August 2016 Maui Real Estate Update

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.

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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).

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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%

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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%.

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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.

Wailea Condos For Sale

3950 KALAI WAA ST Q-201

3950 KALAI WAA ST Q-201
Price: $789,000
Status: ACTIVE
Building Name: Wailea Fairway Villas
Unit: Q-201
Waterfront: None
Beds: 2
Baths: 2
SqFt: 949
Address: 3950 Kalai Waa St
City: Kihei
State: HI
Zip: 96753

3950 KALAI WAA ST A-102

3950 KALAI WAA ST A-102
Price: $639,000
Status: ACTIVE
Building Name: Wailea Fairway Villas
Unit: A-102
Waterfront: None
Beds: 2
Baths: 2
SqFt: 949
Address: 3950 Kalai Waa St
City: Kihei
State: HI
Zip: 96753

4000 WAILEA ALANUI DR 2103

4000 WAILEA ALANUI DR 2103
Price: $2,100,000
Status: PENDING - CONT. TO SHOW
Building Name: Wailea Point I II III
Unit: 2103
Waterfront: OceanFront
Beds: 2
Baths: 2
SqFt: 1558
Address: 4000 Wailea Alanui Dr
City: Kihei
State: HI
Zip: 96753

55-2 KILOA ST 55-2 (R2)

55-2 KILOA ST 55-2 (R2)
Price: $3,250,000
Status: ACTIVE
Building Name: Hoolei
Unit: 55-2 (R2)
Waterfront: Across Street from Ocean
Beds: 3
Baths: 3.5
SqFt: 2426
Address: 55-2 Kiloa St
City: Kihei
State: HI
Zip: 96753

24 HOOLEI CIR T2

24 HOOLEI CIR T2
Price: $2,100,000
Status: PENDING - CONT. TO SHOW
Building Name: Hoolei
Unit: T2
Waterfront: Across Street from Ocean
Beds: 3
Baths: 3.5
SqFt: 2426
Address: 24 Hoolei Cir
City: Kihei
State: HI
Zip: 96753

All Wailea Condos For Sale

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