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        <title>Maui Real Estate &amp; Lifestyle News</title>
        <link>http://www.luxuryrealestatemaui.com/blog/east-maui-real-estate/</link>
        <description>Courtney M. Brown, Realtor (S) Blog: information on the Maui real estate market, trends, and listings. Homes, condos and land for sale.</description>
<item>
    <guid>http://www.luxuryrealestatemaui.com/blog/maui-real-estate-statistics-march-2023.html</guid>
    <link>http://www.luxuryrealestatemaui.com/blog/maui-real-estate-statistics-march-2023.html</link>
        <author>cb@luxuryrealestatemaui.com (Courtney M. Brown)</author>
        <title>Maui Real Estate Statistics: March 2023</title>
    <description> <![CDATA[ 



Each month, the Realtor's Association of Maui publishes updates on the Maui real estate market.  The report notes:


&quot;Nationally, existing home sales jumped 14.5 month-over-month as of last measure, the ﬁrst monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6 range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring , increasing for the third consecutive month, according to NAR. 


New Listings decreased 40.9 percent for Single Family homes and 46.2 percent for Condominium homes. Pending Sales decreased 29.8 percent for Single Family homes and 49.7 percent for Condominium homes. Inventory increased 15.3 percent for Single Family homes and 28.6 percent for Condominium homes. 


Median Sales Price increased 1.9 percent to $1,200,000 for Single Family homes but decreased 1.5 percent to $797,500 for Condominium homes. Days on Market increased 34.3 percent for Single Family homes and 92.8 percent for Condominium homes. Months Supply of Inventory increased 77.3 percent for Single Family homes and 150.0 percent for Condominium homes. Monthly sales might have been even higher if not for limited inventory nationwide. 


At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7 before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the ﬁrst time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases.&quot;


While nationally we are seeing some markets stalling or decreasing, we are seeing locations with great views in excellent condition commanding the interest of buyers. The South Maui resorts of Wailea and Makena continue to command the highest condominium sales prices, though the Montage Residences, Kapalua Bay are not far behind.


MAUI HOMES: ACTIVE LISTINGS, PENDING SALES, AND SALES*


Active Listings: 235 homes from $589,000 in Wailuku to $44,000,000 for an oceanfront home in Huelo, followed by 9 Bay Drive, an oceanfront home for sale in KapaluaPending: 110 homes from $390,000 in Wailuku to $12,800,000 for an estate in WailukuSold: 879 homes from $350,000 n Wailuku to $32,673,491 for an oceanfront home in Makena.  This compares with the high sales of 2022 for  $28,500,000 for a home across the street from the ocean at One Palau'ea Bay in Makena and 2021 where the high sale was $78,000,000, paid by Jeff Bezos in an off-market deal which is reported to also include corporate holdings.  Prior to that, the high sale for 2021 was $45,000,000 for a home at Keawakapu Beach.


MAUI CONDOS: ACTIVE LISTINGS, PENDING SALES, AND SALES 


Active Listings:191 condos listed from $270,000 for a condo in Kahului to $17,500,000 for a double residence at Wailea PointPending: 194 condos pending, ranging from $225,000 Leasehold in Honokowai to $5,560,000 at Wailea PointSold: 257 condos sold, ranging from $160,000 Leasehold to $13,00,000 for a condo at Discovery's Makena Beach Club and Residences


MAUI LAND: ACTIVE LISTINGS, PENDING SALES, AND SALES 


Active Listings: 111 parcels from $229,000 in Wailuku to $75,000,000 for over 3546 acres for Hana RanchPending: 33 lots from $229,000 in Hana to $16,850,000 for over 3000 acres of ranch land in KaupoSold: 47 lots from $25,000 in Wailuku to $10,250,000 for an beachfront parcel in Kaanapali.


*Molokai and Lanai are not included in the above written summaries, although they are a part of Maui County.  This data is taken from the MLS on on the date of this post, 04/6/2023


Read the full report and see how it compares to prior years here: Maui Real Estate Statistics


 


 
 ]]> </description>
    <pubDate>Thu, 06 Apr 2023 15:19:00 -1000</pubDate>
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    <guid>http://www.luxuryrealestatemaui.com/blog/maui-oceanfront-market-update-january-2020.html</guid>
    <link>http://www.luxuryrealestatemaui.com/blog/maui-oceanfront-market-update-january-2020.html</link>
        <author>cb@luxuryrealestatemaui.com (Courtney M. Brown)</author>
        <title>Maui Oceanfront Market Update: January 2020</title>
    <description> <![CDATA[ 
MAUI OCEANFRONT HOMESMarket Update, January 2020





View Goals  1437 Front Street is an oceanfront home for sale in the heart of Lahaina, on historic front streetView More Information


Maui has several areas with oceanfront homes: West Maui, South Maui, North Shore, East Maui and Central Maui.  As you will see below, the home prices and activity tend to be highest in the resort areas of West and South Maui, and along the North Shore. 


There are broad fluctuations in price depending on whether the property is beachfront or oceanfront; whether it is on a rocky shoreline or cliffside without water access; and the age, condition and size of the home.  


Over the past five years, oceanfront home sales have consistently seen a volume of around 20/year, with a low of 13 sales in 2015, and a high of 25 sales in 2017.  Comparing 2019 with 2018, it's noteworthy that the number of sales is down 30 and the sales volume down 57.


Please note the 2019 statistics no longer include 6 sales in the Makena Resort by Discovery Land Co. that were reclassified in our MLS from Beachfront to Across the Street from the Ocean on 12/13/2019.  This removed $60,162,136 million from the oceanfront home sales statistics that were previously posted in the blog post on 11/30/2019.  That inventory had increased the average Days on Markets stat as escrow could only close when construction was complete.  In addition, the average Sales Price and SP/Sq. Ft. dropped.


It is also worth noting that oceanfront homes are selling at a lower percentage of the asking price than the prior year as well as with a longer average days on market.  This can mean great opportunities for buyers of oceanfront properties as the inventory has built considerably, with approximately 3 years worth of inventory. 


We are already starting to see more pending escrows with 8 homes pending now vs. 4 in 11/2019.  It is interesting to note that all but one of the pending sales is under $5,000,000, with a high sale pending at $10,880,000.


Maui Oceanfront Home Sales: Key Metrics2014 to Present






Year


Sales


Volume


Avg SP


Avg SP$/sq. ft.


Avg DOM


SP/LP




2014


 21


$90,443,000


$4,306,810


$1504


287 


91




2015


 13 | -62


$55,075,000 |-64 


$4,235,538 | -2


$1793 | 16


214 | -34


93




2016


 22 | 41


$139,062,000 | 60 


$6,321,000 | 33


$2878 | 38


219 | 2


84




2017


 25 | 12


$146,765,387 | 5


$5,870,615 | -8


$1533 | -88


274 | 20


92




2018


 23 | -9


$148,197,545 | 1 


$6,443,372 | 9


$1759 | 13


222 | -23


91




2019


 16 | -30


$64,454,049 | -57


$4,028,378 | -37


$1288 | -27


285 | 28


88






Maui Oceanfront Homes: Market Snapshot by AreaActive Listings, Pending Sales and YTD Sales 






Oceanfront Homes


All Maui 


West Maui


South Maui


North Shore


East Maui


Central Maui




Active Listings


48


15


14


12


6


1




Low List Price


$750,000


$2,200,000


$3,298,000


$999,000


$750,000


$1,900,000




Average List Price


$8,140,937


$10,882,000


$11,259,571


$4,390,833


$2,551,833


$1,900,000




High List Price


$37,500,000 


$37,500,000


$27,498,000


$12,000,000


$6,500,000


$1,900,000 




Average LP/Sq. Ft.


$2408


$2889


$3,469


$1178


NA


NA 




Pending Sales


8


3


1


4


0


0




Average List Price


$3,671,237


$5,558,333


$3,350,000


$2,336,225


0


0




Supply of Inventory*


36 months


45 months


42 months


48 months


NA


NA




2020 YTD Sales


0


NA


NA


NA


NA


NA






There is often a misperception that we see more sales in the Wailea/Makena Market.  What is important to note is that there are far fewer oceanfront homes in resort areas in West Maui than in Wailea/Makena.  For example, there are only 6 oceanfront homesites in Kaanapali's only oceanfront residential neighborhood, Kai Ala Place.  Similarly, there are just five oceanfront homesites in Kapalua Place, Kapalua's only oceanfront residential neighborhood.   Wailea/Makena are larger-scale resorts, with more oceanfront residential communities such as Keawekapu Beach, Maluhia, Makena Place, the Makena Beach Cottages, and Black Sands, as well as homes scattered along the Makena Coastline that aren't part of a formal subdivision.  Kihei's Halama Street is also a popular area with beachfront homes stretching along the shoreline.


The highest-priced listing on the island is located in the Kapalua Resort:  9 Bay Drive is an 8B/8.5 acre estate situated on 9.97 acres.  It is currently offered at $37,500,000, reduced from $49,000,000.   The highest asking price in South Maui is $27,498,000.


These compare with a high sales price of $27,000,000 for an oceanfront estate in 2011 in Makena.  7150 Makena Road is a 4B/5.5B home on 1.69 acres.  To date, the largest sale on Maui for a private residence that was actually across the street from the ocean, in Keauhou, Makena $41,750,000 in 2015 (not in MLS) .


It should be noted--with such a small sampling, the statistics can vary widely at any given time, and the above are MLS statistics.  Additional properties have changed hands privately and are not entered in MLS.  For more information on all areas of Maui read: Maui Real Estate Statistics.


View Current Home Listings: Oceanfront, Beachfront and Across the Street from the Ocean





This information is provided by the Realtor's Association of Maui.  It is believed accurate, but subject to change.  Readers are advised to do their own due diligence.
 ]]> </description>
    <pubDate>Mon, 27 Jan 2020 12:57:00 -1000</pubDate>
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