59 homes sold on Maui in February with a median price of $567,250. This is the same exact number of homes sold as last February. The February 2014 median was $550,000. Thisis a 3% increase in median prices comparing this February to the same month last year.
92 condos sold last month with a median price of $477,500. In February of 2014, there were 88 condos sold at a median price of $345,000. This is just under a 5% increase in sales activity and a 38% increase in median price.
14 lots sold in Maui County during February with a median sales price $490,000. Last February, the total was 12 lots sold at a median price of $447,500. This roughly a 17% increase in activity and a 9% increase in median price.
Numbers Worth Mentioning from the February Maui Real Estate Sales Stats:
While reviewing the sales volumes and median prices, here are some notable numbers from the February Maui Real Estate sales that are worth sharing:
The highest priced home to sell was located in the Kaanapali Coffee Farms. The home is 4 bedrooms, 4 baths, and 3,599 square feet of living space, with a pool situated on 5.58 acres. The home sold for $3,050,000.00.
This was one of 3 homes that sold for over $2M in February. The other two homes that closed were also located in Kaanapali with one home closing in the Summit for – $2,300,000.00 and another in Kaanapali Golf Estates for – $2,999,000.00.
The highest priced condo sale last month was a 3 bed, 3.5 bath condo at the Montage Residences on Kapalua Bay, which sold for $4.6M. An Andaz, Wailea condo sold for $4.380,000.00 and a Honua Kai, Kaanapali condo sold for $3,789,000.00. These were 3 of 10 condos sold for more than $1.5M.
There were 13 bank foreclosure sales. This compares with 8 banked owned sales in February 2014. There were 3 short sales last month compared with 8 short sales that closed in February of 2014.
Even though February wasn’t our busiest month for sales, it was positive factor to see that homes, condos and land sales volumes outperformed last February’s sales prices.
Our luxury property market saw another strong month of condo sales in February. Buyers have a good selection of inventory to choose from with a variety of high end resales on the market and new developer units still available at places like Montage Kapalua, the Residences at Andaz and Honua Kai. The luxury home market has seen a slower start to 2015 with sales over $2M down compared to the same period of 2014. There is also a good inventory for buyers searching in this price range so you can’t chalk up the reduction of activity to limited supply. It will be interesting to see if sales activity picks up for luxury homes during the rest of the year.
Sales activity for bank owned properties was stronger than February of last year, but the impact of bank owned properties on the market remains limited. Rather than dragging down prices with below market sales prices, most banks are pricing properties high with the hope of achieving maximum value for their assets. This means many banks are having to make one or more price reduction before they actually find the market. Buyers searching for bank owned bargains may be disappointed with the selection of properties available.
What Does it All Mean for Buyers and Sellers?
Buyers and sellers will find that market conditions have changed little over the better part of 18 months. The Maui Real Estate market is continuing to experience modest price appreciation with limited inventory at and below the median price points of the market. As you select in different communities and neighborhoods, you will find a little more variability in conditions. Depth of inventory and buyer demand may vary. Buyers will find that well priced properties regardless of location or price point can go very quickly and may attract multiple offers. Buyers should be pre-approved if they require financing on their purchase so they can put their best foot forward with sellers. Sellers need to look closely at recent sales activity when determining go to market pricing for their property. Over priced properties are sitting even if that part of the market may have more limited inventory. Looking forward to hearing from you with you Maui Real Estate questions, or if you are interested in buying or selling Maui property. I welcome the opportunity to arrange a free real estate consultation. Michele Muir White R(S), ABR, Coldwell Banker, Maui Real Estate Guru 808.298.8448 michelewhite@hawaii.rr.com
