68 homes sold in Maui County during August with a median sales price of $567,500. Last August, 81 homes sold with a median price of $585,000. This is a 16% drop in volume and a 3% drop in median when comparing this August to last August.
94 condo sold in Maui County during August with a median price $410,000. Last August, 113 condos sold with a median price of $420,000. This is a 17% drop in volume and a 2% drop in median comparing this August to last August.
14 land sales closed in 2014 with a median price of $395,000. Last August, there were 25 sales with a median price of $350,000. This is a 44% drop in volume and a 13% increase in median price comparing this August to last August.
Some interesting notes and numbers from the August Maui Real Estate Stats.
The highest priced home sale last month was $2.5M for a 5,222 square foot home on 2.58 acres in the Launiupoko subdivision in Lahaina. It was a relatively quiet month for luxury home sales with only one other transaction recorded above $2M. This home sale was in Kaanapali Hillside.
While luxury home sales were relatively slow, luxury condo sales were strong in August. The highest sale for the month was $8.25M for a four bedroom condo at Montage in Kapalua. That is the highest ever sales price for a condo in West Maui. This was one of eight condo sales last month priced over $1.5M. There were three additional high end sales at Montage including closes of $7.75M and $7.5M. There were also two sales at Papali in Wailea, one sale at Wailea Elua and one at Honua Kai.
August was not a robust month for sales on Maui. This is the fifth straight month where condo sales have been lower than same month in 2013. Home sales have been a little stronger than condos, but we have still seen fewer sales overall compared to last year. The number of land sales are also less than than last year after two straight months of lower sales.
Inventory or lack thereof is clearly playing a part in the reduced activity. Prices are higher and the selection at the entry levels of the market is limited. A reduction in the percentage of cash sales on Maui suggests that we may be seeing fewer institutional and professional investors buying properties as well.Prices in some parts of Maui have surged from market lows at high rates of appreciation. Limited inventory and pent up demand helped bring prices up rapidly.Prices have since held in that range with little or no upward appreciation. Inventory has increased and days on market has gone up significantly. Both buyers and sellers should also be aware that market dynamics vary throughout the island depending on price points and neighborhoods. If you are a buyer or seller interested in Maui real estate, I welcome the chance to sit down with you for a free consultation. Contact Maui Realtor Michele Muir White today to discuss your Maui Real Estate needs. Michele Muir White R(S), ABR, Coldwell Banker Island Properties, Wailea 808.298.8448 firstname.lastname@example.org