Maui Real Estate Statistics 2013
We are halfway through 2013 and what can we say looking back six months. The official Maui real estate statistics are out by Realtors Association of Maui, Inc. I will first give you the raw graph and data and then later in the post I will give my summary and interpretation of the data and then also give you my personal experience on the pulse of the market.
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Maui Real Estate Statistics-Year to date (Jan 2013-June 2013)
Residential single family:
Units sales increased (485 homes sold/+ 45 units/+10% change YTD)
- 485 units (REO=37 units/Short sales= 60) 20% of homes sold REO/ SS
- Sold Price 400K and under=129 units
- Sold Price over 400K -500K= 86 units
- Sold Price over 500K-750K=142 units
- Sold Price over 750K-1 M=51 units
- Sold Price over 1 M-1.5 M=38 units
- Sold Price over 1.5 M-2 M=15 units
- Sold Price over 2 M-3 M= 8 units
- Sold price over 3 M-5 M=9 units
- Sold Price over 5 M-7M= 3 units
- Sold Price over 7 M and up=4 units
- Lowest Price Sold= $80,000
- Highest Price Sold =$9,700,000 (Kapalua residence)
Average sold price increased ($817,232/ +15% YTD)
Median price increased ($542,000/+20% YTD)
Total volume sold ( $396,357,641/+27% YTD)
Units increased slightly (672 units sold/+4 units/+1% YTD)
- 672 units (REO=18 units/Short sales= 49 units)10% of condos sold REO/SS
- Sold Price 400K and under=374 units
- Sold Price over 400K- 500K= 73 units
- Sold Price over 500K-750K=108 units
- Sold Price over 750K-1 M=43 units
- Sold Price over 1 M-1.5 M=45 units
- Sold Price over 1.5 M-2 M=14 units
- Sold Price over 2 M-3 M= 6 units
- Sold price over 3 M-5 M=9 units
- Sold Price over 5 M-7M= 0 units
- Sold Price over 7 M and up=0 units
- Lowest Price Sold= $22,000 (leasehold property
- Lowest Price Sold = $30,000 (fee simple property)
- Highest Price Sold =$4,450,000 (Honua Kai)
Average sold price increased ($536,021/+13%YTD)
Median Price increased ($372,500/+6% YTD)
Total volume sold ($360,206,207/+14% YTD)
Land lots sales increased (97 LOTS/+17 units/+21% YTD)
- 97 lots sold (REO=7 units/Short sales=0 units) 7% of land sold REO/SS
- Lowest Price sold =$44,500
- Highest Price Sold=$10,000.000 (159 acres in Makena with no water)
Average sold price=$822,549 (+23%)
Median Price= $450,000 (+28%)
Total Volume sold: $79,787,281 (+49% YTD)
*Land lots sales are a very small sampling that statistics in the property class are not necessarily reliable indicators
Current Absorption Rates (This is Active listings divided by June sales- indicates on how many weeks of inventory is left in each property class)
Residential SF=5 months
This however does not tell the full story. Break it down under price category, a different picture emerges.
Residential SF listings (current active listings as of July 8. 2013 divided by June sales)
- under 500K and under = Less than one months supply of inventory left
- Over 500K-750K=3 months supply
- Over 750K- 1 M=4.5 Months supply
- Over 1 M-1.5 M=7.25 months supply
- Over 1.5 M-2 M=22 months supply
- Over 2 M=34 months supply
Condo Listings current active listings as of July 8. 2013 divided by June sales)
- under 500K and under = 3 months supply
- Over 500K-750K=6 months supply
- Over 750K- 1 M=10 Months supply
- Over 1 M-1.5 M=6 months supply
- Over 1.5 M-2 M=29 months supply
- Over 2 M=18.7 months supply
* It is basically accepted by industry professionals that 6 months supply of inventory is a “Normal market”. Under 6 Months is a “Sellers market” and over 6 months is a “Buyers market”
Again the sampling is so small that I will not be breaking this down.
- Overall there are 21 months of supply.
You have heard that real estate is “local”. Meaning one area of Maui can have a different picture than other parts. Well Maui is no exception. Take a look:
The data is self explanatory. Price is the driving factor in homes and condos. However Wailea is winning out with second home buyers in the luxury class of homes. Kaanapali was the leader in luxury condos sales.
Please consider these wonderful and distinctive properties when consider buying in Wailea:
Now to end this report and putting it all into perspective, lets look back historically and see what is going on in Maui Real Estate.
So what does this all mean? Well it was interesting. Our “busy season” for Maui Real Estate starts in Mid January and ends around end of April. Going into 2013. There was quite of bit of cautious optimism. There really has been no precedence on Maui. Maui has grown since the last cycle and the world has changed. This time around the world stage was looking at Hawaii for the ultimate paradise. So what would that mean? Would they (Canadians, China and Australians in regards to the International set) rush in to buy? Other buyers were from outer island and Mainland buyers. Well they did but as you can see it was the – Under the million price range that saw the most action. Under 500K was a frenzy. Buyers had to get geared for a bidding war and anybody who hesitated lost out. International and mainland buyers in this price range were also competing with local residents taking advantage of the historically low interest rates, combined with the sentiment that the low point of the market was 2012; then you got a bidding war. Most of those properties needed to be updated as well.
The category where inventory and choices to be had were the luxury category. Here again as it was in 2012, buyers had choices to consider and a deal would be had if you had a seller that was motivated to sell. However, we did see renewed interests in this market. Although there is still quite a bit of inventory, we have seen a marked increase activity compared to first half of 2012. 4% increased sales in home 2 million and over since 2012 and 41% increase in condos 1.5 M and over compared to first half of 2012.
Looking forward the limited number inventory of homes of 750K and less will be the driving factor. Decreased inventory will have an impact on sales and most likely drive up prices. This however will turn “owners” into sellers, but how many one cannot tell. Interests rates started to rise in late May with the announcement from the FEDS that they were reducing their purchases of Bonds which caused interests rates above 4%. However there are some that say that this is an over calculation and thus there may be a market correction and thus see interest rates drop again. However, we all know that these interest rates cannot stay this historically low. So the window does appear to be closing on getting the lowest interest rates possible.
If you are considering some unique properties priced to sell in the luxury category.
Consider these amazingly beautiful properties:
If you would like more information on Maui Real Estate and want to inquire about a property please don’t hesitate to call me. It is a no obligation consultation.
Jeannie Kong REALTOR® (S) 808-276-1832
If you are looking to buy and sell, then it would be wise to take a deeper look into the area and its own local market here on Maui. As from one neighborhood to another, activity can be quite different.
Mahalo and tune back in for Maui information you can use!
Search all Maui Real Estate Listings at www.LivingOnMaui.com
I look forward to talking to you. All the best!
Jeannie Kong REALTOR® (S) 808-276-1832
Information in this post is considered to be reliable but not guaranteed.