August Maui real estate market update
Residential Home Sales declined (-38%), average sold price = $725,494 (-18%), median price = $515,000 (-14%). Condo Unit sales declined (-16%), average sold price = $770,214 (-21%) and Land sales median price was $512,000, (-27%).
| Maui home Sales August 2008 vs. 2009 | |||||
| # Sold – Median $ | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Haiku | 6 | 2 | $1,937,000 | $ 1,065,000 | |
| Kaanapali | 1 | 2 | $2,300,000 | $1,962,500 | |
| Kihei | 9 | 9 | $1,134,000 | $ 406,000 | |
| Lahaina | 3 | 2 | $625,000 | $451,500 | |
| Makawao/Olinda/Halimaile | 2 | 1 | $600,000 | $500,000 | |
| Maui Meadows | 2 | 1 | $2,025,000 | $660,000 | |
| Napali / Kahana | 3 | 3 | $1,100,000 | $ 750,000 | |
| Pukalani | 1 | 3 | $450,000 | $415,000 | |
| Sprecklesville / Paia/ Kuau | 2 | 2 | $842,500 | $387,500 | |
| Wailea Makena | 1 | 1 | $1,775,000 | $652,000 | |
| Island of Maui | 66 | 52 | $645,000 | $500,000 | |
Maui Condo Unit prices are down to $340,000 compared to $652,000 the same month last year. It appears that the number sales are up to 62 compared to 51 in 2008 for the month of August.
| Maui Condo Sales August 2008 vs. 2009 | |||||
| # Sold – Median $ | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Central | 3 | 8 |
$280k |
$237,500 | |
| Kaanapali | 3 | 5 | $625,000 | $ 700,000 | |
| Kihei | 15 | 27 | $380,000 | $325,000 | |
| Lahaina | 1 | 4 | $ 400,000 | $325,000 | |
| Maalaea | 3 | 5 | $595,000 | $ 281,900 | |
| Molokai | 0 | 1 | $ 0 | $ 170,000 | |
| Napali / Kahana | 9 | 10 | $520,000 | $369,500 | |
| Pukalani | 0 | 0 | $0 | $ 0 | |
| Kapalua | 0 | 2 | $0 | $699,500 | |
| Wailea Makena | 17 | 1 | $2,350,000 | $2,150,000 | |
| Island of Maui | 51 | 62 | $652,000 | $340,000 | |
You can search all Maui real estate and get new properties emailed to you daily or weekly on Hawaiis.com. Information on August sales on the island of Maui was provided by Gary Bland a Maui real estate expert.
July 2009 Maui Real Estate Market Update
Residential Home Sales declined (-40%), average sold price = $741,097 (-17%), median price = $517,732 (-13%). Condo Unit sales declined (-32%), average sold price = $724,411 (-24%) and Land sales median price was $512,000 down (-30%).
| Maui home Sales July 2008 vs. 2009 | |||||
| # Sold – Median $ | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Haiku | 3 | 7 | $878,000 | $888,000 | |
| Kaanapali | 2 | 0 | $1,389,000 | $0 | |
| Kihei | 23 | 5 | $764,801 | $2,012,500 | |
| Lahaina | 1 | 2 | $450,000 | $737,500 | |
| Makawao/Olinda/Halimaile | 5 | 4 | $437,000 | $409,500 | |
| Maui Meadows | 1 | 2 | $1,050,000 | $837,500 | |
| Napali / Kahana | 4 | 4 | $912,500 | $ 411,000 | |
| Pukalani | 4 | 4 | $672,500 | $511,000 | |
| Sprecklesville / Paia/ Kuau | 2 | 0 | $775,000 | $0 | |
| Wailea Makena | 4 | 1 | $5,975,000 | $1,245,000 | |
| Island of Maui | 97 | 57 | $610,000 | $532,000 | |
Maui Condo Unit prices are down to $350,000 compared to $575,000 the same month last year. It appears that the numer sales are slightly up to 69 compared to 63 in 2008 for the month of July.
| Maui Condo Sales July 2008 vs. 2009 | |||||
| # Sold – Median $ | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Central | 5 | 10 |
$246k |
$177,500 | |
| Kaanapali | 0 | 6 | $0 | $1,015,000 | |
| Kihei | 26 | 26 | $365,500 | $257,500 | |
| Lahaina | 0 | 2 | $ 0 | $152,500 | |
| Maalaea | 4 | 3 | $500,000 | $ 340,000 | |
| Molokai | 0 | 1 | $ 0 | $ 170,000 | |
| Napali / Kahana | 8 | 9 | $725,000 | $386,000 | |
| Pukalani | 0 | 1 | $0 | $ 643,000 | |
| Kapalua | 1 | 2 | $1,025,000 | $535,000 | |
| Wailea Makena | 17 | 8 | $2,398,951 | $711,500 | |
| Island of Maui | 63 | 69 | $575,000 | $350,000 | |
You can also search all Maui real estate and get new properties emailed to you daily or weekly. Information on June sales on the island of Maui was provided by Gary Bland a Maui real estate expert.
Maui – Lowest Property Taxes in the State of Hawaii
“Lucky we live Maui” is a phrase that is often heard on the island of Maui. That phrase is especially relevant when looking at our property taxes. For the past 11 years I’ve represented home buyers who are often surprised and delighted to discover Maui’s low property tax rates. In fact, we have some of the lowest property tax rates in all of the Hawaiian Islands, especially for homeowner/occupants.
For an example, let’s take a nice round number of $500,000 as the assessed value of a home or condo you purchased in Maui county (Maui county includes the island of Maui, Lanai and Molokai). If you live in the home full-time, you get to take an owner-occupant exemption of $200,000, or $2/thousand. This makes the annual owner tax on a home with an assessed value of $500,000 a total of only $400.
Perhaps you plan to purchase your Maui home/condo as an investment to lease to long-term tenants, or leave unoccupied, the taxes are still relatively low! The same assessed value on a property owned by a non-owner occupant would be taxed at $4.85/thousand, (with no owner-occupant exemption) for a total of $2,425 in annual real property taxes. Still low when compared to the mainland!
And if you purchase a condo that is rented out in a resort vacation-rental pool, the annual real property tax is now $4,100 on an annual basis. The time share tax rate is even higher at $14/thousand, for an annual real property tax of $7,000 for your $500,000 purchase.
Effective July 1, 2009, the Maui County real property tax rates per one thousand dollars of net taxable assessed valuation for each class of property is:
• Homeowner: $2 per $1,000 of assessed value
• Improved Residential: $4.85 per $1,000 of assessed value
• Apartment: $4.55 per $1,000 of assessed value
• Commercial: $6.25 per $1,000 of assessed value
• Agricultural: $4.50 per $1,000 of assessed value
• Conservation: $4.75 per $1,000 of assessed value
• Unimproved Residential: $5.35 per $1,000 of assessed value
• Hotel: $8.20 per $1,000 of assessed value
• Timeshare: $14 per $1,000 of assessed value
Any way you choose to purchase; as an investment, as your retirement home or a Maui vacation rental, Maui is one of the best deals around for real property taxes.
Gary Bland is a real estate expert enjoying low property taxes, living on the beautiful island of Maui.
Lessons Learned About Maui Real Estate Market
Maui’s Real Estate Market – Lessons Learned
“Maui investors and first-time home buyers, are now in the right place, at the right time.”
In the eleven years I’ve spent on Maui, I’ve seen the real estate market climb, fall, hold steady, rise to unrealistic heights and now – we’re nearly at the bottom of the latest trend. What lessons have I learned from Maui’s real estate market? I know that finding the right realtor, an experienced realtor, one who knows the local market and can help find the property with the best value is your key to obtaining a great investment.
I feel that we are near the bottom of the Maui real estate market. There are some incredible deals out there. I haven’t seen prices this low since 1999/2000. That was right after the Japanese yen declined. Many Japanese buyers pulled out of the Hawaii real estate market causing a minor bubble burst. I sold many homes during that era that came completely furnished, top-to-bottom with, not only furniture but golf clubs, silverware and computer/fax office equipment. Some homes even came with a car as part of the package! All included in the purchase price.
As a former engineer, I’m a numbers guy. Interest rate fluctuations and unemployment rates have traditionally been the markers of a real estate rise and fall. Here on Maui we’re experiencing low home prices – not from high interest rates (they’re low!), but from unemployment and de-valued foreclosed homes and condos.
I’m not just referring to properties where the owner has foreclosed and is now priced low in pre-foreclosure or bank-owned situation. There are some great deals on foreclosures but that is not, believe it or not, where some of the best buys are! Sellers who own their properties outright, who have never been in trouble with their Read more
May 2009 Maui Real Estate Market Update
Residential Unit Sales declined (-45%), average sold price = $748,436 (-19%),median price = $515,000 (-12%). Sales prices for residential homes remained steady at $487,500 and condos rose to $315,000. Land sales median was $530,000.
| Maui home Sales May 2008 vs. 2009 | |||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
| Haiku | 6 | 2 | $ 814,000 | $ 565,000 | |
| Kaanapali | 0 | 1 | $ 0 | $ 1,400,000 | |
| Kihei | 21 | 9 | $ 770,000 | $ 676,000 | |
| Lahaina | 2 | 3 | $ 2,818,000 | $ 1,025,000 | |
| Makawao/Olinda/Halimaile | 1 | 3 | $ 505,000 | $ 525,700 | |
| Maui Meadows | 1 | 0 | $ 999,998 | $ 0 | |
| Napali / Kahana | 2 | 2 | $ 4,942,500 | $ 830,000 | |
| Pukalani | 4 | 4 | $ 706,000 | $ 465,000 | |
| Sprecklesville / Paia/ Kuau | 0 | 1 | $ 0 | $ 490,000 | |
| Wailea Makena | 4 | 3 | $ 3,400,000 | $ 1,425,000 | |
| Island of Maui | 97 | 56 | $ 567,000 | $ 487,000 | |
Condo Unit Sales declined (-50%), average sold price = $661,369 (-31%), median price = $412,000 (-28%). Avg Days on Market for Sold Condos: 111
| Maui Condo Sales May 2008 vs. 2009 | |||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
| Central | 8 | 8 | $ 291,500 | $ 118,750 | |
| Kaanapali | 7 | 1 | $2,125,000 | $1,260,000 | |
| Kihei | 29 | 22 | $ 455,000 | $ 450,000 | |
| Lahaina | 5 | 2 | $ 525,000 | $ 634,000 | |
| Maalaea | 3 | 2 | $ 320,000 | $ 387,000 | |
| Molokai | 0 | 1 | $ 0 | $ 84,000 | |
| Napali / Kahana | 9 | 2 | $ 395,000 | $ 427,750 | |
| Pukalani | 1 | 0 | $ 610,000 | $ 0 | |
| Kapalua | 1 | 1 | $ 780,000 | $ 1,505,000 | |
| Wailea Makena | 21 | 8 | $ 2,527,300 | $ 790,000 | |
| Island of Maui | 84 | 47 | $ 517,000 | $ 315,500 | |
Information on May sales on the island of Maui was provided by Gary Bland a Maui real estate expert.