Condominium sales on Maui hit a five-year high in February, which is a great sign for the Wailea Real Estate market.  According to the Realtor’s Association of Maui, there were 100 condos sold last month as opposed to only 62 in the month of January.

Honua Kai Villa 151 was the most expensive condo to sell on Maui this YTD, which closed on Jan 7th for $3.5M.

While there are still over 100 Wailea Condos For Sale on the market today, the overall inventory is shrinking at a rapid rate.  The sales in February 2013 were the best for this month over the last five years, topping the 98 sales recorded in 2011.

The infinity edge pool at Kai Malu Wailea is one of the most impressive in the entire Wailea Resort

There have already been 5 closings at Kai Malu Wailea this year to date, with an average sales price of about $1.2M.  There have also been 6 sales at the Palms at Wailea with an average sales price of about $686K.  For South Maui Real Estate, the city of Kihei led the way by far with 35 total sales. This was 10 more than in January 2012, and one less than in February.  The average sales price was about $340K, which was a 43 % increase year over year.  Wow!

Kilohana Waena is South Maui’s most desirable “ready to build” custom home subdivision.

Maui Bank Owned and Short Sale properties are a smaller share of the market, compared to a year ago. In the past year, REOs represented 31.8 percent of residential sales, down from 43.4 percent in last year’s February report, and 18.9 percent of condo sales, down from 33.5 percent last year.  To read the complete article from yesterday’s Maui News please see the following link: Maui Condo Sales on the Rise. For more information on the best deals currently on the market, please contact me directly. Aloha, Anthony