Maui Real Estate Market Report and Statistics: Year End 2016
Its no surprise that in the Presidential Election Year, the Maui Real Estate Market did not move too dramatically simply because Maui Real Estate has become even more of an international draw, news is ever more global and it seems people had a “wait and see” attitude. That is not to say we didn’t see some very healthy gains in the Lower end and Higher end Luxury Home market. We still saw multiple offers and demand in the housing market in the entry level home category and of course, any home/condo in great condition priced well for its category drew interest which ultimately resulted in a closed sale. We saw more buyers from the West Coast area (particularly the Bay Area). Maui is of course part of the US but somehow being divided thousands of miles over the blue ocean water creates, shall we say, its own macro and micro climates.
If you have any questions on my report, feel free to call or email me Jeannie Kong REALTOR®(S) at Jeannie@JeannieKong.com 808-276-1832. I would be happy to assist you.
Maui Real Estate Market Report Residential (Single Family Homes) Sales 2016:
Median Price $636,750 (up 10% from 2015). Average Sold Price $967,413 (up 13% from 2015). 1076 Units sold (down slightly -1%). 10% of these Unit sales were either REO or short sales.
TOTAL Dollar Volume $1,040,936,510 (up 12% from 2015). *Important to note, the large increase in the Sprecklesville/Paia/Kuau area was due to unlisted beachfront home sale in July 2016 for $18,000,000.
Average Days on Market “DOM” (calculated from list date to closing date): 110 days on market
Absorption Rate as of January 11, 2017: 6.7 Months.
Maui Real Estate Market Report Condo Sales (includes fee simple and leasehold):
Median Price $415,000 (up 1% from 2015). Average Sold Price $616,921 (down -3% from 2015). 1310 Units sold (significant increase up 10% from 2015). 4.8% of these unit sales were either REO or short sales.
TOTAL Dollar Volume $808,166,264 (up 6% from 2015).
Average Days on Market “DOM”: 92 days on market
Absorption Rate as of January 11, 2017: 8 months
Maui Real Estate Vacant Land Sales:
Median Price $459,750 (up 3% from 2015). Average Sold Price $638,544 (down -28% from 2015). 160 Units sold (up 4% from 2016). 2.5% of these unit sales were either REO or short sales.
TOTAL Dollar Volume $102,1677,106 (down -25% from 2015).
Absorption Rate as of January 11, 2017: 21.6 months.
Average Days on Market “DOM”: 156 Days on Market.
*Keep in mind in particular for vacant land sales. Vacant Lot sales are such a small data lot that statistics in vacant land is not necessarily reliable indicators.
Summary of Maui Real Estate Market Report
Sales numbers are increasing across the board. In December of 2016, the Residential Median Price was the highest since Sept 2016 (right before the mortgage collapse). See December Maui Real Estate Market Report here-click link here. Could this be an indicator for 2017? Stay tuned.
Canadian Investors continue for several years in a row to be more of a “seller” than a “buyer”. Their unfavorable exchange rate (0.76 US $) as of late is keeping them on the fence as buyers.
Cash is still king! Savvy investors are giving themselves great bargaining positions by offering quick close, no financing, less contingencies in offering all cash.
REO and Short Sales have decreased with the “shadow inventory” slowly coming on the market and getting absorbed.
Interest rates are rising which have started to get buyers “off the fence” in fears that interest rates may go higher and thus their buying power will decrease.
Most volume of sales in Single Family Homes occurred in the Central Maui Single Family Homes area. Most volume of sales in Condos occurred in Kihei Area.
Maui Luxury Homes has seen a notable increase across the board: Average sold price was $4,412,197.00 (up 2.75% from 2015). Median sold Price was 3,426,000.00 (up 10.5% from 2015). TOTAL Volume $335,327,000.00 ( Big Increase up 35% from 2015).
Currently we have seen a notable uptick in Oceanfront and Beachfront properties on Maui! We may be on tract to beat 2016 numbers!
Maui Luxury Condominium Report: Average sold price was $3,082,574.00 (down -6% from 2015). Median sold Price was $2,750,000.00 (down – 8% from 2015). TOTAL Volume $178,789,309.00 ( down -10.6% from 2015).
Maui Real Estate Notable and Highest Residential Single Family Property Sold in 2016: 595 Stable Road in Sprecklesville $18,000,000
Maui Real Estate Notable and Highest Fee Simple Condominium Sold in 2016: Montage Residences # 1301 $8,650,000
Maui Real Estate Notable and Highest Vacant Land Sale in 2016: 0 Hana Highway, 182.4 Acres with no water sold for $3883,740
Maui Real Estate is very localized. Different micro economic climates can occur from one neighborhood to the next, even from one condo complex to the next. So if you would like a customized copy of your Maui property, then give me a call for your complimentary copy.
The best way to keep up to date on Maui Real Estate is the subscribe to this Newsletter.
The best way to know what properties come on the market or have a price change is to get on my “auto-notify”. Email me your criterias and I will set you up on auto-notify of properties that meet your needs. Its non-intrusive, no hassle-you just get notifications via email. EASY!
For Buyers that need financing, email me for reputable and proactive lenders. A pre-approval letter from a good lender is highly preferable.
For our beloved Veterans-Consider your VA benefits and get pre-approved (if you need financing) for a VA loan. Call or email me for a good VA lender.
I look forward to be your continued source for Maui Real Estate.
Sincerely and a hui hou…
Jeannie Kong REALTOR®(S)
Maui Real Estate Advsiors LLC
Download the report below:
Note: Sometimes you will notice some stats might have changed a bit. That may be due to an audit or sometimes a property doesn’t get properly reported until after the publication. Thus you might notice some discrepancies from year to year.