Market Statistics

Found 20 blog entries about Market Statistics.

The Maui real estate market continues its upwards trends with some micro-markets such as Honua Kai experiencing better than average valuation improvements, while others are still trying to catch up. As such, we are often asked 'how is the market' doing - and while there is no blanket answer to accurately describe every micro-market, there are discernible trends in that can be ascertained when analyzed in context. Is there one to be found in the South Kihei beachfront condos?

With a strong emphasis on the Kihei condo market, we diligently keep our clients informed of new inventory, closed sales, community information, etc. and through time and expertly analysis, trends become evident. There is a definitive difference (both in terms of valuation and

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The Makena Real Estate market is one of the most unique in Hawaii due to its low inventory, varied degree of potential offerings - from Makena Surf condos to large luxury estates in One Palauea Bay - and quiet splendor that appeals to world dignitaries, business magnates, and celebrities. In keeping our clients informed of micro-market conditions, we would like to announce the sale of 7421 Makena Road. 

7421 makena road

Presented by the Wailea Group, the 3 bedroom / 3.5 bathroom home was offered for sale at $8.4M, with the final sales price of $8.05M. The home was originally presented on April 18th, went under contract on May 28th, and its sale recorded today, on July 25th. With 3,922 square feet of interior living space, its sale at $2,052 per square foot

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*Update: In month of July, there were 19 REO's (foreclosures/bank-owned) listed. We are experiencing a significant increase over past months. Contact us if you are looking for a specific type of property and/or want information as to WHY the sudden influx.*

The Maui real estate market hit the height of the market in the spring 2007 - with slight variance depending on the type of property in question - after which, with the market at a rapid decline and property owners losing significant amounts of equity, the inevitable happened: Properties started going into foreclosure. Below is a chart detailing the amount of REO's ('foreclosure'/bank-owned) listed each month:

Foreclosures on Maui

With a mere 45 listings in 2008, one could not have foreseen what was about to be

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With a deep emphasis on the luxury sector of Makena real estate, we remain diligent of all activity within the district as it may affect micro-market conditions. And the sale of two properties in the same boutique subdivision within a week of each other certainly raised some eyebrows.

Papa'anui at Makena is a small enclave of seven luxury properties with breathtaking, unobstructed ocean view corridors overlooking Makena Landing - an institution in it of itself. Prior to this week, the last sale was of 26 Uweloa in December 2012 for $8.28M and with rising market conditions across virtually every micro-market in South Maui, expectations were buoyant. 

makena home for sale

So with 38 Uweloa initially being listed for $7.4M, some argued that it would be absorbed but it

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Specializing in the Wailea Beach Villas and understanding its unique value proposition within the overall Wailea condo market, we keep a close ye of WBV activity. Interestingly enough, all of the six sales in 2013 have taken place in the second half. Recent Wailea Beach Villas sales registered a median price of $3.7M and average price of 3,471,250 - with price per square foot remaining a constant $1,630 - we are seeing Penthouse units being absorbed at a rapid pace, while the more costly front-row villas await for the right buyer.

The most recent sale was today, on December 20th, of Penthouse 507 for $3.79M. This sale is well within what has been the range for upper-floor Villas in the Penthouse building - with 405 selling for $3.75M and 505

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The Maui real estate market continues its upwards ascend and enjoys sustainable growth, yet for the savvy investor who is able/willing to act quickly, there are still strong values. Below are a few within different price points:

Hale Pau Hana 15

A short sale in an iconic beachfront property in one of the most sought-after beaches on Maui. This 1 bedroom / 1 bathroom unit offers panoramic views and boasts 702 square feet of interior living space.

Kapalua Bay Villas REO (Foreclosure)

For the buyer who is willing to excercise a high amount of patience and perserence, this unit is a arguably in one of the best locations within the complex. Kapalua waterfront living at its finest.

Residential Condo in the Heart of Kihei

 

Seeking

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In maintaining a diligent pulse on the Hoolei condo market and providing our clients with the most up-to-date, insightful data on which to make informed decisions, we compiled the most comprehensive sales report for Ho'olei. This report takes into account every sale recorded as reported by the Realtors Association of Maui. For those interested in purchasing a Ho'olei condo for sale, contact us for a private consultation.

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That the Maui real estate market continues its upwards trend with increasing sales activity, sales volume, and continuing demand is beyond doubt. However, the speed in which some micro-niches are shifting is simply mind-numbing - as is the case with the niche of Kihei luxury condos for sale.

Looking at stastistical data, we see a very stable market experiencing sustainable increases. Examining 2012's January through August 30 time period reveals a total of 305 sales totaling $102.88M - now move forward to same time period in 2013, there were 308 sales, but the total sales volume increased significantly to $119.27M. 

The niche of the market that can be said to have the most significant shift is the high end sector. In all of 2012, there was not a

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The high-end sector of the Maui condo market has seen a significant increase in activity on the first half of 2013, when compared to the same time period in 2012.  The first half of 2012 saw 43 sales of $1M+ condos, increasing by 74% in 2013 to an impressive total of 75 sales - sales volume rose accordingly, from $86.94M to $129.74M!

A question often brought up by potential buyers of luxury Maui condos is in regards to financing - or the lack thereof.  Of the applicable 43 sales in the first half of 2012, only 21% were financed, whereas for the 2013 sales, 43% were financed - which is reflective of lenders loosening their lending criteria to be less restrictive than it has been in the past few years.  It is worth noting that only a handful of

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Thinking of purchasing or selling a Maui luxury property? View the infographic below for a better understanding of the current state of the market and contact us for a confidential consultation - at Island Sotheby's International Realty, we specialize in assisting clients in the Maui real estate objectives.

 

 

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