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Aloha ,
Market Update
Making generalizations about any market is problematic at best, so it is difficult to say with certainty that the real estate market on Maui has stalled. It is certainly not as hot as it were a year ago, but the levels of inventory and the rate of appreciation was unsustainable at that time.
I believed we have moved in to a more healthy market; although you certainly won’t convince any first time home buyers of that as the low end residential market under $500K is still red hot.
The Realtor’s Association of Maui compiles monthly statistics with month to month comparisons going back to 2009. Here is a link to the June statistics along with historical data from 2009. Terry Tolman, Chief Staff Executive for RAM, summarizes the data quite well in the first two pages of this report.
The only thing Terry does not do is break down the market according to price categories. I have arbitrarily classified the market in to 4 categories.
- Low End = $500,000 or less
- Middle End = $500,000 to $1 Million
- High End = $1,000,000 to $5 Million
- Ultra High End = $5,000,000 and above
When I looked at the individual categories, it is no surprise that the Low End market is still very strong with 411 home sales in the last 12 months and only 66 active listings. That is about a 2 month absorption rate.
There have been 350 condos sold in this category with 230 active listings. This category has slowed considerably. Previously, complexes such as Southpointe and Kihei Villages had only a few active listings. Now there are 18 at Kihei Villages and 7 at Southpointe.
As the price increases, the sales rate relative to inventory also declines. For example, in the Ultra High End market there are 37 Active listings over $5 Million with 16 sales in the last 12 months. The high end market from $1 to 5 million is only slightly better with 261 sales and 443 active listings in the last 12 months.
As Terry states so well, listings that are well priced are selling at a reasonably good pace while overpriced listings are sitting on the market for a long time. If you are looking to sell, the good news is that there are buyers out there looking to buy but you must price competitively….no more reaching for the stars.
Have a wonderful week.
Mahalo Nui Loa,
Ken for The Smith Team
Ken, Melissa, Greg, and Jeremy
P.S. - Freddie Mac addresses the issue of stalling real estate markets. Again, there is no consensus with some markets still showing strong gains. Read more.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for July 29th, 2014
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Active
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Pending
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Sold
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Change
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Homes
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559 (261)
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211 (29)
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957 (182)
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-13
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Condos
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781 (189)
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195 (22)
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1301 (188)
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-3
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Land
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386 (128)
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32 (3)
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214 (25)
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+2 |
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Total
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1726 (578)
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438 (54)
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2472 (395)
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-14
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1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in number of active listings from the previous week.
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Homes Over $1M
23 Mauds Place
Kula
$1.45M (FS)
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Known as the "Koa Wood Home" in Kula for the small fortune in**extensive** custom Koa woodwork throughout the home. Not to mention other exotic Hawaiian woods used in the doors, cabinetry and wood accents. Must see to appreciate. This incredible home sits on 2.4 pristine acres with stunning ocean views in an area and altitude considered the best climate on earth.
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170 Alaulu PlaceWailea
$2.1M (FS)
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This is a beautiful Hawaiian style pod home with spectacular ocean views. The property has just completed a major renovation with everything being new in the interior, including travertine floors, custom kitchen cabinets, granite counter tops, appliances, light fixtures, solar water heating system, outdoor shower, roof, and much more.
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Homes Under $1M
174 Kawailani Circle
Kihei
$549.9K (FS)
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Bank Owned. Located in a great neighborhood by shopping, restaurants, grocery store and gas. Built in 2001 this is a 2 story, 4 bedroom 3 bath home has central air.
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216 Kama Street
Waikapu
$550K (FS)
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Brand new in Waikapu. Classic style family home in cool Waikapu country. Open layout for family living. Kitchen plan is designed for efficiency and access. Lots of additional storage in expanded 2 car garage.
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94 Honuhula Place
Kihei
$738.9K (FS)
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Cherry single-level stucco home shows pride of ownership throughout. Stainless appliances, commercial-grade central A/C, Pergo and tiled flooring, skylights, two-car garage and built-in sprinkler system. Triple-insulated plus hurricane-proof, UV filtered windows makes this the coolest home in Kihei. Tucked away behind the main house lies a detached 2 bd. / 1 bath cottage for additional rental income or guest quarters.
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2964 Iolani Street
Pukalani
$895K (FS)
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Breathtaking panoramic view home showcases South to North Shores & West mountains views. Koi pond for prosperity greets you in the welcoming breezeway. Contemporary elegance, cool elevation features granite countertops, stainless steel appliances, gas cooktop, Brazilian Cherry hardwood flooring & master bath Jacuzzi.
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2570 Hunakai Street
Kihei
$949K (FS)
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This 5 bedroom home and ohana is perfectly positioned to capture one of the best panoramic views currently available. From Molokini to Maalaea enjoy year round sunsets, outer island views and whale from the oversized lanai. Private walled courtyard with water features, lush landscape and stone patio overlooks the beautiful large pool (20'x40') with shade trellises and rock walls to create the perfect ambiance for entertaining and privacy.
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Vacation Condos Over $1M
Ho'olei C-5
Wailea
$3.15M (FS)
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One of the best views in the entire neighborhood. This beautiful town home is in absolute immaculate condition. Fully equipped with a modern electronics package, and being offered completely furnished by the sellers. Enjoy gorgeous sunsets year round. Relax with the comfort and ability to "lock and go" while at the same time enjoy the comforts of a condominium designed to feel like a stand-alone residence.
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Vacation Condos Under $1M
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Maui Vista #1217
Kihei
$289.9K (FS)
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Bank Owned. Incredible and affordable opportunity to own a sought after unit in a well known, well-managed condominium project in the paradise island of Maui as a residence or a vacation rental.
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Aina Nalu G-208
Lahaina
$409K (FS)
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Freshly painted & newly furnished, this 2 bd. 2 bath condo includes beautiful stone tile floors, granite counters, cherry wood cabinets & oversized bathrooms. You & your guests will enjoy the feeling of 2 separate suites, with elevated ceilings for lots of natural light & a small lanai for relaxing.
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Honua Kai #724
Ka'anapali
$665K (FS)
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Lowest priced condo at Honua Kai Resort by over $100K. Beautiful 7th floor unit at West Maui's newest resort. With every attention to detail, this unit boasts beautiful finishes including granite counters, Bosch stainless steel appliances, full washer and dryer, tile entry, owner's closet, ceiling fans and spacious lanai overlooking the West Maui Mountains.
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Residential Condos
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Milo Court at Kehalani #83
Wailuku
$444K (FS)
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Lowest priced unit at Milo Court at Kehalani. Close to the brand new Pu'u Kukui Elementary School. Nice cool Maui breeze coming through your entire home. Brand new neighborhood, with sidewalks all around. Kitchen living room and half bath downstairs. 3 bedrooms and 2 more full baths upstairs for your convenience.
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Vacant Land
14 Onekea Place
Wailuku
$210K (FS)
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This gated subdivision is across from the new Kaiser and by the new Safeway at the top of the subdivision has extensive ocean view.
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