Who is Buying Maui Real Estate

Who is buying Maui Real Estate?

In order to answer this question, we should first look at what has been selling. Last year, there were a total of 1687 properties sold that were as reported through our MLS.

This includes Homes, Condos, Commercial, Business, Timeshares, and Land. The sales broke down as follows:

Timeshares = 40

Homes = 694

Condos = 824

Vacant Land = 109

Commercial = 19

Business = 1

Let’s take a closer look at the two major categories, i.e. homes and condos.

The average sales price of condos was $719,000 with a median price of $450,000. 71 sales were REO’s and 59 were Short Sales. The 3 highest sales were at The Residences of Kapalua with the highest one being $5 Million. 70% of all the sales were over $300K, and of these approximately 90% were bought as part time vacation condos.

The average sales price of homes was $715,000 with a median price of $499,000. 116 sales were REO’s and 46 were Short Sales. The highest sale was $11.25 Million for a beachfront home on Keawakapu Beach in South Kihei. 93 sales were at or above $1 Million.

Probably no surprise to anyone, but our market continues to be dominated by off-Island Buyers. In future issues, we will provide a more detailed profile of who these Buyers are.

Have a wonderful week!

Mahalo Nui Loa,

The Smith Team

P.S. Shortly, you will be able to search sales going back 12 months for any search criteria you might enter.