This last week of August indicates that the little kiddos are going back to school on the mainland. It's an exciting time for students as they get closer to adulthood. This means that Maui beaches are less crowded, you can make a left turn on South Kihei Road and you just might be able to pick up a few deals when it comes to Maui real estate. Here's what happened in the past week...
As for price reductions, South Maui didn't experience as much as last week. It's been several weeks since the Feds raised the base rate and REALTORS have been educating their sellers. Judging by what's on the list, a few of them still need adjustment. :-)
Then we have the sold units. As I look at those sales, only one of them had a contract written before the Feds raised base rates. Of course it's a cherry on top kind of property so I'm sure the t's were crossed and the i's were dotted. Another thing I see is that the contract date and closing date for some of the properties were about 30 days for conventional loans. But taken note, those are for properties that are not vacation rentable.
64 single family homes are on the market in South Maui. List prices range from $799,900 to $35,000,000. Median list price is $2,074,950. 79 Condominiums are active on the market ranging in price from $535,000 to $20,000,000. Median price is $1,230,000. 13 parcels of land round out the South Maui market. Prices range from $1,250,000 to $6,900,000. Median price is $3,950,000.
This following graphic will tell you how Maui's real estate market fared for the past week.
Thank you for taking the time to read this blog. My intention is to post throughout the week but I only want to bother you once a week. Bookmark the page or just wait for Sundays. Should you have questions about a specific neighborhood or condominium complex, please get in touch with me and I will get you the information you need. Enjoy the upcoming week.
Aloha,
Ken