There were 98 single family sold in July with a median price of $537,000. That is a 5% increase in sales volume and a 13% increase in median price since July 2013.
There were 82 condo sold in July with a median price of $387,500. That is a 27% drop in sales volume and an 8% increase in median prices since July 2013.
There were 9 land sales in July of 2014 with a median price of $425,000. By comparison, there were 13 sales reported in July of 2013.
Here are some other noteworthy numbers from the July Real Estate stats:
The highest sale was $8,050,000 for an estate on one acre across the street from the ocean in Makena.
This Makena sale was one of 6 homes that closed for over $2M. The other sales were in Kahana, Wailea, Launiupoko, Kihei and Kaanapali.
The highest condo sale was $4.8M for a 3 bedroom Montage Residences at Kapalua. Montage has taken over the management of the former Ritz Carlton Residences in Kapalua. Montage has put their own touches on what may well be the nicest condo on Maui. The combination of a great facility and Montage management has made for a compelling offering for luxury condo buyers.
The Montage sale was one of 4 condos sold for over $1.5M. There was another sale at Montage, a Kaanapali Ali’i and a Sugar Cove condo up in Spreckelsville that all closed.
There were 11 bank owned sales. That is up over the 7 bank owned sales in Jul 2013. We are continuing to see a modest uptick in bank owned activity with 19 new bank owned listings coming on the market in July.
There were 7 short sales completed last month compared to 20 in July 2013.
What Stood Out for Me?
For the second consecutive month, the condo sales volume was the most eye catching number of the statistics. For 3 months in a row we have seen sales volumes that are significantly lower than the same month last year. I believe that price increases and diminishing inventories at lower price points have helped slow the condo sales volumes.
The condo pending listings suggest we may be seeing an end of the recent condo sales slump. While land sales were off last month, it appears that we may see a bounce back in either the August or September sales with an increase in the number of pending properties compared to last year.
Maui continues its long term trend of sustained appreciation in real estate values. That said, the rate of appreciation and market conditions vary throughout the island based on both geography and price point. Entry level home buyers will find that they are searching in the most competitive part of the market. Well priced entry level homes in good condition are selling quickly and garnering multiple offers. Buyers in this segment should seek pre-approval from a lender if they are going to require financing. Buyers will need to move quickly if they identify a property that they like that will fit their needs. There are other higher priced pockets of the market where similar decisive action may be required by buyers. It all depends on the scarcity of inventory and demand in that particular market segment.
Buyers should work closely with a Realtor to get a better sense of the current market conditions relevant to their criteria. While conditions are favorable for sellers, sellers should look closely at competitive inventory and recent sales when developing a go to market price. As more sellers are coming on the market, rates of appreciation are slowing. That makes it easier to overprice a property. Please contact Michele Muir White, R(S), ABR, SFR, Coldwell Banker Island Properties, 808.298.8448, MicheleWhite@hawaii.rr.com for assistance buying or selling Maui property. I welcome the opportunity to discuss your Maui real estate options.
