Here is a re-cap of the Maui Real Estate market for November 2013.
There were 75 homes sold on Maui in November with a median sales price of $515,000. There were 84 homes sold in November of 2012 with a median sales price of $465,000. This is an 11% drop in sales volume and an 11% increase in median prices when comparing this November to last November.
There were 96 condo sold in November of 2013 with a median price of $350,000. There were 100 condos sold in November 2012 with a median sales price of $400,000. This means that our November sales activity was down 4% and our median price was 12.5% lower than last year.
There were 23 land sales totals in November with a median price of $547,371. There were 22 land sales with a median price of $455,000 in November 2012. This is a 4% increase in sales activity and a 19.4% increase in median price for this November compared to November of last year.
Some other numbers that are worth noting.
» The highest sales price for a single family home last month was $3.6M. A home across the street from Big Beach in Makena
» Four other homes sold for over $2M. These sales were in South Maui or West Maui (Kaanapali, Kihei, Launiupoko and Kapalua).
» The top condo sale last month was a $11,395,000 for a 4B/5 B Villa at the new Andaz Residences. This was of the first two sales of one of the 10 units available at the new Andaz Resort in Wailea. The other Andaz sale closed at $10,730,250.
» There were 9 condo sales over $1.5M in November. This month’s luxury sales included condos at Makena Surf, Wailea Beach Villas, Honua Kai, Kaanapali Ali’i, Kapalua Ridge and Hoolei.
» Of the 23 land sales, 7 were commercial lots. Of the 16 remaining lots, five were new developer offerings at the Peahi Hui Subdivision in Haiku
» There were 7 bank owned (REO) closes last month compared to 22 bank owned closes last November. REO sales continue to have a limited impact on the market compared to years past.
November sales were relatively strong this year, but not quite as strong as what we saw during a booming fall in 2012. The market has backed off from its hectic pace. This fall’s activity is more in line with what we customarily encounter in our market. Lower visitor numbers on island tend to result in fewer sales. We are on the cusp of the peak season for Maui real estate as we approach the holidays. Maui’s busiest season is from Christmas through mid April. Transactions typically take 30-60 days to close so that reflects our market lag time.
Serving all of your Maui Real Estate needs. Please contact Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties (808) 298-8448, e-mail: email@example.com for a free consultation and to discuss local market conditions. I look forward to hearing from you.