Increase in sales, prices for real estate market
People in the market to buy and sell homes and condominiums saw a 4 to 6 percent increase in sales volume in 2013 while median sales prices rose 5 to 13 percent, according to year-end statistics released last week by the Realtors Association of Maui.
As of Friday, there were 659 single-family homes on the market, the association reported. That’s more homes available than in any single month in all of last year. The number of condos for sale was 847 last week, the most available since May, when 860 were on the market.
The association’s monthly newsletter said that the inventory of available properties is growing because prices are going up, and the statistics show that overall.
For Jan. 1 to Dec. 31, 2013, the number of single-family homes sold in Maui County increased 4 percent to 980. A home’s median sales price jumped 13 percent to $530,000 in the year.
For condos in the same period, the number of sales grew 6 percent to 1,334, and the median sales price was up 5 percent to $374,500.
The total dollar volume for homes increased 16 percent to $767.1 million, and condo sales grew 30 percent overall to $762.2 million for the year.
Central Maui’s 300 sales and Kihei’s 151 properties that changed hands accounted for 46 percent of all single-family sales last year. The number of sales was up 12 percent in Central Maui and down 7 percent in Kihei, statistics show.
The median sales price for Central Maui homes went up 9 percent to $415,630, and in Kihei the sales price increased 25 percent to $580,000.
Other active home sales areas included Haiku where the number of sales was up 10 percent to 79 and where the median price fell 6 percent to $599,000. In the Kula-Ulupalakua-Kanaio area sales volume was down 3 percent to 73, and the median sales price was up 8 percent to $610,000.
The busiest area for condo sales last year was Kihei where there was a 7 percent rise in sales volume to 438 units and where the median price rose 17 percent to $316,500. The second most active area for condo sales was the Napili-Kahana-Honokowai area were there were 215 sales, although that was 8 percent less than 2012. The median price in that area jumped 28 percent to $382,500.
The third most active area for condo sales was Central Maui, where 170 units sold, a 50 percent increase over 2012. There, the median price went up 24 percent to $246,000. And Kaanapali ranked as the fourth most active area for the year with 160 sales, although that was the same number as was sold in 2012. In Kaanapali, median prices were up 57 percent to $782,950.
The highest median price for single-family homes in a region was $3.1 million in Kapalua, where a dozen homes sold last year, double the number that exchanged hands in 2012. Kapalua median sales prices were up 9 percent.
For condos, the most expensive units were in Wailea-Makena, where the median sales price for the year was $1.1 million, a 47 percent increase over a year earlier. The luxury resort saw 123 units sold, an 8 percent increase.
The lowest median sales prices for single-family homes was on Molokai, where 11 homes sold for a median price of $365,000, a 43 percent increase from 2012. For condos, the lowest median prices were in Central Maui, where units sold for $246,000, a 24 percent increase.
Compared with 2012, the percentage of foreclosed, bank-owned and short-sales properties dropped last year. For single-family homes, 18.8 percent of Maui County properties sold were distressed in 2013, compared with 33.8 percent in 2012. For condos, last year had 9.9 percent of sales deemed distressed, down from 21.5 percent a year earlier.
* Brian Perry can be reached at email@example.com.