95 homes sold at a median price of $550k. Last August, 69 homes sold at a median price of $570k. This is a 38% increase in sales volume and a 4% decrease in median price.
99 condos sold at a median price of $355,000. In August of 2014, 94 condos sold at a median price of $402k. This is a 5% increase in volume and a 12% decrease in median price.
4 lots sold with a median price of $347,500. August 2014, there were 13 land sales with a median price of $440,000. This is a 69% drop in activity and a 21% decrease in median price.
Notable Numbers from the August Sales Activity
The highest priced single family home sale in August was $2,035,000 for 4 bedroom, 3.5 bath Haiku home situated on 2.29 acres with a 3,288 square foot residence. This was the only sale over $2m this month. It was a quiet a month for luxury home sales.
The highest priced condo to sell was a Montage at Kapalua Bay that sold for $4.6m. After a couple of slow months, the luxury condo market saw an upswing in sales. The Montage sale was one of 8 sales of a $1.5m or more. The other sales were 3 Honua Kai condos, 2 Makena Surf condos, and 2 Ho’olei condos.
The highest priced land transaction last month was $7.8M for a lot in the Maluaka Estates area of Makena Golf and Beach Club. This development continues to command premium prices considering that this lot is .65 acres and not oceanfront.
There were 8 bank owned sales and one short sale last month. Short sales are becoming an increasingly rare event.
Home sales continued to be strong thanks again to the talk of interest rate increases. This is bolstering sales compared to what we saw last year. There were 16 sales in the Waikapu Gardens Phase II affordable housing subdivision in Wailuku and will continue to bolster sales over the coming months. There are a total of 56 homes that will be sold, and 17 sales reported to date.
It was nice to see the 8 sales in the luxury condo market and they were a positive sign after months of reduced activitiy.
So what does all of this mean for Buyers and Sellers?
Buyers who require financing will likely be working diligently over the rest of the month as they try to get the last of the best interest rates possible. As a result, buyers should expect that well priced properties are going to be competitive. Multiple offers and over asking sales prices are a regular occurrence on well priced properties on the low end and the middle of the market. Sellers will find that a usually quiet fall sales season may be a busier time. Waiting for the high season to list may not be advisable depending on the type of property you are selling, the location and the price point. While market conditions are favorable for sellers, that shouldn’t be an invitation for sellers to overprice their properties. Overpriced homes are still sitting in this market.
I welcome your connections. Contact Michele Muir White R(S), ABR Coldwell Banker Island Properties 808.298.8448, firstname.lastname@example.org if you are buying or selling a property on Maui. It’s time to gain your piece of Paradise.