Here is my recap of the June 2015 Sales Stats:
99 homes sold last month with a median price of $650,000. This compares to 93 homes sold at a median price of $530,000 in June 2014. There was a 6% increase in volume and 23% increase in median price when comparing this June to June 2014.
98 condos sold with a median price of $528,184. This compares to 94 condos sold with a median price of $444,500. This is a 4% increase in sales volume and 19% increase in the median.
13 parcels of land sold in June with a median sales price of $395,000. This compares to 18 lots sold with a median sales price of $545,500. This is a 28% decrease in sales volume and a 28% decrease in median price.
The change in medians above are not a direct reflection of the change in property values. The increase in median in sales price for homes and condos is influenced in large part to the decrease in inventory on the low end of the market and an increase in activity at higher price points in the market.
The highest price home to sell last month was 102 Honolua Place, Kapalua, which is a 4 bedroom, 5.5 bath home in the Plantation Estates. The home has over 6,500 square feet of living space on 2.8 acres of land overlooking Honolua Bay. June was a strong month for luxury home sales. There were 12 sales over $2M.
The highest priced condo sale was $3M for a 3 bedroom, 3.5 bath three and a half bath condo at Ho’olei. This particular unit was a top row condo with superior views.
There were 13 bank owned or REO sales. In June of 2014, there were 13 REO sales.
There were 8 short sale transaction. In June 2014, there were 13 short sales.
June was a good month for pending sales with homes, condos and land all performing better than June 2014. The condo pending numbers were somewhat striking as condo sales for the first half of the year have lagged behind what we saw in 2014.
Our June sales numbers suggest that market conditions have been fairly consistent throughout 2015. Buyers will find that the lower price points of the market have limited inventory and well priced properties can be particularly competitive. As you move to higher priced inventory there are more properties to choose from. That said, well priced properties can still go quickly. Sellers will find that market conditions vary depending on location, price point and neighborhood levels. Well priced and well cared for homes are generally selling fairly quickly. Should you wish to to sell quickly, review the comps in your neighborhood. Contact Michele Muir White R(S), ABR, Coldwell Banker Island Properties 808.298.8448 if you have questions or if you are interested in buying or selling property on Maui. Michele welcomes the opportunity to discuss your needs.