The Shifting Maui Real Estate Market Continues

Recently, Maui has witnessed its home and condo inventory dry up;  this is good news for our economy, but not the best for home buyers. As our economic principles teach us, a low supply of homes relative to a high demand for them, produces an upward price trend.

120 Ulupua Place, in Spreckelsville on the North Shore, Sold by the Dano Sayles Team for $1,735,000

As of last week (Wednesday Nov. 6), there were only 618 single family homes for sale; 2.6% lower than the same time last year. Additionally, there were 773 condos for sale; 12.5% below last year’s mark.

A 2.6% decrease may not seem like much, but this confirms the already suspected downward trend of inventory, and a shift towards a seller’s market. Furthermore, while total home sales have been dropping, median prices have been rising.

Ho’olei Unit 15-3 sold for $2,705,000 by the Dano Sayles Team

In a statement by the Realtors Association of Maui: “Well-priced properties are attracting multiple offers making for a quick sale. Inventories have declined over the past 24 months in residential and condo classes. Foreclosures and short sales are dwindling, with any ‘hidden inventory’ (or overhang) backlog slowly trickling onto the market.”

This past October, 82 single-family homes were sold in Maui County, with a median price of $545,000. Compared that with October of 2012, where 99 homes sold with a median price of $485,000. For condos, 102 were sold in October, 2013, with a median of $360,000.

Looking At The Year-To-Date Numbers

69 West Kapu Place, Kihei, sold for $2,500,000 by the Dano Sayles Team

Since the beginning of the year, the Maui Real Estate market has been quite productive. The total number of single-family homes sold has increased to 829, 8% higher than last year’s first 10 months. The median price of homes sold is also up 15%, to $532,500. Total dollar volume of sales per year is up as well, to $640.3 million, a spike of 21% from last year.

Ho’olei Unit 75-1, sold by the Dano Sayles Team for $3,025,000

Singly family homes in Central Maui have seen the biggest increase in homes sold, increasing 17%, which brings the total number of homes sold in Central Maui to 247. Additionally, consider the median price is up to $415,260, which is an increase of 13% from last year. Kihei placed second in volume, with 128 homes were sold, matching last year’s 10 month total, and median home prices are up 19%, to $450,750.  These two counties alone constitute 45.2% of all homes sold in Maui County.

2703 Aina Lani Drive, Pukalani, sold by the Dano Sayles Team for $609,000

In the luxury real estate area of Wailea-Makena, the number of single-family homes sold rose 24%, to a total of 26, and the median price rose a significant margin, 97%, to $2.46 million.

Across the island, condominiums are having a nice year too; sales are up 11%, to 1120 condos, median prices are up 7%, to $375,000, and total volume is up a staggering 33% to $609.5 million.

For condo sales over the last 10 months, the Kihei region alone had nearly 33% of the overall numbers, with 386 total (which is a 10% increase over the last year). The median sale price in Kihei is up 24%, to $315,000. The highest median price for condos was again the luxury resort area of Wailea-Makena, where units went on average for $999,375, a 35% increase. In total, volume in the region was up 17%, to 98 units.

Contact a Maui Lifestyle Resource

Whether it is relocating to Maui, buying your first home, investing in real estate, or upgrading your overall well being, you could not find a better lifestyle than Maui. This island is more than just a beautiful destination, it’s home to incredible people and some of the world’s most renowned real estate. People come for the sun, but stay for the lifestyle. For more current information on Maui Real Estate, please contact me for a private showing.

Mahalo,