103 homes sold in October with a median sales price of $585,000. Last October, 84 homes sold at a median price of $566,000. That is a 23% increase in sales volume and roughly a 3% change in median price.
102 condo sold for October with a median sales price of $391,450. Compared to October 2014, 95 condos sold at a median price of $419,000. That is a 7% increase in volume and a 7% decrease in median price.
There were 16 land sales in October with a median sales price of $375,000. Last October, there were 14 land sales at a median price of $467,500.
Other Numbers Worth Mentioning from the October Maui Real Estate Sales Activity
The highest priced home sold for $3,750,000. This was a residential home in the Wailea Golf Estates. It was a 4 bedroom, 4 bathroom home with 4,277 square feet of living space, located on the Wailea Blue Course, with unobstructed ocean views and a pool.
This Wailea Golf Estates sale was the only home to close for over $2M last month.
The highest priced condo to sell in October closed for $3,650,000. It was an oceanfront Kapalua Ironwoods condo, with 3 bedrooms, 4 bathrooms. This was one of 7 condo sales to close for over $1.5M. The other sales were 2 condos at Honua Kai, 2 at the Ritz Carlton Residences, a Wailea Point and a unit at Ho’olei.
The high land sale was at the Makena Golf and Beach Club. The .4399 acre parcel in the Maluaka Estates neighborhood sold for $8,500,000. This was one of three land sales over $1M. The other sales included a home site near Manele Bay, Lanai and a 131 acre parcel in Haiku.
Maui rental prices have gone up significantly over the last few years and some borrowers are finding that mortgages are equivalent to or in some cases better than monthly rents.
Buyers who are interested in entering this market place will find that they need to be well positioned to act quickly when good opportunities are listed. Homes under $600K will often attract bidding wars if they are well priced. It is not uncommon to see bidding wars on well priced homes at significantly higher price points. Sellers will find pretty favorable conditions when going to market. Over priced properties are still sitting even with stronger than usual fall buyer activity. There are also some parts of the market that are a little slower than others. Sellers should analyze market conditions specific to their type of property when determining listing price. Please contact Michele Muir White R(S), ABR, Coldwell Banker Island Properties (808) 298-8448, MicheleWhite@hawaii.rr.com if you are thinking of buying or selling a property on Maui. Michele welcomes the opportunity to discuss your real estate needs and talk about the market particular to properties you have in mind.