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Sales of Maui condominiums soared by 31 percent last month, while prices of both condos and single-family homes in Maui County increased by double digits in March, according to statistics from the Realtors Association of Maui.

There were 127 condo units sold on the island of Maui alone last month, compared to 101 units sold in Maui County, including 97 on Maui, three on Lanai and one on Molokai. Condo sales for the county as a whole increased by 26 percent.

The median price of condo in Maui County was $420,000, a 12 percent increase from $375,000 in March 2013.

The median price for a single-family home in Maui County in March rose 17 percent to $596,000, from $509,500 during the same month last year.

As you can see, more homes, condos and parcels of land went under contract in February of 2014 as compared to February 2013. It will be interesting to see how the trends develop over an extended period of time. If we are going to meet or exceed last year’s sales totals, it will be due in part to stronger activity at higher price points. Limited data shows that the high end market is doing pretty well. There appears to be a connection between increased luxury sales and a bull stock market.

So you may be asking yourself what does all of this mean for buyers or sellers interested in Maui’s real estate market? Market conditions vary widely depending on the community, neighborhood and price range. The abundance or scarcity of inventory in any one area will have an effect on pricing and rates of appreciation. I welcome the opportunity to discuss the market that may fit your investment criteria. Please contact me for a free market consultation.  Mahalo nui loa.  Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, Wailea.  808.298.8448, email: michelewhite@hawaii.rr.com

Winter in Maui is always a blissful time of year.  We have an abundance of whales, good surf, and rain to make our plants green and fill our reservoirs.

There were 60 home sales in February with a median sales price of $560,000. Last February, there were 66 home sales with a median price of $537,500. That is roughly a 9% drop in sales activity and a 4% increase in median price.

86 condo sales closed with a median sales price of $345,000. Last February of 2013, there were condo sales totaled 101 units with a median price of $360,000. That is a 15% reduction in volume and roughly a 4% reduction in median sales price.

11 land sales reported last month with a median price of $400,000. Last February, there were 14 land sales with a median price of $502,500. That is a roughly 21% drop in sales volume and a 20% drop in median.

It is worth mentioning that the decrease in median for both land and condos is a reflection of the distribution of sales rather than any decrease in property values. The decrease in condo medians may have something to do with heavy sales activity for entry level condos zoned for owner occupants and long term rentals. This is one segment of the market that has seen some of the strongest appreciation during the market recovery.

Some other compelling numbers worth mentioning are:

The highest priced home sale for the month of February was an oceanfront estate in Spreckelsville that sold for $8.25M. It had 3.42 acres, a luxurious home and beautiful pool area. Coldwell Banker Island Properties represented the buyer in this transaction.
There were 3 other home sales over $2M in February, Wailea, Ka’anapali and Lahaina.
The highest priced condo sale was $3,850,000 for a front row 2 bedroom, 2 bath condo at Wailea Elua. This was a new all time high sales price for Wailea Elua.
There were three other February condo sales over $1.5M. There was another Elua sale, Kai Malu and Ho’olei.
The highest land sale last month was $895k for a 5.45 acre lot in Ka’anapali Coffee Farms.
There were 8 REO or bank owned sales in February. This is down slightly from the 10 bank owned sales last year. It is noteworthy that a couple of the REO sales were higher priced transactions. There was a partially finished home in the Honolua Ridge subdivision of Kapalua that sold for $1.7M. There was also Kapalua Bay Villa that sold for $1,250,000.
There were 8 short sale closings which is down from the 15 that closed in February 2013. Rising prices and the end of short sale tax relief means that we will probably to less short sales on Maui.

Looking at the March numbers, it is very clear that we are seeing  a decrease in sales volume. At the end of 2013 also saw less activity than the end of 2012. It is hard to give an exact reason why the market is slowing down. My reasoning is that it is due to our shrinking inventory rising of  prices. The lower priced home inventory has been shrinking over the last 6-12 months giving fewer options to buyers. Sellers have been holding out for higher prices well above recent comparable sales and this pay turn off some hesitant buyers.

What does all of the above mean for buyers or sellers interested in entering the Maui real estate market? Market conditions vary pretty widely depending on the community, neighborhood and price range. The abundance or scarcity of inventory in any one area is bound to have a big impact on pricing and rates of appreciation. I welcome the opportunity to discuss our market with you, please contact me today for a free consultation.   Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, 808.298.8448, michelewhite@hawaii.rr.com

64 homes sold in Maui County during the first month of 2014 with a median sales price of $691,500. Last January, there were 63 homes sold with a median price of $550,000. This is a less than 2% increase in sales activity and a 26% increase in median price when comparing this January to January 2013.

92 condos sold in January of 2014 with a median price of $431,000. In the first month of 2013, there were 63 sales at a median price of $297,000. This means a 46% increase in sales activity and a 45% increase in median prices over last January.

13 land sales in January 2014 at a median price of $370,000. In January 2013, there were 7 sales with a median price of $675,000. This is an 86% increase in activity and a 45% decrease in median. With the smaller sample sizes, the difference in sales and medians can be more dramatic.

Some other market notations:
• The highest priced home sale for January was $9.3M for a 4,000 square foot oceanfront home at Makena Place.
• This was one of 11 homes sold over $2M in January. January 2014 was a very strong month for ultra luxury purchases. For context, there were only two sales in that price range in January 2013. The properties represented a geographically diverse group of homes sold with closings in Spreckelsville, Pukalani, Lanai, Ka’anapali, Wailea, Kihei and Makena.
• The highest condo sale last month was $2.6M for a three bedroom unit at Hoolei in Wailea.
• The Ho’olei sale was one of 7 condo transactions that sold for over $1.5M. There were also high dollar transactions at Honua Kai, Ka’anapali Ali’i, Puamana and the Terraces at Manele on Lanai.
• There continues to be pretty extensive luxury sales activity on Lanai.
• The high land sale in January was $4,587,999 for 3,455 acres of land in Hana. This is all of the Hana Ranch land on the Mauka or Mountain side of Hana Highway. This was a complex transaction.
• Bio-Logical Capital was the entity that purchased the Hana Ranch. They plan to keep the land in agriculture and conservation with the hope of boosting the agricultural productivity.
• There were only 4 bank owned (REO) sales that closed last month. There were 6 REO sales in January of 2013. At this point, bank owned properties are having a very limited impact on the Maui market.
• There were 10 short sale transactions completed in January. Last January, there were 14 short sale transactions.

You will note that there is the high monthly median sales price for homes. To be clear, the drastic increase in medians is not a just a reflection of the increase in home values. It is safe to say that there were price increases around the island, but that wasn’t the only factor that drove up the median. Distribution of sales plays just as big if not an even bigger role than price increases when it comes to changing median sales prices. That brings us to the other number that really stood out this month in the stats. The 11 homes sold over $2M was significant. When 17% of the homes sold in a month are over $2M, that is going to push up your median sales price. We can attribute a good portion of this high end market activity to a very strong year for the stock market. There were high net worth buyers who cashed in on their stock returns and made discretionary purchases of Maui luxury properties.

January is typically a slower month for sales to be reported. That is because November and at least the first couple of weeks of December typically see fewer properties to go under contract.. While January may not bring a ton of sales, this is one of the three to four months of the year that constitute our peak buyer’s season.

For buyers considering entering the Maui Real Estate market, the analysis above looks at the market in broad brush strokes. Sales activity and pricing momentum varies around the island by community and price point.

I welcome your inquiries and am happy to give you a free market analysis of property you may be considering selling our buying. Aloha, Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, Wailea. 808.298.8448. Email: michelewhite@hawaii.rr.com

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: michelewhite@hawaii.rr.com for a free consultation and to discuss local market conditions. I look forward to hearing from you.

85 single family home have sold during the month of September with a median sales price of $470,000. During September of 2012, there were 77 sales with a median sales price of $425,000. This is a 10% increase in sales volume and an 11% increase in median when comparing this September to last September.

There were 114 condo sales for the month of September. The median sales price was $350,000. This compares to only 67 sales last year with a median price of $325,000. This is a very impressive 70% increase in sales activity and an 8% increase in median when comparing the two Septembers.

There 15 land sales with a median sales price of $350,000. There were 11 land sales last September with a median price of $238,000. This is a 36% increase in volume and a 47% increase in median price when comparing this September to last September.

Here are a  were a few other numbers that are worth mentioning:

The highest priced single family home sale was $1,940,000 for a residential condo in Launiupoko (just south of Lahaina). The Launiupoko subdivision has shown strong home and land sales over the last 18 months.
The highest condo sale was $3,469,600 for a luxury 3 bedroom condo at Honua Kai.
There were eight condo sales over $1.5M as the luxury condo market continues it’s strength.  Five of the eight luxury condo closes were at the Honua Kai Resort in West Maui.
There were 11 REO or bank owned sales. REO activity remains low compared to what we were seeing a few years ago.
There were 24 short sales. Short sale closings have remained fairly steady.

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: michelewhite@hawaii.rr.com

79 home sales sold in August with a median price of $585,000. In August of 2012, 77 homes sold. The median for August 2012 was $509,000. That is approximately a 3% difference in sales volume and a 15% difference in median value when comparing this August to last.

There were 108 condo sales in August with a median price of $415,000. Last August, there were 98 condo sales with a median price of $342,450. That is a 10% increase in sales volume and a 21% increase in median value.

There were 25 land sales with a median price of $350,000. There were 12 sales last August with a median of $350,000. This is a 208% increase in activity.

The highest sales price for a home was $6.3m for a 4 bedroom, 6 bath home in Wailea Golf Estates. This was 1 of 5 total home sales this month over $2m. The highest priced condo sale was $3.5m for a 2 bedroom, 2 bath front row Kaanapli Ali’i. This was 1 of 3 condo sales over $1.5m.
There were 16 total REO (bank owned) sales in August. That is a slightly up from what saw in July and June, 2013. Bank owned inventories remain low from what we experienced a few years ago.

My advice to buyers is to get pre-approved for your loan, take some time to identify ahead of time before you start submitting office which areas, complexes or subdivisions best fit your investment criteria.  As we have limited inventory, well priced properties move into escrow quickly and you will be left wondering why you were not more well prepared.

For sellers, do all you can to prepare your property for sale before you list your property.  Fix items that need attention,  apply a fresh coat of paint, take a hard look at recent sales figures and list your property accordingly.  Pay attention to the first impression your home or property makes when a potential buyer first visits your property and make any adjustments accordingly.

Should you wish to connect with a realtor who is compassionate and committed to you, please contact Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties (808) 298-8448, e-mail: michelewhite@hawaii.rr.com