested in entering this market place will find that they need to be well positioned to act quickly when good opportunities are listed. Homes under $600,000 will often attract bidding wars if they are well priced. It is not uncommon to see bidding wars on well priced homes at significantly higher price points. Sellers will find pretty favorable conditions when going to market. That said, over priced properties are still sitting even with stronger than usual fall buyer activity. There are also some parts of the market that are a little slower than others. Sellers should look closely at market conditions specific to their type of property when determining go to market prices. Contact The Maui Real Estate Team if you are thinking of buying or selling a property on Maui. We would welcome the chance to discuss your real estate needs and talk about the market particular to properties that might be of interest.

Pete Jalbert

Maui Real Estate Blog

September 2015 Maui Real Estate Statistics

It has been a busy month for me and the rest of the Maui Real Estate Team. We have seen more buyer activity than usual for our “slow” season and we have some exciting new listings that we have brought to market. Our busy fall is reflected by the fact that I am not putting out a monthly stats post until October 28th. Since it is so late in the month, this is going to be more abbreviated than usual. That said, I will still have information on sales volume, median prices, pending sales and some notable numbers from the September sales activity. Without further ado, here are the numbers.

Maui Sales Volumes and Median Prices

This chart compares the real estate sales volumes for Maui County for the months of September 2014 and September 2015

There were 97 homes sold in September with a median price of $573,000. During September of 2014, there were 95 homes sold on Maui with a median sales price of $570,000. That calculates to 2% increase in sales volume and a .5% increase in median price.

There were 109 condos reported sold in September with a median price of $399,000. Last September, there were 80 condo sales with a median sales price of $462,500. That calculates to a 36% increase in sales activity and a 14% drop in median price.

There were 17 land sales reported in September with a median sales price of $625,000. Last September, there were 12 land sales with a median price of $520,000. That is roughly a 42% increase in sales activity and a 20% increase in median price.

Notable Numbers from The September Sales Activity
While compiling the median prices and sales volumes, I came across some other numbers from the September Real Estate sales activity that I thought were worth sharing.

  • The highest priced home sale during the month occurred Upcountry. A 22 acre estate in Kula with a 4,972 square foot main house and a 1,268 square foot cottage sold for $6,500,000.
  • That was one of five total home sales of $2,000,000 or more in September. There was one other sale in Kula, 2 sales in Wailea and one sale in Kapalua.
  • The highest priced condo to sell in September was located at Montage Kapalua Bay. The 3 bedroom, 3.5 bath condo with 2,789 square feet of living space sold for $4,900,000.
  • The Montage sale was one of 8 sales over $1,500,000 during September. The other 7 transactions included another sale at Montage, 2 Hoolei, a Honua Kai, a Kai Malu, a Ritz Carton Residence, a Wailea Point and a Kai Malu.
  • There were two separate lots in the Maluaka Estates neighborhood of the Makena Golf and Beach Club that closed for $9,000,000 a piece in September. The lots were 19,602 and 17,340 square feet respectively. It is safe to say that the Makena Golf and Beach Club is continuing to see the highest per square foot prices for land on the island.
  • There were 15 bank owned transactions that sold on the Maui MLS in September. In September of 2014, there 13 bank owned sales.
  • There were 4 successful short sale transactions in September of 2015 which is down from the 6 short sales that closed in September of 2014.

Pending Sales in September
The majority of the September sales were based on contracts that were written in July and August. With that in mind, we wanted to see what type of activity we were seeing from buyers in September. The following chart shows the number of homes, condos and parcels of land that went under contract in September compared to the number of properties that went under contract in September of 2014.

This chart compares the number of properties that went under contract during September of 2014 and September 2015

It was a strong month of buyer activity in September with the number of homes that went under contract significantly higher than the number in September 2014. Condos activity is up slightly and land contracts mirrored what we were seeing last year. I would surmise the big increase in home activity is still related to the low interest rates and buyers wanting to obtain properties while those low interest rates last.

Thoughts on the September Stats and the State of the Market
This is the fourth month of a row where the 2015 sales volumes were higher than the sales numbers for the same month of 2014. As mentioned above, I believe most of this can be attributed to buyers trying to “get in” before interest rates increase. The urge to get in is heightened by a difficult Maui long term rental market that has seen rents increase drastically over the last 3 years.

What does all of this mean for buyers and sellers? Well priced properties continue to be very competitive, particularly with properties below or near the median home price. The last three offers I submitted were for homes located in Upcountry Maui that were near or below the median sales price. All three offers were competitive bidding situations. This type of activity is common throughout the different geographic areas of the island. This means buyers will need to be prepared to act quickly when a good opportunity comes on the market. If a buyer will need a mortgage for their purchase, they should get pre-approved before they even start looking at homes. Sellers, particularly those with homes that are valued near or below median prices, will find that this is a good time to sell. To be clear, that doesn’t mean sellers have carte blanche when it comes to pricing. Overpriced properties are still sitting in this market. Contact The Maui Real Estate Team if you are interested in buying or selling a property on Maui. We would welcome the chance to sit down with you and listen to your real estate needs.

Pete Jalbert