74 homes sold in January with a median price of $576k. Compared to January of 2014, 64 homes sold with a median price of $691,500. This a 16% increase in volume and a 17% decrease in median price.
83 condos sold at a median price $378k . Last January, there were 94 condo sales at a median price of $441,000. This is a 12% drop in activity and a 14% drop in median price.
11 land sales closed in January with a median price of $700k. There were 13 sales last January with a median price of $370k. This is a 15% drop in activity and an 89% increase in median price.
The highest priced home sold in January was $3.5m for a residential condo in the Launiupoko subdivision (Lahaina). This luxury home had 3,675 square feet, 8.5 acres of land, big views, and a pool. This sale was one of three homes that sold over $2m.
The highest priced condo sale was a 3B.3.5 bath condo at the Wailea Beach Villas. It was 2,889 square feet and sold for $3.8m. This was one of four condos that sold for over $1.5m. The condos included Honua Kai, Wailea Ekahi and beautiful oceanfront Sugar Cove in Spreckelsville.
The highest land parcel sale was $2.5m for 133 acres located off of Baldwin Avenue in between Paia & Makawao.. It was an ocean view parcel that has the potential for further subdivision. There were a couple other land sales over $1m, in Pukalani and Launiupoko .
There were 9 REO or bank owned transactions that closed in January. This is up from the 4 bank owned transactions in January of 2014.
There were 6 short sale transactions that were completed successfully in January. This is down from the 10 short sales in January of 2014.
As you will recall, the December sales stats showed that our condo activity made a comeback after seeing six consecutive months of lower sales than the year prior. There are some positive signs as the January pending sales will show below, but there are also some headwinds in place. Canadians have been active condo buyers for many years, but the weaker Canadian dollar may put a damper on the number of condo buyers from Canada.
The number of luxury property sales also seems to be low for January. The three homes sold for over $2m are down from the eight sold in January 2014. The four condo sales over $1.5m are down from the seven sales last January. With a couple of luxury developments coming to market in Wailea & Makena area this year, we may be seeing some buyers waiting to buy.
The lower number of high end sales in January is likely one of the drivers for the decrease in median price compared to last year. This is a good reminder that changes in median price are not exclusively a reflection of changes in property values. Home and condo prices have continued to rise despite lower medians. Land prices are also rising but nowhere close to the 89% change in median.
What should Buyers and Sellers do to stay current in Maui’s current real estate market? Sellers should competitively price their properties to sell as well priced properties are selling when they come to market and the inventory remains low in certain residential markets. Buyers should be pre-qualified as well priced properties are getting multiple offers.
Michele Muir White R(S), ABR welcomes the opportunity to meet with buyers and sellers to discuss our market conditions as they relate to your real estate pursuits. Telephone or Text / 808.298.8448, email: michelewhite@hawaii.rr.com
