After analyzing Maui real estate statistics for May 2010, I’ve identified some important trends and key indicators that represent good news for the Maui real estate market. Allow me to share some of my market observations with you, in order to give you a better idea of what’s going on in the Maui market.
Home Sales for all of Maui
Last month, there were 81 single-family homes sold in Maui with an average sales price $442,000. In comparison to last year, there were only 60 single-family sales with an average sales price of 482,500. This means is that we’ve seen a roughly 35% increase in the number of total sales comparing the year-over-year statistics.
Luxury Maui Home Sales
For luxury single-family homes on Maui, the market has improved dramatically in 2010. There were 7 single-family home sales over $1.5 million within the month of May 2010. Furthermore, the two most expensive homes on the entire island have sold recently: 4472 Makena Road sold on 4/7/2010 for $19,850,000.00, and 4544 Makena Road sold on 5/28/2010 for $17,500,000.00. Both were Beachfront Homes in Makena. These two sales represent 2 out of the 3 highest sales in the history of Maui County.
Vacant Land sales on Maui
There were 16 vacant land sales on Maui in May 2010, with an average sales price of $560,000. In comparison to May of last year, there were only 8 vacant land sales, with an average sales price of $665,000. Even though the average sales price is down, this 100% increase in the number of total sales is a very positive sign that the market for raw land has bottomed out on Maui.
Maui Condo sales for May 2010
Condominium sales have also improved dramatically in Maui. In May 2010, there were a total of 104 condominiums sold on the island, with an average sales price of $457,000. In May of 2009, there were 52 condominium sales with an average sales price of $455,000. Just like vacant land sales on Maui, there was 100% percent increase in the number of total condominium sales. In my opinion, this type of sales activity is a great indication that the real estate market has officially bottomed out, and is steadily recovering.
Wailea Point condo sales are a key luxury condo market indicator
One area on Maui in particular that I would like to highlight is the famous Wailea Point. Five years ago, when the market was optimistic in 2005, there were a total of 9 closed transactions at Wailea Point with about $38,000,000 in total sales volume. In the next 4 years, sales in Wailea Point have declined steadily both in number of sales and total sales volume.
In 2006, there were 6 with about $28,000,000 in sales volume. In 2007, only 5 villas sold with approximately $21,000,000 in sales volume. In 2008 and 2009, the key declining period of the real estate market, there were only 4 units sold at Wailea Point totaling a meager $13,700,000.00 in sales volume over that two year period. Now for the good news! There have already been 5 closed transactions at Wailea Point in 2010 with a total sales volume of over $20,324,000. – including the third highest condominium sale recorded in the history of Maui (Unit #402 sold on 5/12/10 for $9,999,999.00). If the market activity continues recover in the luxury end of the spectrum, it’s a really positive sign that that the market in both Wailea and the greater Maui area has officially bottomed out!
Wailea real estate best buys in this improving market
Even though the market activity has picked up recently, there are still great buys in all sectors of the market place. I have selected 7 properties which I believe present exceptional values and are sure to sell quickly, to see them view my Wailea Condo Best Buys for June 9th.