Maui Real Estate Report~2014 Year End Report
Maui Real Estate Market IN SUMMARY 2014: Total dollar volume rose to 822 Million in single family homes (+6% from 2013) while total dollar volume of sales slightly declined to $753.8 Million in condominiums (-1% from 2013). Lower Unit Number of Sales BUT Median and Average Prices ROSE in Residential, Condo and Vacant Land Market! Cash is King-approximately 42% of all sales were CASH for the last several months. Number of foreclosures and short sales trend down! Lower unit sales largely due to decreased inventory of properties for sale.
Maui County Single Family Homes: Overall sales were 943 Units ( -4% from 2013). Median sale price was $570,000 (+ 8% from 2013- this is the highest median sale price in last 5 years). Central Maui had the most sales with 301 units. Central Maui median price rose +7% to $445,000. Kihei came in second with 155 Units. Kihei median sale price rose by +4% to $599,000.
Maui County Condominiums: Overall sales were 1199 Units ( -10% from 2013). Median sale price was $415,000 (+11% from 2013). Kihei had the most sales with 411 units (34% of all condos sold on Maui). Median price rose +1% to $320,000. Napili/Kahana/Honokowai area came in second with 208 Units (17% of total) and median prices was up +5% to $399,500.
Luxury Resort Area of Maui
Wailea/Makena Single Family Homes: Overall sales were 32 Units (+10% from 2013). Average sales price was $3,089,141 (-18% from 2013). Median sales price was $1,892,250 (-31% from 2013)
Wailea/Makena Condominiums: Overall sales were 92 Units (-25% from 2013). Average Sales price was $1,445,799 (-7% from 2013). Median sales price was $1,021,250 (-8% from 2013).
Kapalua Single Family Homes: Overall sales were 7 Units (-42% from 2013). Average sales price was $3,456,714 (-5% from 2013). Median sales price was $3,250,000 (+4% from 2013).
Kapalua Condominiums: Overall Sales were 35 units (-5% from 2013). Average sales Price climbed to $2,285,914 (+102% from 2013). Median Sales Price climbed to $1,200,000 (+30% from 2013). This increase in sold price is mostly due to the newly branded Montage Residences sales. Click here for more info on Montage Residences in Kapalua.
Kaanapali Single Family Homes: Overall sales were 27 Units (+23% from 2013). Average Sales Price $1,782,245 (+27% from 2013). Median Sales Price was $1,600,000 (+36% from 2013).
Kaanapali Condominiums: Overall sales were 151 Units (-6% from 2013). Average price rose to $1,140,418 (+13% from 2013). Median price rose to $850,000 (+9% from 2013).
Oceanfront Homes on Maui
There were 24 Oceanfront (Maui County) single family homes sold in 2014 (increase of +20% from 2013) . Click here to see entire list. 16 of them sold for over 2 million. Highest sold was 4950 Makena Road (Makena Place) for $9,300,000. Average sales price rose to $3,828,041 (+6.7% increase from 2013) . Median Sales price rose to $3,800,000 (+108% from 2013). There are currently only 44 properties (as of Jan. 13, 2015) for sale now on the ocean in single family homes.
Email me (Jeannie@JeannieKong.com) for current list.
Maui Ultra Luxury Market↑ Notable Sales (sold price 5 Million and Up)
Maui Ultra Luxury Market Single Family Homes: Total of 15 properties sold. Highest sale price was 4950 Makena Road (Makena Place) for $9,300,000. Click here for entire list and view of the properties.
Maui Ultra Luxury Market Condominiums: Total of 5 properties sold over 5 Million. 3 of them were are Montage Residences. The others were Andaz Residences, Honua Kai Resort and Spa and Coconut Grove. Highest price sold was at Montage Residences Unit 1401 for $8,250,000. Click here for entire list and view of the properties.
Two Highest Vacant Land Sales on Maui were both beachfront lots on Kai Ala Drive on Kaanapali. 30 Kai Ala for $6,900,000 and 10 Kai Ala for $5,600,000. Both properties were bought in cash and less than 30 days in escrow.
Maui Real Estate Foreclosure and Short Sale Report 2014
Maui Single Family Homes (Foreclosures or Short Sales)
2014: 12.9% of sales
2013: 18.8% of sales
2012: 33.8% of sales
2011: 45% of sales
Condominiums (Foreclosure or Short Sales)
2014: 7.9% of sales
2013: 9.9% of sales
2012: 21.5% of sales
2011: 34% of sales
Maui Real Estate is achieving a healthier balance and recovering from our 2008-2010 downturn. As our high season gets into full gear we are seeing more inventory coming on the market particularly in the condo category. New developments are in motion as developers envision an opportunity. Cautious optimism is in the air.
Current absorption rate (does not include pending sales -only active listings). There are currently approx. 9.1 months of inventory left in single family homes, 7.2 months left in condos. Overpriced listings (for it’s category) continue to stay on the market while well priced listings (for their category) in good condition are being picked up by savvy buyers. Maui real estate market is very localized and specific. You must have a knowledgeable realtor who can interpret the data in order to have a more accurate perspective. For instance, many factors need to be taken into account in the vastly different economics of one condominium complex relative to another. Some great condo units in vacation pools get rarely shown to buyers because they are consistently booked for vacationers, and thus could possibly remain on the market not because of lack of demand but rather due to the lack of opportunity to view the unit.
Also the pool of Maui properties is much smaller than metropolitan areas. Therefore a few high sales or low sales will have a greater effect on the overall statistics without necessarily indicating a big market swing one way or another. Again, a smart and informed realtor will help you navigate the nuances of this market.
Email me for vacant land information. I do not include much vacant land in this report as the numbers can be very misleading. We are dealing with a small unit of numbers that can easily skew the true picture. The details of land are very specific to value. The condition and cost of grading the site, access to water or water meter, potential of view being blocked, paved road, dirt road, electricity, infrastructure, easements, etc,.. etc. can have dramatic influences on price.
Please call and email us if you would like to receive a complimentary market analysis in your home/neighborhood or condo complex of interest on Maui. We would be happy to be of service. Please subscribe to this blog as we update regularly with valuable information regarding Maui Real Estate.
Click here for spreadsheet of Maui Real Estate Report.
Warmest alohas and Happy, Healthy New Year to you!
Jeannie Kong REALTOR®(S)~The Living On Maui Team
Data gathered from RAM MLS. Information deemed reliable but not guaranteed.