As we move into slightly cooler weather and the beginning of Fall months on Maui, we like to take a look at our real estate standings for the previous month and see what information we can use moving forward.
The average sales price for homes on Maui is up 15% so far this year compared with the same period in 2013. Condominiums are also seeing a great rise with the average sales price up 17%, although the number of condos sold has dropped by more than 14% compared to last year.
Market Listing Insights
For Maui real estate in September 2014, we have found that condo listings (732 active) greatly outweigh residential listings (494 active), while pending listings are pretty much the same across the board. We expect to see a rise in residential listings as new developments are built in popular areas of South Maui, most of which are expected to break ground in 2015.
In September, active residential listings had the shortest average of days on the market at 160, while pending residential listings had the longest at 195 days.
Market Price Insights
Looking across the board in all areas of Maui, we can see that Kapalua has, by a large margin, the highest average final sales prices for residential housing at $4,900,000, followed by the next closest of $3,087,500 in residential areas of South Maui’s Wailea and Makena. For the greatest real estate steals on Maui, condos in Kahului come out on top at an average final sales price of only $75,000, followed by condos in Lahaina for an average price of $360,000.
Broken down by square foot, the highest price for residential properties are once again in Kapalua at $1,137 per square foot. On the other end of the scale, the lowest prices for residential properties on Maui are $311 per square foot in Wailuku and, for those who don’t mind condo living in Central Maui, $95 per square foot in Kahului.
Area-Specific Market Insights
Looking at more data for September, we see that Kapalua had the longest days on the market for condo sales at 489, while Maalaea condos had an average of only 23 days on the market. What a difference! For residential properties, Spreckelsville homes had the lowest days on the market at 50, while Upcountry areas of Kula and Ulupalakua took the top spot with an average of 289 days.
Kihei, the second largest city on Maui, is clearly the winner when it comes to desired properties, with 31 condo sales and 14 residential sales in the month of September alone. Since this area is a popular choice for beach-goers with the convenience of a short drive to many of the island’s other attractions, it’s no wonder that it remains a popular location for property investment on Maui.
Mahalo for reading our September Market Insights, and stay tuned for more to come! Have questions about real estate on Maui? Contact us and we would love to help you in your quest for property in paradise.