Maui Real Estate in August
According to official statistics released late last week by the Realtors Association of Maui (RAM), Maui County’s real estate market demonstrated indications of stabilization in August. The August 2016 median price of a single-family home peaked at $669,125, the highest for any month so far this year and nearly 22% higher than August 2015. The only time in the last 3 years that the median home price exceeded $669,125 was in January 2014 when it reached $695,000.
Ho’olei Villa 81-6 we sold in mid August
August makes it six months out of eight in which Maui County median single-family home prices rose above $600,000. Prices dipped slightly below $600,000 in the months of February ($595,000) and July ($599,000).
60 Ko’olau Road that we closed on the very 1st day in August
During the first eight months of 2016, the total of single-family homes sold this year, 721, is only one different from the first eight months of 2015; statistically speaking, there was no change. On the other hand, condominium sales volume was up 10 percent to 881 sold so far in 2016.
The amount of homes and condos on the market because of foreclosures and short sales continued to decline in August, a trend we have seen since at least 2012. Percentage of properties sold as foreclosures or short sales:
- August 2016: single-family, 10.6%; condos, 5.2%
- August 2015: single-family: 11.5 %; condos 7.2%
- August 2014: single-family: 14.7 %; condos, 8.3%
- August 2013: single-family, 23%; condos, 11.2%
- August 2012: single-family, 39.7%; condos, 28.4%
We represented the buyers on this beachfront property that also sold in August
The year to date, the median sales price for single-family homes is jumped 7% to $630,000; for condos, the median sales price increased 5% to $429,000.
In the residential market, more than half of all the year’s sales activity occurred in four major areas: Central Maui, 232 homes sold representing 32% of the homes sold countywide; Kihei, 110 homes, 15.3%; Kula-Ulupalakua-Kanaio, 53 homes, 7.4%; and Makawao-Olinda-Haliimaile, 51 homes, 7%.
The latest Hokulani Golf Villas we sold in mid August
The Kihei sales volume for single-family homes did quite well as it rose 10% in August. In terms of median sale price, it also increased 2% to $625,000.
For condo sales, Kihei continued to dominate in August. The South Maui region saw 299 units sold from January through August (off by two from 301 in 2015), but Kihei still made up nearly 34 percent of the 881 condos sold in Maui County since the beginning of the year. Kihei’s median condo sales prices were down 1 percent to $330,000.
To see the association’s full statistical report for August, go to www.RAMaui.com or the Maui News website to check out the full article.
Contact a Maui Real Estate Specialist
Please consider me to be your trusted Maui real estate and lifestyle adviser. 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. Don’t hesitate to call me for your any of your Maui real estate needs as I would be honored to assist you in your home search.
Aloha,Anthony Sayles R(S) 808-280-6532 Anthony@DanoSayles.com