Maui Real Estate Statistic ? June 2012 - Island Sotheby's ...

Olinda/Makawao Land Sale - 258 Acres

The Realtors Association of Maui (RAM) held its quarterly General Membership meeting last Friday July 13, 2012. ?In keeping with the annual tradition for RAM?s annual summer gathering, our guest speaker was Paul Brewbaker of TZ Economics.? This membership meeting is always well attended as Brewbaker is rich in his details and graphs, informative and very entertaining.

Brewbaker provided an update of statistical data focusing on the status Hawaii?s economy and the condition of Hawaii?s real estate market in comparison to mainland real estate trends.?? Previously the Chief Economist with Bank of Hawaii, Mr. Brewbaker, is a Hawaii native and obtained his BA from Stanford University, Graduate degree from University of Wisconsin and PhD in Economics from the University of Hawaii. In a nutshell, according to Brewbaker, the worst the Hawaii and Maui real estate trend is more than likely behind us.? Inventory of distressed property is diminishing and the savvy investors have arrived and are capitalizing on the lowered values of both oceanfront and luxury real estate throughout the Hawaiian Islands.? If you would like to view Paul Brewbaker?s webcast, the links are available below.

Here is our brief and unofficial recap of Maui real estate sales for June 2012. ?Overall 221 properties traded hands compared to the 197 sales that occurred in June of 2011.

RESIDENTIAL home sales tallied to 84 closings, a slight boost from the 81 sales in June ?11.? The median price for a Maui home surged to $575,500.? More notable is that the volume of sales last month rose significantly from June 2011 with $60,075,015 to $77,311,750 in 2012.? 29% of the home sales were distressed properties.? A significant drop from 43% ?last year.

Last month, the high homes sales occurred in West Maui at Baby Beach, Lahaina.? Owned by OneWest Bank, these spectacular Maui oceanfront homes recorded at $4,005,000 and $3,800,000.

The volume of LAND sales has surged over the past two months.? May realized 16 sales totaling $12,474,000 and June there were 13 sales totaling $16,119,517.? However, the high sale on Maui was a vacant land parcel located mauka of Makawao Town on Olinda Road.? 258 acres were sold at a price tag of $12 million.? Inclusive in the sale were entitlements to 9 parcels and a private well with a capacity to produce or pump 1.7 million gallons of water per day.

CONDOMINIUMS:? The number of distressed condo sales dropped below into the teens.? 18.9% of the sales were noted as a either a short sale, or bank-owned property. ?Condo sales in June rose to 122 units, a significant increase from June of 2011 with 102 closed sales.

The high condo sale for the month of June recorded at $2,375,000. ?This lovely unit in Ho?olei Resort offers panoramic views, 3 bedrooms, 3.5 baths and over 2,600 sq.ft of living area. ?If you are unfamiliar with Ho?olei at Wailea Resort these luxurious Maui condominiums ?are worthy of investigating and offer a number of amenities including concierge service, 24 on site security, a first class fitness center, easy walking distance to Wailea Beach, The Shops at Wailea, the Grand Wailea and Four Seasons Resort.

MARKET PULSE:? Currently, there are 1770 properties listed for sale (non-commercial) within Maui County.? Currently 6.5% of the properties on the market are posted as distressed (short-sale or bank owned REO?s). ? 23% of all the transactions that closed during the month of June were noted as distressed properties.

• For a detailed report provided by Maui (RAM), Paragon MLS, click the link below.
• June ? 2012 Maui Real Estate Statistics ? Maui County courtesy of RAM

Paul Brewbaker Webcast July 13, 2012: ? Part 1 Part 2 Part 3 Part 4

Source: http://www.mauiestatesonline.com/maui-real-estate-statistic-june-2012

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