Ocean front homes sales on Maui grew by a whopping 54% in terms of total homes sold! With 17 homes sold in 2017 vs. only 11 in 2016.
Beach front homes slowed by 27% with 8 homes trading in 2017 vs 11 in 2016.
The overall sales for Maui Ocean and Beach Front homes grew 6.3% in 2017 with $151 million in total annual sales versus $142M in 2016.
But the market did slow down in terms of how long it took to sell those homes as compared to 2016.
The "Average Days On Market" slowed 42% for beachfront (from 244 to 347 DOM in 2017) and slowed 24% for oceanfront from 193 to 240 days on market in 2017.
The average sales price of a beach front home slightly decreased 2.78% to $7,125,000 from $7,328,363 in 2016.
The average sales price of an ocean front home (no sandy beach) also went down 5.5% to $5,018,600 from $5,313,636 in 2016.
The average price per square foot also decreased to $2,577 (down 36%) for beach front homes and $1,708 (down 13%) per square feet for ocean front.
Demand for these homes clearly increased in 2017 as evidenced by more of them selling overall and selling closer to their asking price. Even though the the sold to list price improved 5% for beach front and 16% for ocean front, the fact remains they are still selling 95% off asking for beachfront homes and 89% off asking for ocean front.
Since this is much greater than other real estate offerings on Maui, it's an indicator that waterf front sellers tend to overprice their offerings.
(Or maybe the winning listing agent tickled their ears a little?)
With over $335M in total waterfront active listings at the writing of this article (02/18), and an annual sales hovering at $150M, we have OVER two years worth of inventory on the market today.
This means if you are looking to sell your Maui water front home, you will have plenty of competition!
How do you avoid unneccesary price reductions and risk your home going "stale"??
#1 Time your offering properly - there are certain time periods you want the listing to HIT the market, and others to avoid like the plague.
#2 You MUST have an absolutely STUNNING video presentation along with a compelling storyline. This is a very emotional purchase. Engage those emotions with a Hollywood flair.
#3 The most important. BEGIN with a true fair market "asking" price. Don't shoot for the moon. You'll miss. A properly priced offering is wise. It should take into account NOT ONLY recent past sales, but we MUST factor in the most relevant competing listings in your area and price range.
Put yourself in the prospective buyers shoes.
The key is to "edge out" that next best property, thus making your offering irressistable.
Intimate market knowledge is the only way to true way to make that happen.
If you are looking to buy or sell a Maui Water Front Home then we'd love to help. You can reach Eric and Lisa directly at 808.298.2030