Half Year 2019 YTD Maui Statistics
Half Year 2019 YTD Maui Statistics
and the Breakdown of Costs for Buyers and Sellers
We are halfway through 2019 and the numbers are in!
While number of sales are down for homes, condo and land on Maui, the median prices all went up, $740,000, $522,000 and $495,000, respectively. Almost 40% of the deals that recorded in 2019 happened in South Maui. The most number of homes sales recorded in Central Maui (173); South Maui had the most condo sales (420) and Upcountry had the most number of recorded land transactions (23).
(For a comprehensive statistics report, please click HERE)
What Buyers And What Sellers Pay
In Hawaiʻi, there is the Hawaiʻi Association of REALTORS Standard Form (Revised 2/19 Released 5/19) that specifies the closing costs that are paid by either the buyer or the seller.
Principals use this written and signed contract and the items on the contract are negotiated between both parties. In Hawaiʻi, for title insurance costs, the standard practice is for Buyers to pay for 40% of the premium for standard coverage title insurance and any additional costs relating to the issuance of extended coverage policy (including a lender policy). (Title fees are based on the liability amounts and are filed and in compliance with the insurance code of the State of Hawaiʻi). Sellers pay for 60% of the premium for standard coverage title insurance. The escrow fees charged by title companies for handling the transaction are split evenly between principals.
The following is a list of customary closing costs and is NOT intended to be all-inclusive.
NOTE: In most cases, there is a real estate commission involved in the sale of real property. The agreement is separate from the closing costs above and is a signed agreement between seller and real estate brokerage. Customarily in Hawaiʻi, the seller pays the real estate commission; however, the commission can be negotiated between principals and brokerage firm.
*All information deemed reliable but not guaranteed, and should not be relied upon without independent verification. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any misprints, typographical errors, or misinformation and shall be held totally harmless. Listing(s) information is provided by the REALTORS Association of Maui Inc (C) and is for consumer’s personal, non-commercial use. Information on this site was last updated (insert publication date). This is not intended as legal or tax advice, and readers are urged to consult with the appropriate professionals to determine the accuracy of information.
Reta Chin-Chiarella, AVP of Strategic Business Development with Fidelity National Title & Escrow is a contributing writer to Maui Now. Reta’s experience in the Maui escrow/title/real estate industry dates back to 1990. She was named “Affiliate of the Year” by the Realtors Association in 2000 and has also received multiple sales awards. Fidelity National Title is recognized as the leader in the industry, ranked 302 in the Fortune 500 list. Fidelity is the highest rated and largest title insurance company nationwide, underwriting one of three policies. Her office is located at the Shops at Wailea, at 3750 Wailea Alanui, Suite 22EW in Wailea.
Offices of Fidelity National Title & Escrow are available in: Kahului (808) 893-0556; Lahaina (808) 661-4960; Upcountry (808) 573-0110; and Wailea (808) 891-2404.