95 homes sold in September with a median sales price of $570,000. Last September, 85 homes sold with a median price of $470,000. This calculates to approximately a 12% increase in volume and a 21% increase in median price while comparing this September to last September.
79 condos sold last month with a median price of $465,000. By comparison, in September 2013 121 condos sold with a median price of $345,000. This calculates to a 35% decrease in sales volume and a 35% increase in median price when comparing this year to last year.
There were 12 land sales this September with a median sales price of $520,000. Last September, there were 15 sales with a median price of $335,000. This is a 20% drop in volume and a 55% shift in median price when comparing this September to last September.
SOME INTERESTING NOTES:
While reviewing September’s numbers, I thought there were some interesting facts and figures that were worth sharing:
• The highest priced home that sold last month was actually a bank owned property. A six bed/seven bath luxury home in the One Palauea Bay Subdivision in Makena sold for $8.5m.
• That was one of six homes sold for over $2M last month. The other homes were located in Paia, Kula, Kihei, Kapalua and Lanai.
• The slow month for condo sales was reflected in the luxury condo market. There were no sales over $1.5m. The highest sale was for a two bedroom/two bath condo that sold at Honua Kai for $1,390,000.
• The highest priced land sale was a beachfront lot in Kaanapali. The .87 acre lot sold for $6.9m.
• There were 12 bank owned (REO) sales last month. That is up slightly over the 11 (REO) sales that were recorded in September of 2013.
• There were 6 successful short sale transactions completed in September. Last year, there were 26 short sales. With more sellers in improved equity positions on their properties, there will continue to be fewer short sale transactions.
What Buyers and Sellers Should Expect in the Current Maui Real Estate Market
While sales numbers are down slightly, the overall buying and selling experience on Maui has changed very little in the last twelve months. Scarce inventory makes for a competitive market for buyers. Buyers should do all that they can to be prepared to act quickly when well priced properties that fit their criteria hit the market. That means getting pre-approved for a loan prior to your search if you require financing. It also means being proactive and putting your best effort forward when submitting offers. Well priced properties are still generating multiple bids. Sellers who want to sell quickly will need to pay attention to recent comparable sales and current conditions within their neighborhood and community. Even with reduced inventories, overpriced properties are sitting with very little interest from the market. Both buyers and sellers should be aware that market conditions can vary significantly by neighborhood and price point. Michele Muir White welcomes the opportunity to sit down and discuss your real estate needs and the market conditions in communities that could be of interest to you. Remember, Home is Where Your Story Begins. Contact Michele Muir White R(S), ABR, Coldwell Banker Island Properties, 808.298.8448, firstname.lastname@example.org