Whew! November sure flew by and Thanksgiving is a fond memory. Imu turykey courtesy of Pukalani Nazarene Church. We will particpate again in 2015. Feels good to help feed Maui’s hungry. As we head into our high season, let’s review the month of November, 2014.
73 single family homes sold in Maui at median sales price of $590k. Last November, 75 homes sold with a median price of $55k. This reflects a 3% drop in sales activity and a 15% increase in the median sales price.
67 condos sold at a median price of $372k. Compared with November of 2013, 96 condos sold at a median price of $350k. This is a 30% decrease in sales volume and a 6.4% increase in median sales price when comparing this year to 2013.
There were 10 land sales at a median sales price of $411k.. Last November, there were 23 sales with a median price of $547k.. This is a 54% drop in sales activity and a 25% drop in median price comparing this to November 2013.
The highest priced single family home sale was $2,350,000 for a 5,529 sf home with a pool on 2 acres in Wailuku Country Estates. This was 1 of 3 home sales over $2M. There was a second Wailuku Country Estates sale and a Maunaolu sale. Maunaolu is located below Makawao and above Paia.
The highested condo sale was a Montage Residences @ Kapalua Bay, which closed for $4,750,000. Montage @ Kapalua has generated 80% of the luxury condo sales over $4M. There were 5 other luxury condos that closed over $1.5M.
The 67 condo sales this month represented the lowest sales total of the year and the second lowest total in the last two years.
The highest land sale was at One Palauea Bay in Makena. A 1.089 acre lot sold for $3.5M.
There were 12 bank owned sales compared to 7 bank owned sales last November. There were 4 short sales compared to 13 last year. This is a continued trend of a slight increase in bank owned sales compared to last year, while short sales continue to decrease.
Condo and land sales are down substantially this November. The condo drop in sales appears to be directly related to a reduction in the inventory at the entry levels. Buyers should continue be pre-approved before looking at homes and prepared to act quickly when the right property becomes available. Sellers should monitor and assess the current market conditions when pricing their properties for sale. Overpriced properties linger in this market.
Please contact Michele Muir White R(S), ABR. Coldwell Banker Island Properties 808.298.8448, firstname.lastname@example.org for a free consultation. Michele welcomes the opportunity to discuss your real estate needs and discuss Maui’s current real estate market.