Here are final numbers for 2012.
82 homes sold in December with a median sales price of $511,750. In comparison to December 2011 , 79 homes sold at a median sales price of $411,000. This calculates to approximately a 4% increase in volume and a 25% increase in median values between this December and last December. It is so nice to see this uptick in our market.
140 condos sold in December with a median sales price of $377,950. In comparison to December 2011, 89 condos sold with a median price of $304,000. This is a 57% bump in sales volume and a 24% increase in median prices.
There were 26 total land sales for December with a median sales price of $315,000. In comparison to December 2011, there were 9 sales with a median sales price of $375,000. This is a 288% increase in sales activity and an 16% decrease in median values.
Some other interesting factors to note:
There were 20 bank owned sales last month.This is a 66% drop in bank owned activity compared to December 2011.
There were 22 short sale transactions that closed. This compares to 21 short sales in December of 2011.
The highest sales price for a residential property was $23M for an exquisite oceanfront estate on Keawakapu Beach in Wailea. Historically, this is the second highest sales price for a residential property on Maui ever!!! There were a total of four luxury homes that sold over $2M. In December of 2011, there were six homes sold over $2M. 5 luxury condos sold over $1.5M last month. December 2011, there was only one luxury condo that sold for over $1.5M. Land sales volume had the highest single month total since 2007. Condo sales volume was the second highest monthly volume since 2006
Land sales have been cold since 2007. This change occurred within the last two months. After reporting 22 sales in November, there were 26 sales reported this month. With shrinking home inventories, we are seeing home buyers expanding their horizons to include land. It will be interesting to see if this level of heightened sales activity will be sustained.
The condo market has experienced sales volumes that we have not seen since the peak of the market. The biggest factor in the rise in median prices are changes to the inventory. 2011 had inventories at the lower and middle parts of the market. The inventory has changed significantly during 2012. We saw fewer sales at the low end of the market combined with more activity in the middle and higher prices means higher median sales prices.
With our busy winter buying season officially here, what does all this mean for you (Maui’s buyers and sellers)? For buyers, many segments of Maui’s markets are proving to be competitive. With limited inventory in many different parts of the island, the conditions are in place for multiple offers and above asking sales prices when well priced properties come on the market. Buyers who require financing for their purchases should take the time to become pre-approved for their mortgage prior to looking at properties. While inventory is limited in many parts of the market, sellers can’t be complacent. Deferred maintenance must be addressed. During this fast paced time, it is imperative for you to have professional and responsive representation. Looking forward to your contacting me, Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, Wailea (808) 298.8448 (email@example.com) with all of your Maui Real Estate needs. Your piece of Paradise awaits you.