Maui Oceanfront Market Update: January 2020

Posted by Courtney M. Brown on Monday, January 27th, 2020 at 12:57pm.

MAUI OCEANFRONT HOMES
Market Update, January 2020

Maui Oceanfront home for sale

View Goals!  1437 Front Street is an oceanfront home for sale in the heart of Lahaina, on historic front street
View 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 Metrics
2014 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 Area
Active 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

60 Properties Found. Page 1 of 5

Boasting Nearly Ten Captivating Acres Of Oceanf...

Photo of Listing #384865

$37,500,000 Active Fee Simple

  • 8 Beds
  • Baths
  • 9.96 Acres
  • 6,645 ft²

Residential

9 Bay Dr, Kapalua, Hawaii

MLS® #384865

Listed By: Hawaii Life (KAP)

Boasting Nearly Ten Captivating Acres Of Oceanfront, 9 Bay Drive Is The Crown Jewel Of Conservation Land Known As Hawea Point In West Maui. Nestled Into The Prime Location Within Kapalua Resort, This Gated Legacy Property, Along With The Adjacent 12+ Acre O...

A Hotel-zone Architectural Masterpiece Is Final...

Photo of Listing #385437

$27,498,000 Active Fee Simple

  • 4 Beds
  • Baths
  • 0.44 Acres
  • 5,065 ft²

Residential

4508 Makena Rd, Wailea/makena, Hawaii

MLS® #385437

Listed By: Island Sotheby's Int'l Rlty(W)

A Hotel-zone Architectural Masterpiece Is Finally On The Market. Ideally Located On One Of The Most Coveted Beaches In The World, This Newly Constructed 4 Bedroom / 5.5. Bathroom Fully-furnished Beachfront Estate Offers A Quiet Getaway While Being Within Wa...

Kaanapali’s Beachfront Masterpiece! Located On ...

Photo of Listing #384903

$24,500,000 Active Fee Simple

  • 8 Beds
  • Baths
  • 0.98 Acres
  • 11,076 ft²

Residential

20 Kai Ala Dr, Kaanapali, Hawaii

MLS® #384903

Listed By: Hawaii Life (KAP)

Kaanapali’s Beachfront Masterpiece! Located On Close To One Acre Of Land, Just North Of Black Rock And The Sheraton Hotel, This Exquisite Estate Boasts Stunning Views Of The Ocean And Sunsets, As Well As Whale Watching In Season. This Legacy Property Of Ove...

Rare Keauhou At Makena Estate Offers Sophistica...

Photo of Listing #385175

$23,000,000 Active Fee Simple

  • 5 Beds
  • Baths
  • 3.14 Acres
  • 5,882 ft²

Residential

4557 Makena Rd, Wailea/makena, Hawaii

MLS® #385175

Listed By: Coldwell Banker Island Prop(S)

Rare Keauhou At Makena Estate Offers Sophisticated, Contemporary Flair And Over Three Acres Of Manicured Tropical Landscaping Making It Both An Ideal Private Retreat And A Home For Those Who Love To Entertain. Positioned Peacefully Above The White Sand Of P...

Stunning Contemporary Direct Oceanfront Estate ...

Photo of Listing #385480

$19,995,000 Active Fee Simple

  • 5 Beds
  • Baths
  • 0.51 Acres
  • 9,176 ft²

Residential

5050 Makena Rd, Wailea/makena, Hawaii

MLS® #385480

Listed By: Coldwell Banker Pacific Prop.

Stunning Contemporary Direct Oceanfront Estate Perfectly Situated On An Intimate Cove On The Makena Maui Shoreline. Striking Ocean And Coastal Views With Whales And Turtles Cruising Right Off The Property. Set On Over 22,190 Square Feet Of Land This Exquisi...

Never Before Offered! Incredibly Rare Opportuni...

REDUCED 3% Photo of Listing #381993

$17,500,000 Active Fee Simple

  • 3 Beds
  • 4 Baths
  • 0.52 Acres
  • 3,469 ft²

Residential

4478 Makena Rd, Wailea/makena, Hawaii

MLS® #381993

Listed By: The Wailea Group LLC

Never Before Offered! Incredibly Rare Opportunity To Own One Of Makena's Finest Beachfront Homes. Enjoy Over 150 Feet Of Prime Ocean Frontage With Breathtaking Postcard Outer Island Vistas. Lush, Mature Garden Landscaping With Private Gate To White Sand Bea...

Kapalua Beachfront - This Is One Of Only 4 Beac...

REDUCED 8% Photo of Listing #383337

$16,500,000 Active Fee Simple

  • 6 Beds
  • Baths
  • 0.64 Acres
  • 6,631 ft²

Residential

3 Kapalua Pl 3, Kapalua, Hawaii

MLS® #383337

Listed By: Keller Williams Realty Maui-L

Kapalua Beachfront - This Is One Of Only 4 Beachfront Homes In Kapalua - A Rare Opportunity To Own A Stunning Island Contemporary Architectural Masterpiece By Award-winning Hawaii Architect, Jeffrey Long. Situated On 28,000 Square Feet Of Pristine Beachfron...

This Alluring Oceanfront West Maui Estate Rests...

Photo of Listing #386443

$15,500,000 Active Fee Simple

  • 7 Beds
  • Baths
  • 0.51 Acres
  • 8,412 ft²

Residential

4809 Lower Honoapiilani Rd, Napili/kahana/honokowai, Hawaii

MLS® #386443

Listed By: Hawaii Life (KAP)

This Alluring Oceanfront West Maui Estate Rests On 1/2 Acre Of Prime Land In Kahana With Over 250 Feet Of Lineal Ocean Frontage Providing Panoramic Ocean Views, Sweeping Views Of The Neighbor Island Of Lanai And Glimpses Of Molokai. Perfectly Located Betwe...

Hale Makana Ola Is An Oceanside Property Design...

Photo of Listing #386433

$12,990,000 Active Fee Simple

  • 3 Beds
  • Baths
  • 0.57 Acres
  • 3,919 ft²

Residential

7381 Makena Rd, Wailea/makena, Hawaii

MLS® #386433

Listed By: Hawaii Life (W)

Hale Makana Ola Is An Oceanside Property Designed For Wellness, Relaxation, Privacy, And Sublime Pacific Views. Molokini, Kaho’olawe, And Lanai Are A Highlight Of The Ocean Scenery With Views From The Kitchen, Living Areas, Master Bedroom And Saltwater Spa....

A Rare Opportunity Is Now Available On Maui’s S...

Photo of Listing #385506

$12,500,000 Active Fee Simple

  • 2 Beds
  • Baths
  • 0.55 Acres
  • 976 ft²

Residential

3016 S Kihei Rd, Kihei, Hawaii

MLS® #385506

Listed By: Coldwell Banker Island Prop(S)

A Rare Opportunity Is Now Available On Maui’s South Shore And World Famous Keawakapu Beach. This Property Is Being Sold With Approved Permits And Ready To Build. The Original Structure Will Become A Beautiful Outdoor Kitchen, Bbq, Living Area Along With 1 B...

This Home Affords One Of The Most Powerful View...

Photo of Listing #383338

$11,750,000 Active Fee Simple

  • 5 Beds
  • Baths
  • 0.82 Acres
  • 5,485 ft²

Residential

5490 Makena Rd, Wailea/makena, Hawaii

MLS® #383338

Listed By: Hawaii Life (W)

This Home Affords One Of The Most Powerful View Locations In All Of South Maui. The Premier View Home Site Of This Gated 7 Lot Oceanfront Compound Is Nothing Short Of Remarkable. From The Landmark Pu'u, Rust Red Cinder Cone, Rising Out Of The Deep Blue Oce...

West Maui’s 7 Kapalua Place Accentuates The Ult...

REDUCED 15% Photo of Listing #382489

$11,500,000 Pending - Cont. To Show Fee Simple

  • 5 Beds
  • Baths
  • 0.65 Acres
  • 7,810 ft²

Residential

7 Kapalua Pl, Kapalua, Hawaii

MLS® #382489

Listed By: Hawaii Life (KAP)

West Maui’s 7 Kapalua Place Accentuates The Ultimate In Super Luxurious, Elevated Island Home Design & Lifestyle Mixed With The Rarest Of Beachside Locations. Originally Built And Currently Owned By Globally Renowned Maritime Artist Christian Riese Lassen, ...

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.

Courtney M. Brown, R(S)
Vice President
Island Sotheby's International Realty

 

Leave a Comment