July Maui Real Estate Sales Volumes and Medians
128 homes sold in July with a median price of $590,000. July 2014, 99 homes sold with a median price of $568,000. This is a 29% increase in sales volume and roughly a 4% increase in median price.
93 condos sold in July with a median sales price of $399,000. July 2014, 83 condos sold at a median price of $375,000. This represents a 12% increase in sales volume and a 6% increase in median price.
13 lots sold in July with a median sales price of $250,000. July 2014, 9 lots sold last July with a median sales price of $550,000. This is an increase in sales volume of 44% and a decrease in median price of 55%.
Other Notable Stats from the July Maui Real Estate Sales
128 homes sold in July and this was the highest total number of home sales in Maui since the downturn in 2008. The highest priced home that sold last month was a residential condominium in the Maluhia at Wailea subdivision. This Maluhia at Wailea home sold for $6.9M and is a 4 bedroom, 4 bath home with 5,121 square feet of living area. This Maluhia sale was one of 6 home sold over $2M mark. The other sales were two Wailea homes, two homes in Kaanapali and a home in Maui Meadows.
The highest priced condo that sold in July was located at the Wailea Beach Villas. This Wailea Beach Villa sold for $8.5M and is a three bedroom, three bath direct oceanfront unit. Only one other unit sold for more than $1.5 and this was a condo located at the Kaanapali Alii.
The highest priced land sale was $10.8M for a .47 acre lot in the Maluaka Subdivision of the Makena Golf and Beach Club. This is the first Makena Golf & Beach Club sale reported in the MLS.
There were 19 bank owned or REO transactions that closed in July. This compares to 11 bank owned sales in July 2014. There were 8 short sale transactions that closed in July. 7 short sales that closed July 2014.
Most noteworthy for July was a the number of single family home sales. July 2015 was the busiest month for home sales since the real estate market crashed in 2008. With rates expected to increase in the fall, it is probable that we will be seeing increased activity over the coming months.
The decrease in median sales price for land is notable and is not attributable to a decrease in values. Most likey it is as a consequence of buyers at the lower price points of the market purchasing lower priced vacant land with the inventory of lower land decreasing. The Makena Golf & Beach Club is poised to become the most high exclusive community on Maui, and this recent land sale is the most expensive cost per square foot sale of residential land in Maui's history.
The condo market bears a couple of noteworthy mentions. This is the second straight month where the 2015 sales exceeded the monthly sales for 2014. Things do looking promising for this trend to continue based on our pending sales.This is also the second month in a row where high end condo sales have been down. I will be keeping an eye on the luxury condo market.
Pending Sales in July
Pending home, condo and land sales all increased last month compared to July 2014.
Buyers and sellers should keep their pencils sharpened as properties priced at or below the median will find our Maui real estate market remains very competitive, and properties in this range sell quickly. All buyers should get preapproved by a local lender prior to searching if you require financing. Sellers should study the sales comps and price their properties well if they want to be competitive.Overpriced properties are sitting at almost all price points. Please contact Michele Muir White R(S). ABR. SFR, Coldwell Banker Island Properties 808.288.8448, michelewhite@hawaii.rr.com if you are interested in the Maui real estate market. I welcome the opportunity discuss your real estate needs with you. Aloha.
