May 2013 Sales Compared with May 2012 Sales
May 2012 May 2013
Homes 64 105
Condos 113 140
Land 16 18
There were a 105 homes sold in May 2013 with a median sales price of $540,000. By comparison to last May, there were 64 sales with a median sales price of $381,000. This is a 64% increase in activity and a 42% increase in median price when comparing this May to last year.
There were 140 condo sales for May of 2013 with a median sales price of $381,500. In May of 2012, there were 113 sales with a median price of $336,000. This is a 24% increase in sales volume and a 14% increase in median price compared to last year.
There were 18 land sales sales in May of 2013 with a median sales price of $305,000. In May 2012 land sales were 16 sales at a median of $330,000. This is a 13% increase in sales activity and a 9% decrease in median sales price.
Here are some other numbers that I believe are worth sharing.
May had the highest sales volume for single family homes since June, 2007.
The highest priced home sale in May was $9.9M for a stunning oceanfront Kapalua 6.5 acre estate.
This sale was one of 6 homes that sold over $2M in May, three of the sales were in Kapalua.
The highest priced condo sale was $4.3M for a Wailea Beach Villa.
This sale was 1 of 7 condo sales over $1.5M.
Our luxury market was very active with land 6 sales closing over $1M.
Sales activity in the higher end market is increasing our 2013 sales volume over 2012. Condo sales over $1M for the first five months of 2013 are up 66% over the first five months of 2012. Home sales over $1M for the first five months of 2013 are up 44% over the first five months of 2012. There were 16 bank owned properties (REO) that closed in May. During May 2012, there were 32 REOs sales. This is a 50% reduction in REO sales and continues a trend we have seen throughout the year. I have seen an uptick in REO filings at the Circuit Court. Time will tell regarding how many of these properties will actually come to market.
There were 22 short sale transactions that closed in May 2013. There were 18 short sales that closed in May of 2012. While the number of short sales was higher this May, they made up a smaller percentage of the overall sales numbers than they did in May of 2012.
May 2013 was a very strong month for sales overall with sales volume topping the May 2012 numbers in all three property categories. An increase in home medians is not an accurate reflection of a change in property values. Most properties on the island are seeing an increase in value. There are some neighborhoods and condominium complexes that are seeing particularly strong increases in prices. That being said, we are not seeing 42% price appreciation. The jump in medians is due to both price increases and a decrease in inventory at the lower price points. We have also seen some very low appraisals in certain areas such as Kula. Sellers still need to be realistic when pricing their properties.
Please contact Michele Muir White R(S), ABR, SFR, Maui Real Estate Guru, Coldwell Banker Island Properties (808) 298.8448; firstname.lastname@example.org for a free consultation and to discuss local market conditions. I look forward to hearing from you.