73 homes sold in January with a median price of $630,000. Last January, 75 homes sold with a median price of $577,000. This is a 3% drop in volume and a 9% increase in the median price.
82 condos sold last month with a median price of $397,500. Last year in January, 83 condos sold with a median price of $378,000. This is just over a 1% decrease in volume and a 5% increase in the median price.
5 sales closed with a median of $850,000. Last year, there were 11 sales with a median price of $750,000. This is a 55% drop in volume and a 13% increase in median price.
Some noteworthy numbers from our January 2016 sales:
The highest priced home to sell in January sold for $3,975,000, and was an oceanfront property in the Baby Beach neighborhood in Lahaina.
The highest priced condo closed at $3,300,000. It was a 3 Bedroom, 3.5 Bath top row unit at Ho’olei, which was well situated in the complex, and was one of 4 condo sales for over $1.5M. The other sales were 2 Polo Beach condos and 1 Honua Kai condo.
The highest priced land transaction for the month closed for $865,000, and was a 1.42 acre CPR’d parcel in Launiupoko with the entitlements to build the main house.
There were 9 bank owned sales in January. There were 9 bank owned sales in January 2015. Just one short sale closed in January. There were 6 short sales that closed in January 2015.
January 2015 and January 2016 Pending Sales Comparison
The number of homes that went pending in January was up 8% compared to January of 2015. The number of condos that were pending went down 8% compared to last year. Land was also down 26% compared to last year.
Certain segments of Maui’s real estate market are very active while other segments have more inventory than demand. Contact Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, Maui Real Estate Guru 808.298.8448, MicheleWhite@hawaii.rr.com if you are considering buying or selling Maui real estate. Michele welcomes the opportunity to dicuss our particular requirements.