84 home sold in April of 2015 with a median sales price of $574,625. In April of 2014, 84 homes sold at a median price of $583,000. This is a 1.5% decrease in median prices with volume unchanged when comparing this April to April 2014.
103 condo sold in April of 2015 with a median sales price of $405,000. This is significant decrease in volume from April 2014 when there were 136 condo sales with a median sales price $403,500. This calculates to a 24% decrease in activity and a less than 1% increase in median price.
12 land sales closed in April 2015 with a median price of $417,500. In April 2014, there were 19 sales with a median price of $510,000. This represents a 37% decrease in sales activity and an 18% decrease in median price.
Some other numbers worth mentioning. The highest priced home sold last month was for $9,750,000. It was a 39.7 acre estate in Haiku. The home is well known in the community as the “Baldwin Estate”. The property consists of two parcels of land and a main house with 10 bedrooms, 10.5 bathrooms and over 9,600 square feet of living space. In addition to the main home, there are multiple outbuildings, a pool, tennis court and beautifully landscaped grounds. This was historically the highest home sale ever for Haiku.
The Baldwin House was one of 5 home sales over $2,000,000 in April. There were 2 sales in Kaanapali, a sale in Wailea and a home on Keawakapu Beach in Kihei.
The highest priced condo sale in April 2015, was for a 3 bedroom, 3.5 bath Wailea Beach Villas, which sold for $6,100,000. While condo sales were down, the market for condo properties above $1.5M remained strong. The Wailea Beach Villas sale was one of 9 sales over $1.5M.
There were 9 bank owned (REO) sales in April 2015, which is the same number of sales as in April 2014. There were 4 short sale last month. There were 10 short sales in April 2014.
A slower month of condo sales is partially offset by a better month of pending condo sales. March pending sales for condos were also pretty good so I would expect that we may see an uptick in condo sales for May, as our pendings are typically 60 days. Land and homes also saw solid months for pending sales activity.
So you may ask, what does this mean for Buyers & Sellers? Buyers will still find that well priced properties priced at or below the median sales price are the most competitive, and they tend to go pending quickly, attracting multiple offers. Well priced properties above the median sales price may also attract heavy buyer interest. Buyers requiring financing should aways get pre-approved prior to searching so that they can can show financial strength to sellers. Sellers need to continue to look closely at market activity for their particular neighborhood, community and price point. Overpriced properties are remaining stagnant. Mahalo for contacting Michele Muir White, R(S), ABR, Coldwell Banker Island Properties 808.298.8448 to discuss your Maui Real Estate needs.