Haiku Maui HI 96708 - vacant land sales in 2016 - update
What was the real estate market doing in 2016 when it comes to vacant land on Maui's north shore? There were plenty of great listings to choose from, and the number of sales stayed pretty stable compared to last year, but dollar amount was way up. This Maui market update will explain recent sales activity and pricing.
Sold in 2016:
- 21 parcels of raw land closed between Jan. 1 and Dec. 31 2016 - actually there were no closings in November or December. About the same as 2015.
- prices ranged from $243,000 to $3,983,740. The lowest price was for a CPR'd lot of almost an acre, with no water meter but it did have power and cable and an ocean view. The highest price was for 182 unimproved acres on the ocean side of the Hana Highway which was bought by the County of Maui to be preserved for open space and public access. Interestingly this is right next door to my vacant land listing on Nahele Rd.
- total sales amounted to $18,165,500 - up 48% from the previous year!
- Days on Market was between 9 and 385, with an average of 138 days and median of 130
- land size varied widely, and most were large parcels. Only a few were between 1-2 acres and about half were 5 acres or less. 3 were 12-15 acres is size. 3 were between 22-38 acres, and the 1 was 182 acres. It's not so easy to find a nice little piece of land with all the right features!
- 4 of the sales were CPR lots, which brings more options to the market
- 9 lots were on the ocean side of Hana Highway, which generally makes real estate more expensive due to being closer to the ocean.
- 1 was oceanfront, again that 182 acres bought by the County
- none were bank owned or short sales
- water: 8 came with Maui County water meters; 1 had private well water in a subdivision; 12 had no water, meaning catchment will be the source of water
What will this year bring to the market? A new subdivision is in the works off Kokomo Rd. that will offer 41 lots of mostly 2 acre size. Not quite sure when they will be ready for sale, but they are busy working on the infrastructure now.
Maui's north shore offers much vacant land for sale
What's for sale in Haiku today?
- 48 vacant lots are on the market right now, priced between $325,000 to $2,995,000.
- lowest price is for 3.3 acres in Huelo, with a stream running by it, and no water meter
- highest price is for 4.3 oceanfront acres in the Peahi Farms Subdivision which still remains mostly unsold
- DOM ranges from 7 to 1977 - yes that's a lot of days on market with only a few price adjustments!
- land size is from .5 acre to 50 acres. About 13 lots are 2-3 acres. Altogether, 35 lots are under 10 acres, 6 are between 10-15 acres, and 7 are between 17-50 acres
- 6 listings are CPR lots, indicating a growing trend
- 11 are oceanfront priced from $1,295,000 to $2,995,000 and none are under contract, with 10 being in the same subdivision
What's selling in Haiku? This is what really matters.
- 7 Pending listings of vacant land, priced from $360,000 to $1,745,000
- lowest price is for 2.26 acres in Peahi with a water meter and views
- highest price is for the 43 acres next to the Hana Highway, and makai of highway
- none are oceanfront, but 2 are ocean side of Hana Highway
- DOM ranges from 28 days to 1189 days
- water: most of these have the precious Maui County water meter
So, buyers looking for large tracts of vacant land on the north shore of Maui have a good selection to choose from. If you're only looking for a few acres, just be patient and more options will be coming. Let me know if you'd like to be alerted of new listings as they come on the market and I can arrange that for you.
Raw acreage, or improved farm land - what's your preference?
Thanks for reading my Maui blog...
Buying or selling real estate on Maui? That's what I do. Let me help YOU.
Georgie Hunter R(S) e-Pro, Hawai'i Life Real Estate Brokers
127 Hana Hwy. #G, Paia HI 96779
E-mail or call/text: 808 283-0635