Home Sales On Less Than 1 Acre | Market Report | Haiku, Maui, Hawaii
In Haiku, Maui many properties come with 2 acres or more because this is a rural area with a lot of farms and agriculture. But there are also many homes with smaller parcels and they sell quickly because there is demand to live in Haiku without having to tend a large property. In this post I’m going to focus on the residential real estate market with homes on 1 acre or less.
What’s Been Selling in the Past Year?
- 22 closings between 7/10/15 and 5/31/16, priced from $240,000 to $700,000
- Average sale price was $503,869 and median sale price was $467,000
- that’s an average of 2 per month since I’m looking back only 11 months
- lot size varied from 3,646 sqft to 38,768 and most of them (17) were on half an acre or less
- Days on Market ranged from 46 to 453, with an average of 135 days and a median of 101 days
- 3 were bank owned home, and none were short sales
- 2 were residential condos, which sold for $415,000 and $425,000
- 4 of the listings were a house and detached cottage, 1 was a house with attached ohana
- 6 of the homes had an ocean view, at all price points
- none have a swimming pool
763 Haiku Rd sold for $550,000 – a house and detached cottage
What’s On the Market Now?
- 6 Active listings priced from $425,000 to $989,000
- 2 Pending listings priced at $439,000 and $459,500
- lot size starts at 3,977 sqft and goes up to 42,602 with 6 being on a quarter acre or less
- DOM range from 6 days to 278 days
- 1 is bank owned REO, 1 is a potential short sale
- 1 is a residential condo
- 1 listing comes with a detached cottage
- 1 has a pool (the bank owned home)
3221 Luahine Pl. (MLS# 368714)
What Does It All Mean?
- The absorption rate is about 2 per month, meaning the current inventory will be depleted in 4 months. This is encouraging to sellers since more inventory is badly needed.
- It’s not all black and white when you consider that residential condos can be many homes on a large parcel, so some may have missed being included in this group.
- Nice to see that fewer distressed properties are on the market, which makes it healthier and more stable.
- It’s a great time to be selling your Haiku home on less than 1 acre. Do you need some help getting it ready for market?
- Buyers need to be paying attention and move quickly if they see something they like. Be prepared with a pre-approval from a good local lender, and have a real estate agent ready to write up a purchase contract. Don’t wait too long to decide because there are many other buyers out there.
Ready to Start Your Maui Home Search?
You can start your search for Haiku, Maui homes for sale here, and direct your questions to a Haiku Realtor who knows the area and the market…someone like me!
Georgie Hunter, R(S), e-Pro
Direct: 808 283-0635