Maui Luxury Real Estate Market Update

As the first half of 2013 has now concluded, we are in a better position to ascertain how the Maui real estate market is performing as compared to the same time period of year past. And as our particular emphasis is on the high-end sector of the real estate market, let us analyze sales of luxury Maui homes.

By the beginning of 2012, the consensus among Maui real estate professionals was that the market was in full recovery mode and sales were reflective of such. During the first half of 2012, there were 65 sales of single-family residences over $1M, amassing a total of $139.632M, at an average of $2.148M and a median sales price of $1.6M - impressive numbers indeed.

Now let us fast-forward to 2013, which anecdotaly has proven to the return to a more stable market place; whether as a result of decreased inventory, continued demand, lessening of financing criteria, or a number of other reasons. The first half of 2013 experienced a total of 79 closed transactions (21% improvement) of single family homes over $1M, totaling $188.693M (a significant increase of 35% over the previous year), the average sales price increased to $2.387M while the median sales price dipped slightly to $1.5M.

Worth noting is the terms under which transactions have been recorded. In the 2012 time period analyzed, 63% of the sales were cash, while in 2013 that number has decreased slightly to 58%, which is reflective of loosening of lending criteria for qualified buyers. For those interested in the high-end sector of the Maui real estate market, contact us - our experts have the integrity, knowledge, and professionalism to properly represent clients in high-dollar transactions.