Maui Real Estate Market Report | First Quarter Report 2017
Maui Real Estate March’s Sales Unit Volume – Residential sales reflect the High Season’s closings with 101 homes sold while Condominium sales increased to 130 units sold. Land sales increased to 12 lots sold in March.
Maui Real Estate March’s Median SALES prices – The Residential median price appreciated to $769,000 (highest since Sept. 2006) while the Condo median price decreased to $390,000 after January’s bump to $525,000 (highest since Feb. 2009). Land median price remained steady $437,250.
Days on Market: Residential homes = 100, Condos = 110 DOM, Land = 227 DOM. (General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it will move this indicator upward, and vice versa.)
Realtors Assoc. of Maui’s Days on Market are calculated from List Date to Closing Date [not contract date], including approximately 60 days of escrow time.)
March 2017 “Year to Date Sales” numbers compare only three months, January-March 2017 to January-March 2016. Shorter timeframe (monthly) views do not necessarily reflect the longer timeframe trends. Our statistical numbers are limited due to being an outer island market . Thus a very high or very low sale can move the numbers dramatically and may not be reflective of actual trend. For a more comprehensive view, see 2016’s Year-End (Dec. 2016) figures available at on my archive page. Click here for Archives on Maui Real Estate Market Report
Total sales for immediate past 12 months: Residential = 1,067 (with 9.9% being REO or Short Sale), Condo = 1,361 (5.3% REO or SS), Land = 149 (1.3% REO or SS). NOTE: 38.1% of these Sales in the last 12 months have been CASH transactions.
REO=(Bank Reowned properties) SS=(Short Sale Properties)
As of April 11, 2017 – Current Absorption Rate base on this month’s Active/Pending-Continue to Show/Contingent status inventory divided by March Sales: Residential 737 / 101 Sold = 7.3 months, Condo = 961/131 Sold = 7.3 months, Land 374 / 12 Sold = 31.2 months of inventory.
Maui Residential and Condo Prices continue to move upward. Inventory increased for High Season (Dec. – March) and is now starting to lesson. Canadian investors have been a solid force in Maui’s real estate market in years past, however the current Canadian Dollar exchange rate (.75 US $) have kept then on the fence BUT as exchange rates continues to not make a significant swing, we are seeing Canadians buyers come back into the market. Perhaps the days of when the exchange rate was par is feeling more like an anomaly? You can see in may foreign buyer graph below, that Canadians still are the #1 Foreign buyer.
Maui Real Estate Anecdotal Report: Predictions of interest rates rising, the Canadian dollar exchange rate remaining steady is by many accounts seeing more interest from buyers. Buyers are getting off the fence as they believe they don’t want to miss this time around and are concerned for even higher interest rates and higher prices. Buyers from major markets see the value of Maui real estate prices. Buyers are finding value in Oceanfront homes and Condos with good ocean views. The higher luxe end (4 million and up) are seeing much more activity. My brokerage has seen a definite increase in showings and offers. As one buyer put it “Maui is a bargain compared to SFO, NYC or London and for that matter even Oahu”. Its all relative, isn’t it?
Click here for all 16 Condos pending/sold at 3 million and above since Jan. 2017. Highest currently sold is Coconut Grove #15 for $4,550,000. However currently Wailea Beach Villa PH 501 is in escrow at list price $6,495,000.
The entry level market is still seeing high activity with multiple offers on desirable properties priced right. Contact me of your area of interest and new projects on the horizon.
Foreign and Domestic Buyer Statistics for Maui County:
You will note on the graph below that Canadians are the #1 foreign buyer category in 2016. California was the #1 buyer in the domestic buyer category (outside of Hawaii). The foreign buyer report provided by Title Guaranty is not yet available for the first quarter of 2017.
Mahalo and a hui hou. For any questions feel free to call or email.
Jeannie Kong REALTOR®(S)
email: Jeannie@JeannieKong.com 808-276-1832
Source: Realtors Assoc. of Maui. All information deemed reliable but not guaranteed.
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