Maui Real Estate | Half Year Report 2016
January 2016-June 2016
Here is a synopsis of the Half Year Report. Graphs and spreadsheet follows.
The Realtors Association of Maui released its June and half-year sales data. The median sales price for a single-family home was $630,000, up 5 % from the $600,000 in the same period in 2015. The number of units sold also rose, up 7 % to 531 units in the same period in 2015.
Total dollar volume was down 3 percent at the half year mark at $476 million, but that is because last year in the same period there was an outlier record sale of a 4.23-acre Makena home that sold for $41.8 million (April 2015), which was not even beachfront.
Condo median prices appreciated a bit in the half year, up 1 percent to $423,000. The number of units sold rose 5 percent to 645.
Lahaina led the way in condo sales, up 52 percent in the January-to-June period compared to 2015. Kihei is highest sold units (203 units) with Lahaina right behind with (134 units).
For the month of June 2016: Single-family home sales were down five units to 96 in June 2016 compared to June 2015. Median prices for single family homes were pretty similar to 2015 as it was just a 1% increase to $657,000. Condos had an 8% increase in median prices for the month to $384,000. Units sold had a notable 11 percent gain to 110 units.
Maui Real Estate used to slow down quite a bit after the snowbirds and spring break (usually around end of May) but this year the market is still looking active. Even though our Canadians are less enthusiastic due to the weaker Canadian dollar, they are nevertheless still buying. Waiting out the strong US dollar versus betting against rising prices is hard to do especially when the right property comes along. That home you may be waiting for may not be here and if they wait till their Canadian dollar is high then the prices may be higher? Again, hard to predict.
Luxury Homes Sales: 36 homes sold at 2 Million and above in the first half of year 2016. Click here. Highest sale was 7299 Makena Rd. for $7,000,000.
Luxury Condo Sales: 32 Condos sold at 2 million and above in the first half of the year 2016. Click here. Highest sale was $5,490,309 at Honua Kai Resort and Spa #651. I have a 1 bedroom Honua Kai 522 listed for sale at $799,000.
The Highest Vacant Land sale in the first half of the year was 61 Aleiki in Kuau. This is an oceanfront parcel that sold for $2,950,000 for 18861 Sq. foot of land. I have a house on cottage on 131 Aleiki which is beachfront listed for sale at $6,950,000.
In the Maui News article (June 17, 2016) the President of Realtors Association of Maui, Wenger said “The price of a home has gotten away from the average local homebuyer. At the end of 2000, the median price of a single-family home was $275,000. Prices have risen 2.3 times higher since then and incomes have not kept pace. Home prices grew beyond the reach of local homebuyers in the mid-2000s, just before the Great Recession, when the housing market reached record highs, she said. In 2005, the median price for a single-family home was $679,000, rivaling current data.” Needless to say, Maui County is trying to address the shortage of affordable housing. They are going by it through several fronts. Click here for article on Maui Planning Commission hearing on Affordable Housing. One of which is new housing developments undeway, such as Kamalani and Kalama Kai (call or email me for more details). Another way is changing policy in our existing policy. I will be writing in my next article about the new information on water fixtures that Maui County just approved and how this can assist in our need for housing.
As written in Maui Now “The State Department of Business, Economic Development and Tourism recently noted that to supply the County of Maui with the housing it needs by 2025, 13,494 units are required to supports the 25% growth rate.”
So Maui is expected to grow (why wouldn’t people want to live here?). How do we move forth in creating balance and affordability to our community?
The Maui Candidate Forum is tomorrow. I invite the community to come, listen and ask questions.
This is an Easy Access Opportunity to Hear what our Local Candidates have to say about their vision of Life on Maui. Since We Elect representatives island wide vs in a particular district we all get to vote on all candidates.
Mahalo and a hui hou (until we meet again)
Jeannie Kong REALTOR®
Maui Real Estate Advisors LLC