Maui Real Estate
Monthly residential and condo sales have been up, down, left, right; the marketplace has been all over the map lately. Inventory fell a tad this month after the peak of winter vacation season (when a bulk of deals happen). It doesn’t help that Canadian investors who have been historically heavy hitters in Maui’s real estate market are continuing to taper their visits to the Valley Isle. With the Canadian Dollar exchange rate (.80 US $) continuing to fluctuate it may force Canadian investors to sell rather than buy.
The median going price for a single-family residence on Maui last month increased by 13 percent, meanwhile condo prices dipped by about 1 percent, when compared to the same time last year, according to data compiled by the Realtors Association of Maui.
Our trophy listing at Ho’olei, offered at $3,495,000
In May a total volume of 88 single family-homes were sold , besting last year’s total of 86 that were purchased during the same time last year. The median sales price of those homes, meanwhile, jumped by 13 percent to $607,098, from $537,500 in May 2014.
“2014 year-to-date median and average prices were rising across the residential, condo and vacant land markets despite lower number of unit sales,” Realtors Association of Maui Chief Staff Executive Terry Tolman said in a statement to association members. “First quarter 2015 took a break from that trend; however, that may catch up as we proceed through the rest of the year.”
Condos in Maui County experienced a 7 percent decrease in sales last month, with 109 units sold, including a sale on Molokai, compared to the 117 that were sold in May of last year. The median sales price for condos, however, fell by less than a percent to $469,000, compared to $472,000 in May 2014.
A Kai Malu listing we sold earlier this year for around $1.5 million
Since January, the median sales price for condo units on Maui has increased by 8 percent to $707,396, compared to $652,591 during the same five-month period last year. Year-to-date condo sales declined 9 percent to 513 units sold, from 563 units sold in the first five months of 2014.
Sales of single-family homes through May rose by 8 percent to 394 homes, from 365 homes sold during the same time frame last year. The year-to-date median price of single-family homes, however, fell by 11 percent to $882,265 so far this year, compared to $989,873 between January and May 2014.
There is a noticeable hesitation in buyers as they are less willing to break the 7 digit barrier, for many it’s a scary thought to invest that much in a home. Properties listed under $1,000,000 sell much faster than the homes that are $20-60,000 over $1 million. Coming in priced attractively will increase showings and sales, buyers have been receiving multiple offers on “well priced” listings, hesitant buyers are left missing out.“CASH is King!” when making an offer. For several months approximately 40+% of all sales were CASH.
Our newly acquired Kula listing, priced at $1,315,000
To be successful, sellers need price competitively with better property condition, realistic pricing, good marketing, and flexible, creative terms. Days on Market numbers reflect the homes priced right will sell in a reasonable timeframe, often with multiple offers. The best deals are selling, while significantly over-priced listings remain un-sold.
For buyers low interest rates are holding steady, however, the rates will slowly creep up towards the nd of 2015. The low point in the market has passed, so don’t delay if you still want to get in at a good time. The opportunity is fading quickly. If you can’t buy now, start saving your down payment for the next market cycle.
Contact a Maui Real Estate and Lifestyle Specialist
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