Maui Market in a Minute
- The Maui luxury market is hot with 23% of transactions last month were over $1m. (was between 12-18% previous 6 months). Of course, with rising prices many may argue that what you get for $1 million is not luxury!
- Busiest market is my hometown –> Kihei with 45 sales and an average price of $654,000.
- Highest priced market is one that often has few sales – Spreckelsville – just 2 oceanfront homes sold resulting in an average price of $5,975,000. The second highest priced market of the month is Wailea with average sales price of $2.957 mil with 14 sales. But I have to give an honorable mention to Lanai with 4 sales and an average price of $2,472 million.
- The trends show general slowing of the market but this is a seasonal change. We’ve seen generally increasing prices over the last year but now inventories are increasing up to 8.7 months from low of 5.8 in June. The numbers are a little higher for residential than condos but the trends are the same.
It is still a great time to buy since interest rates are low. If you need to sell, now is a great time as I see a slow shift in the market to a Buyer’s market as inventories increase. But you need to price RIGHT or your home will enter the stagnant mass! What is stagnant mass? In 2013, across Maui almost 30% of listed properties did not sell. Only 51% actually sold and the others are still active or pending. Each area is different so make sure you know what your chances are.
If you missed it, check out the blog on Price Profiles where I compare prices for different areas and types of Maui real estate.
Distressed Properties in Maui
There is not much new in the distressed market. There are still distressed properties out there and they generally offer good value if you are willing to absorb some risk. Last month 8% of sales were distressed. This is down from 15% in January 2013, 33% 2012 and 40% in 2011.
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Questions or comments? Please ask below or call Kathy at 808-344-0469