Median prices are holding - but the median is a general measure of the market, and such generalizations may not be valid for a given property.  Prices appear to be rising in some complexes that are viewed as more desirable and declining in some less desirable properties.  In some properties, depending on the location, i.e., ocean view versus garden view or next to the pool versus next to the road, we see price fluctuations.

So while the median is a good global measure, buyers and sellers are wise to study the activity in any given complex and consult with their REALTORs to set a selling price or make an offer. 

Days on market for sales dropped to 167 in July.  However, we still have enough inventory to carry us through the next 2+ years at the current sales pace.

Area Sales

July sales in both Wailea and Kihei rebounded over June sales.  The rest of the island was zero to slow.

Kihei was tops with 26 sales at a median price of $365,500.  The sales include some short sales which impacted the median, dragging it well below the median for Maui.

Wailea, Kihei’s richer next door neighbor, had the second highest number of sales for the month.  At $2,398,851, the median price in Wailea was over $2 million higher than Kihei. 

Over half of the sales in Wailea were in Hoolei, one of the new complexes that is carrying much of the sales load for the area. 

If we remove Kihei and Wailea from the mix, we see that there were only 19 sales on the rest of Maui; less than in Kihei alone.  The median price for the rest of Maui was only $515,000, so clearly the high number of high end properties in Wailea is skewing our overall results.

There were only 8 sales recorded in Napili – Honokowai, a historically strong market.  More notable perhaps is zero sales in Kaanapali, 1 in Kapalua and one, a bank owned property, in Lahaina. 

High and Lows 

Last month I said it was a little freaky that there were no sales at Harbor Lights. Well this month, despite prices as low as $75,000, again no condos sold.

The lowest price paid for a condo this month was for a leasehold studio at Napili Shores.  That is a nice complex, but the listing agent indicated there are some issues with the lease.  The condo was originally listed for $298,000.  After 334 days on market it sold for $125,000. 

The high water mark was again at Hoolei.  This buyer picked up a 3 bedroom, 3 ½ bath of 2,619 square feet for $3,248,000.

Potts’ Picks – Best Buys

Twenty-eight of the 35 lowest priced condos in Maui are at Harbor Lights.  Yet there have been no sales in the last 2 months, and there are no units pending sale.  We have a pretty good idea of what’s going on.  We’ll give you some details next month.

If you are looking for a low entry point condo for a rental or a first home and you don’t mind a little work, take a look at Maui Tradewinds in Honokowai on Maui’s Westside. The Tradewinds is leasehold and has a bit of “history”, but the place has been the beneficiary of new management, and this 2 bedroom unit has a motivated seller.  At only $155,000 this could be a bargain for someone.  See it at www.AlohaPotts.com at MLS #323026.

For a vacation condo or second home, there is a condo deal at aina nalu.  This is a short sale, so it probably will require some patience, but patience is part of the game for an investor.  This is a 2/2 unit I 103 priced at only $409,000.  The last 2/2 to sell at aina nalu that was not a short sale went for $505,000 in May and was appraised for $515,000. You can see the short sale at our website, MLS #330206.

For luxury, we like a 2/2 with a den at Wailea Beach Villas.  It is a 1978 square foot penthouse with ocean views in a luxury development and is listed for $3,250,000.. You can see the full listing on our website, MLS #328754. 

For more information on these or any other listings send an email with your request to lee@alohapotts.com or, see all of the listings on Maui at www.alohapotts.com.