There were 95 homes sold during October with a median price of $489,000. Last October, there were 74 homes sold at a median price of $482,500. This is a 28% increase in volume and a 1% increase in median price when comparing this October to last.
94 condos have sold during October with a median sales price of $482,500. By comparison, there were 77 condos sold with a median price of $351,495 in October 2011. This means we saw a 22% increase in sales volume and a 37% increase in median price compared to last October.
Land sales remained slow on island last month with only 7 sales reported with a median sales price of $345,000. This was slightly lower than October 2011 activity when 8 sales were reported at a median price of $465,000.
There were 16 bank owned properties sold last month. Most were single family homes. By comparison, there were 40 bank owned properties that closed in October of 2011. This is a 60% drop in bank owned transactions. Limited bank owned inventory means that we will continue to see fewer bank owned sales.
October was the busiest month for single family home sales during 2012 and it was the slowest month of the year for land sales. There were 25 short sale transactions that closed in October. There were 33 short sale transactions that closed last October.The highest sale for a home this month was $3,142,730 for a 5,126 sf home on 2.35 acres in the Kapalua Plantation Estates. This was one of 3 sales in Plantation Estates. This is considerable since there were only 19 sales in the subdivision since 2003.
Overall Luxury sales were slower this month. The three home sales over $2M was below the seven sales over $2M last October. There was only one sale of $1.5M in the luxury condo market. By comparison, there were five over $1.5M during October, 2011.
We saw slower activity for luxury home and condo sales this month. The lower luxury sales volume reflects the continuation of a trend in the Maui luxury property market over the course of 2012. For the year, there have been 35 homes sold over $2M. This compares to 44 sold last year over $2M for the same period. That is roughly a 20% dip in activity. For the Maui luxury condo market, there have been 31 condos sold year to date over $1.5M. This compares to 60 sold during the January through October 2011 period. This represents a 48% dip in activity. While the overall Maui market appears to be trending up, the luxury market is lagging. While there are still some luxury buyers willing to pay a premium, many are still seeking value above all else.
The decrease in bank owned inventory has been part of a general decrease in inventory.
Of the most notable numbers from the October stats is that home sales were higher than any other month of the year. While condo sales weren’t as notable, they still showed quite a spike over the September numbers. Inventory remains low. Well priced properties are seeing multiple offers. What does this all mean for buyers and sellers? Buyers are continuing to find good values, but constrained inventories among many property types require buyers to obtain pre loan approval. Buyers need to remain proactive so that they can submit offers quickly when the right property comes along. Get pre-approved before you start looking. It will determine your budget and give you a strong position when you submit an offer.
Sellers will need to closely analyze their property segment when determining current market prices. Sellers need to price well. Well priced properties are getting interest. Overpriced properties are languishing. Contact Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties (808) 298.8448, michelewhite@hawaii.rr.com if you need assistance buying or selling Maui real estate.
