April Maui Real Estate Market Report
Our Kula listing, 83 Kulalni with various rental options
Maui County’s month of April was a fantastic way to start off the 2nd quarter of 2016.
According to statistics released Monday by the Realtors Association of Maui, sales of single-family homes rose 13.8% to 99 for the month; while at the same time last year, 87 homes were sold in April. Over the course of the year, the median sales price increase 17% to $680,000. Since January 2011, April 2016’s median sales price stands as the second highest median sales price since January 2011.
Median home prices in 2015 were not quite as high as 2016’s median home price has been. In 2015, only three months finished with median home prices in excess of $600,000: March-$632,626; May-$607,098; and June-$650,000. Compared to 2016, where median home sale prices exceed $600,000 three of four times: January-$630,000; March-$610,750; and April-$680,000.
Our tropical and lush Haiku listing 60 Koolau Road, 10 minutes from Jaws
A majority of April’s single family home sold were clustered around the Central Maui homes for sale area, where 25 properties sold. However, the region’s sales numbers were down 36% from 39 homes sold last year. Although sales volume was down, median home prices rose 7.5% to $532,000.
Kihei home for sale is always a market that consistently produces and in April 2016 it had 17 homes exchange hands and it doubled the amount of homes sold last year in April. Kihei median sold price increased 24.7% to $639,000.
The association also reported condominium sales also increased by 19% compared to last year, finishing with 125 condos sold in the month of April.
Kihei led the way in condo sales with more than a third of all condos sales in April with 41, one less than last year. The median sales price decreased 9.5% to $309,500. Some Kihei condos for sale can be rented as short term vacation rentals and can represent a viable investment option.
Our prized Ho’olei 23-1 listing valued at $3,200,000
The Napili-Kahana-Honokowai came in second and is also another popular region for condos because some complexes can also be rented as short term vacation rentals. Last month in April, 23 units were sold and that figure represents a 50% increase in sales compared to a year earlier. The median price for a condo in the area was $440,000 and costed buyers a 14% increase since the same time last year.
Maui Real Estate Market In General
In April, there was a total of 735 homes available for sale as there were 6% more homes available than at the same time last year. As for the condo market, an inventory of 1102 condos were up for grabs, 13.6% higher than last year’s inventory.
Nowadays, the foreclosed market isn’t what it once was. Over the last year, about 12% of the homes sold were bank owned or short sales. While for condos, 6% of the condos were foreclosed and short sales.
The highest priced homes sold in April fell in the Wailea-Makena homes for sale region and commanded a median sold price of $3.12 million, the five home sold averaged out to be 115% pricier than homes sold in the same time frame last year. As expected, the next priciest region would be Maui’s other resort area of Kapalua homes for sale. The six homes sold equaled a median price of $2,530,000. To no surprise, Molokai and Lanai lead the way in the lowest median prices at $482,000 and $510,000.
Central Maui median prices rose slightly at 6% to $530,000. While in Kihei, median prices dropped 3% to reflect $615,000 throughout the first four months of the year.
Across the condo market, 416 units were sold through April, 2% higher than the same time period last year.
The resort areas again led the way with Kaanapli condos for sale showing a median sold price of $1.2 million with 45 units sold. Wailea-Makena median sales price came in at $1.15 million where 33 units were sold.The lowest priced units were: Molokai-$165,000; Spreckelsville-Paia-Kuau-$290,000; Central Maui and Maalaea-$325,000; and Kihei-$338,000.
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Ho’olei villas, we are also currently the in house “Sayles” team at Ho’olei Grand Wailea
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.
Aloha,Anthony Sayles R(S) 808-280-6532 Anthony@DanoSayles.com