There were 91 homes sold in July with a median price of $475,000. Last July, there were 76 sales with a median price of $488,000. This is a 28% increase in activity and a 3% drop in median pricing.
There were 106 condo sales with a median price of $375,000. In July of 2012, there 82 sales with a median price of $332,000. This is a 29% uptick in sales volume and a 13% increase in median price when you compare this July to last July.
There were 13 land sales with a median price of $425,000. Last July, there were 12 sales with a median price of $422,500. This is roughly an 8% incrase in volume with less than a percentage point increase in median price when you compare this July to last July.
Here are some other noteworthy numbers I noted while compiling the totals on sales volume and medians.
• The highest priced condo sale last month was $5M for a stunning three bedroom/three bath condo at Wailea Point.
• The high sales price for a single family home last month was $4,233,000 for a residential condo with 5,863 square feet of living space on 45 acres in Launiupoko.
• The Launiupoko close was one of three home sales on island over $2,000,000. It is worth noting, that there has been one fewer home sale over $2,000,000 through the first seven months of this year than there were over the first seven months of 2012.
• The Wailea Point sale was one of eight condos sold for over $1,500,000. The number of condos sold over $1.5M through the first seven months of the year is up 62% over the same period last year.
• There was one luxury land closing of $5M for an oceanfront lot in Makena.
• While there was only one more land sale this year compared to July of 2012, it is worth noting that two of the July 2012 transactions were commercial purchases. All of the July 2013 land closes were residential land.
• There were only 4 bank owned (REO) transactions that closed in July. They were all residential homes. While REO condo sales have been dwindling, this is the first time since at least 2009 when we have had no REO condo transactions.
July was a strong month of closed transactions. The market is continuing to recover from an increase in escrows in May & June as interest rates started to rise. While we have seen a slight decrease in the number of properties going under contract over the last month or so, we won’t really start to see a slow down in sales until August or September.
Please contact Michele Muir White R(S), ABR, SFR Maui Real Estate Guru, Coldwell Banker Island Properties for all of your Maui real estate needs. Telephone: 808.398.8448, e-mail: michelewhite@hawaii.rr.com
