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Aloha ,
Market Update
During the last 6 months, there have been 501 homes sold of which 63 were Short Sales and only 27 were REO’s. Currently, there are 527 Active Residential Listings, which is equivalent to a 6 month supply based on the current rate of sales.
As inventories have fallen, prices have risen to the point that it is no longer a Buyer’s market. I would say it is a fairly balanced market at this time, i.e. favoring neither sellers nor buyers. It wasn’t that long ago when 1 out of every 2 sales were either a short sale or REO, and inventory levels were double where they are today.
Will the trend of rising prices and lower inventories continue? Hard to say for certain, but if I had to wager, I would bet that inventories will be increasing in the near future as more sellers wish to take advantage of higher prices.
Another factor that will increase inventories in my opinion has to do with foreclosures. As you may recall, non-judicial foreclosures all but came to a halt about 18 months ago based on changes to Hawaii State Law. This created a tremendous backlog in the court system resulting in delays of 12 months or more to process a foreclosure. Now we are starting to see the judicial foreclosures coming up for auction at a much greater frequency.
Sometimes the foreclosed properties are sold at auction on the courthouse steps and later confirmed by the courts; however, more often than not, Lienholders submit default bids which are higher than current market values to protect their position. They then turn around and list the property with a real estate agent, and sell for whatever the market will bear.
Regardless of what I suspect may happen to inventories in the near future, I don’t believe prices will fall. In fact, so long as the economy continues to improve and interest rates remain relatively low, prices will most likely continue to appreciate for the foreseeable future, but at slower rate.
Mahalo Nui Loa,
Ken for The Smith Team
P.S. Don’t forget that Real Property Tax Exemption Filing Deadline is December 31st. Filing this form might save you a ton of money as Maui always assesses at “highest and best use”. Here are the rates for the Fiscal Year beginning July 1, 2013 and ending June 30, 2014. In addition, there are exemptions for homeowners, disability exemptions, and circuit breakers. Click here for more information.
P.S.S. After writing the introduction for this Newsletter last night, I found out this morning that I am not the only one who feels the market will continue to rise in spite of higher interest rates and increased inventories. Read more.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for December 16th , 2013
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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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527 (288)
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209 (36)
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986 (157)
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+5
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Condos
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722 (166)
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221 (21)
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1366 (164)
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+32 |
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Land
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377 (121)
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37 (3)
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227 (29)
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+5
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Total
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1626 (575)
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467 (60)
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2579 (250)
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+42
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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
3146 Waiea Place
Wailea
$1.375M (FS)
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Fabulous and unique cul-de-sac location with long private driveway. Lots of space for outdoor dining, outdoor shower, nice size pool with lots of outdoor lawn area.
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200 Kalaunu Way
Kapalua
$2.3M (FS)
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Magnificent estate property at the prestigious gated community of Honolua Ridge. Some work still needs to be done, but this is an incredible value for a prime location.
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970 Anapuni Place
Ka'anapali
$3.295M (FS)
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Relax and enjoy unobstructed panoramic ocean, Lanai and Molokai views from this beautiful single story custom home. Located in the gated community of Lanikeha in the prestigious Kaanapali Golf Estates. This 4 bd. 3.5 bath retreat is available fully furnished and spotlights impeccable interiors. This beautifully landscaped home is move-in ready for the discerning buyer.
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Homes Under $1M
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930 Kahua Street
Lahaina
$285K (FS)
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Great opportunity to buy in an area that is transitioning. This house is a fixer upper of block construction with metal roof, detached room with storage, 3/4 bath plumbing & electrical for washer/dryer. Corner lot with fruit trees & sunny garden area
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871 Kili Place
Haiku
$489K (FS)
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Cute house in lower Haiku. Large beautiful fenced yard. Walk to Pauwela Cannery Cafe, near elementary school, 5 minutes to Hookipa, close to Paia and 20 minutes to airport. This is an original plantation house built in 1972 and updated in 2009.
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56 Keoneloa Street
Kahului
$625K (FS)
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Simply elegant and less than one year new, this exceptionally built, 2 bed, 2 bath custom designed home is located in the gated community of Sandhills Estates. Light, bright and open floor plan with vaulted ceilings.
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173 L. Waiehu Beach Road
Wailuku
$699K (FS)
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Wonderful family home and cottage just steps away from the sand. This property has a great pool and huge view from the cottage and second story.
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2816 Aina Lani Drive
Pukalani
$699K (FS)
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Short Sale. 2,884 sq. ft. home with great location and quality interior remodeling completed. Hardwood floors, plumbing, electrical, appliance windows, doors, with 2 master bedrooms upstairs and downstairs, one bedroom upstairs and office space. Great view.
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Vacation Condos Over $1M
Ka'anapali Shores #901
Ka'anapali
$1.9M (FS)
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A wonderful opportunity to own a penthouse with a direct oceanfront location at Kaanapali Shores. Beautifully upgraded with granite and custom cabinetry in the kitchen and bathrooms, GE Profile kitchen appliances, tile flooring and artwork. This beautiful resort is located on North Kaanapali Beach and offers many amenities with 2 pools, 3 lighted tennis courts, fitness and massage center, jet spas, complimentary scuba lessons, and wedding gazebo.
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Vacation Condos Under $1M
Kahana Reef #408
Kahana
$499K (FS)
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Expansive view from the lanai of this direct ocean front 1 bedroom condo. This is a remodel that will impress you with its quality and design.
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Grand Champions #183
Wailea
$554.9K (FS)
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Bank Owned. Great opportunity on a rarely available under $600K 2 bedroom vacation condo in Wailea.
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Hale Kamaole #248
Kihei
$629K (FS)
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Beautifully appointed turnkey, two-bedroom, two-bath townhouse condominium at Hale Kamaole. Custom remodel in kitchen & bathrooms offers stunning solid bamboo cabinets, travertine shower and flooring, and neutral granite countertops that only adds to the beauty of this Maui home.
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Residential Condos
Kihei Villages 16-103
Kihei
$245K (FS)
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Desirable ground floor private corner unit. Charming custom kitchen remodel, granite counter tops, extended bar top for extra bar stool seating, custom back splash tile, deep double sink, and embossed bamboo design glass on front cabinet.
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Napili Villas 1-4
Napili
$439K (FS)
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Awesome corner unit at end of the cul de sac with Molokai and ocean views from lanai. Ground floor, spacious single level unit with no stairs. Upgraded granite counter tops and cabinetry, new appliances including stainless steel refrigerator, stackable washer-dryer.
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Vacant Land
0 Kalena Street
Lahaina
$285K (FS)
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Build the dream house and the family compound. This large lot with an R1 zoning of over 17,000 sq. ft. allows you 2 main houses and also a 600 sq. ft. ohana. So plan on for the extended family or have some rental income.
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