Maui Real Estate Market Update | Through August 2016
Posted by Courtney M. Brown on Monday, September 12th, 2016 at 5:06pm.
Maui Real Estate Market Update
Through August 2016
The August Maui County Real Estate Market Update is now available for your review. The report details sales activity through August, 2016 as compared with that of the prior year.
Maui's Real Estate Market: Active Listings
| Active Listings | Average List Price | Average Days on Market | |
| All | 1,629 | $1,484,435 | 254 |
| Residential | 502 | $2,283,790 | 163 |
| Condominium | 778 | $981,617 | 177 |
| Land | 349 | $1,455,543 | 558 |
Maui's Real Estate Market: Sales through August 2016
Across the island, the median sales prices are up for homes and condominiums, but down for vacant land. Sales volume increased most for condominiums, however, the home and vacant land market didn't see such gains over last year. Properties are starting to spend more time on the market, but total dollar volume is up slightly as well.
Maui Real Estate Sales by Property Type: August 2016 vs. 2015
| Number of Sales | % Change | Volume ($) | % Change | Average Sales Price | % Change | Median Sales Price | % Change | |
| All | 1654 | +5% | $1,284,626,150 | +4% | $776,678 | -1% | $776,678 | +6% |
| Residential | 697 | 0% | $671,861,786 | +4% | $963,934 | +4% | $630,785 | +7% |
| Condo | 867 | +9% | $551,780,063 | +7% | $636,425 | -2% | $429,000 | +5% |
| Land | 90 | 0% | $60,984,301 | -17% | $677,603 | -17% | $445,000 | -9% |
Across Maui County the majority of sales are condominiums (53%) and homes (39%), with vacant land (4%) and other (4%). Island wide, the Maui Real Estate Market saw the following when comparing this year over last by property type:
The increases in sales volume in 2016 over 2015 are slight. Since January, the Maui Real Estate market does show signs of improvement, with the sales of exiting inventory/active listings improving from 7% in January to 13% of the inventory selling in August. Absorption rate went from approximately 15 months of inventory to 10 months of inventory. Listings that were priced well, sold more quickly: those listed for 30 days or less sold at 98.95% of the listing price, whereas those on the market for 121+ days achieved 93.91% of the asking price.
For the month of August, the highest sales volume centers around the resort areas of West Maui ($48,854,600) and South Maui ($73,297,706). Overall, there are more condominiums available in the resort markets of Kapalua, Napili, Kahana, Kaanapali, and Lahaina in West Maui, and in Kihei, Wailea, and Makena in South Maui. Condominiums often appeal to second home buyers for their ease of care, and many allow vacation rentals. For second home owners, many elect to rent when not in residence, and condos are often easier to rent than homes, which require a Short Term Rental Home permit.
Maui Real Estate by Area Volume (# and $): August 2016 vs. 2015
When looking at the year to date sales through August 2016, West Maui was the only region to experience an increase in both Sales Volume ($) and Number of Sales (#) across the three property type categories.
| Volume | Condo (#) | Condo ($) | Home (#) | Home ($) | Land (#) | Land ($) |
| West Maui | 20% | 17% | 17% | 29% | 56% | 108% |
| South Maui | 1% | -4% | 5% | -21% | -35% | -69% |
| North Shore | 50% | 63% | -1% | 21% | 8% | 39% |
| Upcountry | 700% | 502% | 5% | 11% | -20% | -31% |
| East Maui | NA | NA | 11% | 28% | 17 | -29% |
| Central | 11% | 23% | -11% | 0% | -13% | -41% |
The year to date volume in South Maui is still down over 2015, but is improving, helped by the high volume of sales that closed in the month of August. With so few condos available in the Upcountry area, closings in condominiums created a huge increase in volume, though it should be noted there were only 8 to close.
Buying or Selling Maui Real Estate?
Please contact me with any questions about the Maui real estate market and properties for sale. To search Maui Real Estate listings, visit LuxuryRealEstateMaui.com. You'll find offerings including Maui Oceanfront Homes for Sale, as well as of condominiums, homes and land in the resort areas of West and South Maui and real estate islandwide.
West Maui
Condos: Kapalua Condos for Sale, Napili Condos for Sale, Kaanapali Condos for Sale, Lahaina Condos for Sale
Homes: Kapalua Homes for Sale, Kaanapali Homes for Sale, Lahaina Homes for Sale, Launiupoko Homes for Sale
Land: Kapalua Land for Sale, Kaanapali Land for Sale, Lahaina Land for Sale, Launiupoko Land for Sale
South Maui
Condos: Wailea Condos for Sale, Makena Condos for Sale
Homes: Wailea Homes for Sale, Makena Homes for Sale
Land: Wailea Land for Sale, Makena Land for Sale
North Shore:
Condos: North Shore Maui Condos for Sale
Homes: North Shore Maui Homes for Sale
Land: North Shore Maui Land for Sale
Other areas of interest: Upcountry, East Maui, Central Maui, and Lanai
Mahalo to Fidelity National Title for providing the August 2016 Maui Real Estate Market Report. The sales information compiled in these reports is taken from the Realtor's Association of Maui. It is deemed reliable, but is not guaranteed. It should be noted that just condominium, single family home sales and vacant land sales recorded in the MLS are included in this data. In the charts above, Molokai and Lanai are not included. In the report by Fidelity, Molokai and Lanai are included slightly skewing the data. Private transactions not in MLS are not accounted for in the data sample.
Courtney M. Brown, R(S) & Team
Vice President
Island Sotheby's International Realty