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Market Update
Yesterday The Maui News commented how the median price of a single family home has hit a record 5 year low. The median price of a single family home was $382,250 which was a decrease of 18.5 % from the month before.
Interestingly, the Honolulu market had just the opposite results where the single family homes soared to a five year high in the month of May. This is partly due to the fact that the Maui market has a much smaller inventory than the Oahu market and that some of the low bank owned sales on Maui could have a greater impact.
In addition, the median prices for condos on Maui fell nearly 16 % to $336,000 in May when compared to April. The condo median hit a 5 year low last November at $265,000. We are seeing an upswing for some of our low end condos with limited inventories that have created a higher demand.
For example, we listed two condos within the last week both of which were at substantially higher prices than the comparable market values would have suggested. Within days we had multiple offers on both condos, one of which is now in escrow.
According to Terry Tolman, Chief Staff Executive from the Realtor Association of Maui, the inventories have declined 13 to 20 % over the past 12 months. Have we reached an all time low for single family homes and are headed towards an upswing?
Mahalo Nui Loa,
Greg, Melissa, Ken, and Jeremy
P.S. - Join us for The Maui Film Festival in Wailea this coming Wednesday, July 13th to Sunday, July 17th. You can watch a movie at night on the golf course in the Celestial Cinema. It is so much fun for the family and friends. To find out more information click here.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for June 11th, 2011
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Active |
Pending |
Sold |
Change |
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Homes |
555 (242) |
259 (34) |
901 (120) |
+5 |
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Condos |
838 (166) |
264 (13) |
1157 (76) |
-3 |
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Land |
452 (110) |
36 (5) |
144 (17) |
-3 |
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Total |
1845 (518) |
559 (52) |
2202 (213) |
-1 |
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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
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88 Kawehi Place
Kula
$1.35M (FS)
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Short Sale. Spectacular Upcountry property, prominently situated on 5 acres overlooking all of Maui! Beautiful island home, totaling over 3,200 square feet of living space includes 4 bedrooms, 2 ½ baths, spacious kitchen, bar area, living and dining area all with expansive views. This unique Upcountry property offers over 3,000 square feet of warehouse right on the property as well as a 1 bedroom, 1 bath guest cottage with separate entrance.
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4933 Kahekili Highway
Wailuku
$1.9M (FS)
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Unlimited potential: Farming, ranching, entertaining or just relaxing. Imagine breathtaking panoramic views of the Pacific Ocean, Haleakala and the West Maui mountains. Tranquil retreat is a luxury estate with a large open split level floor plan that includes beautiful Brazilian cherry hardwood floors, high ceilings and views from every room.
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226 Keo'awa Place
Kapalua
$3.995M (FS)
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Spectacular 5.96 acre agricultural compound with incredible panoramic ocean views to the outer islands of Molokai and Lanai with the magical Kapalua sunsets in between. This property consists of a brand-new 4 bedroom home, outdoor cabana with outdoor kitchen and bathroom, a 100-foot lap pool and spa, a private 2-bedroom guest house, a large equipped gym, 2 two-car garages, and optional stables and fenced pastures. This is an exceptional value considering ll that is included and the incredible views.
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Homes Under $1M
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805 Kuulei Street
Haiku
$239.8K (FS)
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Short Sale. This is a beautiful 3 bedroom / 2 bath single family home in the heart of Haiku town. The house has an updated kitchen with maple cabinets, Pergo wood flooring throughout, tile in the bathrooms, and a custom monkey pod counter top in one of the bathrooms. It has a nicely maintained yard and lanai area.
Agent Listing Synopsis
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18 Ikea Place
Pukalani
$299K (FS)
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Cute house and so livable you can see by the pictures how comfortably the tenants have settled in. Tenants are on their way out so for now you will have to look closely to see the fine features of this house.
Customer Listing Synopsis
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170 Kono Place
Kahului
$300K (FS)
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This 3-bedroom 1.5-bath home is a great opportunity with lots of potential. Great location, just minutes away from medical facilities, shopping, The MACC, and schools.
Customer Listing Synopsis
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43 Molehulehu Loop
Kahului
$390K (FS) |
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Short Sale. Well maintained and neat home.
Customer Listing Synopsis
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2853 Panepoo Street
Kihei
$610K (FS) |
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Ocean views from upstairs. Great location in South Maui near world famous beaches, dinning and shopping. Home has 3 bedrooms and 3 baths with covered lanais for all day enjoyment. There are two bonus rooms for added guest or ohana possibilities. Private yard with flag driveway and tucked away for privacy at the end of the cul de sac.
Customer Listing Synopsis
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Vacation Condo Over $1M
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Ho'olei E-3
Wailea
$3.699M (FS)
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This stunning 3 bedroom, 3.5 bath Hoolei residence is located on the top row and offers magnificent ocean and outer-island views. Sliding pocket doors expand the living room and dining area onto the spacious lanai / private BBQ area. Professionally decorated by Latitudes, the furniture is attractive and absolutely compliments the unit’s elegant finishes.
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Vacation Condos Under $1M
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Kihei Kai Nani #113
Kihei
$259K (FS)
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Great location on this ground floor unit with an ocean view. Quiet location away from Kihei Road, but still with a blue water view. Across the street from one of Maui's best beaches, Kamaole II, and close walking distance to all the shops and dining.
Customer Listing Synopsis
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Ka'anapali Shores #836
Ka'anapali
$270K (FS)
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Bank Owned. The serene setting of this apartment, overlooking the Pacific Ocean, makes this studio an ideal place to relax and unwind. Completely remodeled, #836 features high quality finishes in the kitchen and bath including granite countertops. The furnishings and art create a tasteful island style retreat for owners and guests.
Customer Listing Synopsis
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Hololani A-804
Kahana
$575K (FS)
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Hololani is a direct ocean front property with a sandy beach. Unit #A-804 is a top floor end unit with panoramic views ocean towards neighbor islands of Lanai and Molokai.
Customer Listing Synopsis
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Residential Condos
Iliahi at Kehalani 22A
Wailuku
$325K (FS) |
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Gorgeous top row 3 bedroom / 2.5 bath townhouse at Iliahi at Kehalani. This is a corner unit with large windows, so there is plenty of light. Enjoy amazing ocean views from both the ground level and 2nd floor.
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Wailea Fairway Villas P-102
Wailea
$508K (FS) |
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Beautifully maintained 2 bedroom / 2 bath ground floor unit at Wailea Fairway Villas. This unit is in immaculate condition and it comes fully furnished. It has stainless steel appliances, granite counter tops, crown molding, built-in book shelves in the great room, built-in dressers and desk in the master bedroom, wall mounted flat screen TV, and etc. This is a front row unit with ocean views from your master bedroom and lanai.
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Na Hale O Makena E-101
Makena
$1.699M (FS) |
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A signature gated community in Makena with only two units on each floor. Sheer elegance as you enter through the handsome ohia wood doors. Beautiful travertine in earth tones. Vanilla white Snaidero kitchen, with Sub-Zero, Wolfe, and Thermidor appliances. A spacious master bedroom with plantation shutters opens onto the lanai and a perfect master bathroom . The second bedroom also has an en suite bathroom. A third guest bedroom could also be used as a cozy office.
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Vacant Land
108 Keoneloa Street
Wailuku
$139K (FS) |
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Sandhills Estates is a beautiful gated community of custom homes located in Central Maui surrounded by ocean, mountain and golf course views and is in close proximity to medical facilities, the college/schools, and the major shopping center.
Customer Listing Synopsis
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