There were 74 homes sold last month with a median sales price of $521k. Last August, there were a total of 81 sales at a median price of $410k. This is a 9% reduction in sales volume and a 27% increase in median prices.
97 condos sold in August 2012 with a median sales price of $344,900. In August 2011, the numbers were 86 condos sold at a median price of $266k. This calculates to a 13% increase in activity and a 30% increase in medians.
There were 13 land sales last month with a median price of $350k. Last year, there were 11 sales with a median price $180k.
Here are a few other notes from the monthly sales numbers.
There were 55 REO sales & short sale transactions this month. 41% of all the home sales were REOs or short sales and 25% of all of the condo sales were REOs or short sales. While this is still a substantial component to our transaction volume, it is well below the 52% and 35% of the transaction volume in August 2011.
Short sales continue to encompass a majority of these sales. Last year, bank owned sales activity outpaced short sales. Banks appear to be trying complete more successful short sales. Which is good news for distressed sellers.
The highest priced home sale last month was $5.9m for an exquisite oceanfront estate on Halama Street in Kihei. The highest sales price for a condo was $3.1m for a three bedroom condo at Papali Wailea.
Luxury activity was down compared to last year. There were only two homes that sold for over $2m and two condos that sold for over $1.5m. Last August, there were four homes that sold for over $2m and four condo sales for over $1.5m.
What does this all of this mean for Maui real estate buyers and sellers? Buyers will still find opportunities in this market, but for many market segments the best opportunities require diligence, advanced preparation and quick action. Inventory is down in segments of our market. Well priced properties in these segments are going under contract quickly after being listed. Buyers should be pre-approved for financing or have their proof of cash funds available before submitting contracts. Sellers will have to adjust their strategy by motivation and market segment. Motivated sellers need to price close to comparable sales to generate market activity.
Have questions about Maui’s real estate market and need expert advice? For all of your Maui real estate services, please contact Michele Muir White R(S), ABR, SFR Coldwell Banker Island Properties, Wailea 808.298.8448, e-mail: email@example.com Access the Maui MLS www.Maui RealEstateGuru.com