Maui Real Estate Advisor
Market Overview August
Aug Sales Sales Prior Month % Change Sales Prior Year % Change
Homes 52 57 -9% 66 -21%
Condos 62 69 -10% 51 22%
Land 3 12 -75% 6 -50%
Aug Median Price Median Prior Month % Change Median Prior Year % Change
Homes 500,000 532,000 -6% 645,000 -22%
Condos 340,000 350,000 -3% 625,000 -46%
Land 999,990 322,500 210% 422,505 137%
Aug Current Inventory Inventory Last Month % change Months of available inventory
Homes 980 1,012 -3% 17.19
Condos 1,496 1,518 -1% 21.68
Prices fall, sales increase
Do you think there's a connection?
Maui condo prices fell back to earth in late summer. They tumbled back from the over achieving $500,000 + median in June to a mere $350,000 in July and $340,000 August. Unlike June, there wasn't much happening in the high end to help hold up the median this summer.
The lowest median so far this year was in April when it hit $327,000. The median has hit $350,000 twice and $345,000 once. So it seems pretty flat. Is this the bottom? We'll see.
The lower prices may be the reason for the boost in Maui condo sales. After the weak sales numbers in June, the summer offered some better results for sellers. July posted 69 sales with another 62 in August. Those are the second and third highest months this year and well above spring levels.
Seventeen of the 131 condos sold were bank owned with a median price of $150,000. Those served to pull the overall median down. Ten of the sales were short sales.
Short sales and REO's (bank owned) accounted for 21% of sales.
One of those short sales was a Hoolei unit listed for $3,675,000. It sold for $2,100,000.
Area Highlights
There were 55 condos sold in Kihei. That area accounted for 42% of all sales. The area got a boost by closings at the new development, Ke Alii Ocean Villas.
Kihei's wealthier neighbor, Wailea, had 9 sales. However, 6 of them were below $1 million.
The Central District Kahului/Wailuku, which usually has very few sales, had 18.
The west side (Lahaina, Kaanapali, Napili, Kapalua) shows 41 closings. That is bit misleading. The new sales manager at Honua Kai posted a number of sales that had previously closed to our MLS. It's good to have the information finally, but it skews the stats.
Aside from Honua Kai, there were 33 closings with a median price of $425,000. Only one was a short sale and one was bank owned.
Highs and Lows
Harbor Lights accounted for the 6 lowest priced condo sales including the rock bottom winner. The bank owned unit, listed for listed for $39,900, sold for $40,000.
The condo selling with the highest price was at the aforementioned Honua Kai. That went under contract in 2005, so we're not counting it for these purposes.
That takes us down to Wailea Beach Villas, where a nice ocean view 3 bedroom, 3 bath unit went for a cool $2,150,000.
Distressed Property on Maui
21% of the condos sold were either short sales or bank owned properties.
Of the 1,522 condos listed for sale, 175 are short sales and 27 are bank owned.
So, only 13% of the listings are distressed properties but they account for over 18% of the sales. What does that tell us?
If you would like to get a list of current distressed properties or if you would like to know a bit more about how short sales work, send us an email.
For the dream view that everyone wants to get in Maui it tough to beat Noelani 215 priced at $499,000. Both the living area and the bedroom face the lanai overlooking a great ocean view, just a few feet from the condo. It is a 1 bedroom, 1 bath unit. Get details from our website by searching for MLS 338499.
For oceanfront luxury it's hard to beat Puamana in Lahaina. In recent years, the oceanfront units there have peaked over $2 million and into the $3 million range. So, finding a 3 bedroom, 2 and a half bath for $1,775,000 can be someone's bargain. You can see it on the website. Search for 331788.
For more information send an email with your request to lee@alohapotts.com or, visit our website at www.alohapotts.com .
Come back for the report on Maui Home Sales Tomorrow
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