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

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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

306 Properties Found. Page 2 of 26

This Contemporary Polynesian-style Oceanfront G...

Photo of Listing #400048

$13,500,000 Active Fee Simple

  • 4 Beds
  • Baths
  • 0.58 Acres
  • 5,294 ft²

Residential

4851 Lower Honoapiilani Rd, Napili/kahana/honokowai, HI

MLS® #400048

Listed By: Coldwell Banker Island Prop-KP
Office Contact: Cell: 808-250-1583

This Contemporary Polynesian-style Oceanfront Gated Estate Is Architecturally Designed To Maximize Ocean Views. 4851 Lower Honoapiilani Road Is Built With The Highest Quality, High-tech Materials, And Finishes. 10-foot Motorized Pocket Doors Create Seamless...

Introducing A Rare Opportunity To Own A Direct ...

Photo of Listing #400337

$12,950,000 Pending Fee Simple

  • 4 Beds
  • Baths
  • 21 Acres
  • 4,055 ft²

Residential

1 Bay Dr, Unit 2201, Kapalua, HI

MLS® #400337

Listed By: Compass
Office Contact: Cell: 808-283-3436

Introducing A Rare Opportunity To Own A Direct Oceanfront Montage Residence At Kapalua Bay, Maui. This Exquisite 4-bedroom, 4.5-bath Residence Is One Of Only 8 Four-bedrooms On The Property, Offering A Unique Blend Of Luxury, Comfort, And Natural Beauty. B...

If These Walls Could Talk... Beyond The Lava Ro...

Photo of Listing #400546

$12,000,000 Active Fee Simple

  • 5 Beds
  • 5 Baths
  • 0.29 Acres
  • 4,000 ft²

Residential

1808 Halama St, Kihei, HI

MLS® #400546

Listed By: Maui Real Estate Advisors LLC
Office Contact: 808-875-4444

If These Walls Could Talk... Beyond The Lava Rock Walls Of This Fully Gated Oceanfront Estate Lies The Quintessential Traits Of A Family Home Born Of South Pacific And Hawaiian Origins. It Is Here That Special Gatherings Will Abound And Lasting Memories Wil...

Set On 28 Lush Tropical Acres & Rolling Lawns, ...

Photo of Listing #400647

$11,490,000 Active Fee Simple

  • 5 Beds
  • 6 Baths
  • 28.11 Acres
  • 4,821 ft²

Residential

4000 Wailea Alanui Dr, Unit 802-804, Wailea/makena, HI

MLS® #400647

Listed By: Coldwell Banker Island Prop(S)
Office Contact: Cell: 808-870-4073

Set On 28 Lush Tropical Acres & Rolling Lawns, This 5-bedroom, 6-bath, Residence Is A Thoughtful And Tasteful Combination Of Two Units. Spacious & Private, It's Located In The Second Row Away From The Walking Path & Perched On One Of The Most Beautiful & Pr...

This Oceanfront Penthouse Occupies A Prime Loca...

Photo of Listing #400821

$11,295,000 Active Fee Simple

  • 3 Beds
  • Baths
  • 21 Acres
  • 2,904 ft²

Residential

1 Bay Dr, Unit 1502, Kapalua, HI

MLS® #400821

Listed By: Compass
Office Contact: Cell: 808-283-3436

This Oceanfront Penthouse Occupies A Prime Location At Montage Kapalua Bay, Offering Breathtaking, Unobstructed Views Of The Sparkling, Sapphire Blue Waters Of The Pacific Ocean, And The Islands Of Lana'i And Moloka'i. Enjoy Kapalua’s Best With Picturesque ...

Over An Acre Of Beachfront Property On One Of T...

Photo of Listing #401168

$11,000,000 Active Fee Simple

  • 2 Beds
  • Baths
  • 1.15 Acres
  • 2,760 ft²

Residential

4584 Makena Rd, Wailea/makena, HI

MLS® #401168

Listed By: Island Sotheby's Int'l Rlty(W)
Office Contact: Cell: 808-283-7965

Over An Acre Of Beachfront Property On One Of The Most Exclusive Areas Of Maui Awaits, 4584 Makena Rd Is A Rare Opportunity For The Savvy Buyer Looking For Privacy, Spacious Surroundings, Yet In The Midst Of Valley Isle’s Best. Located On One Of The Most Pi...

Montage Grand Residence Penthouse Ocean Front. ...

Photo of Listing #400786

$10,975,000 Active Fee Simple

  • 3 Beds
  • Baths
  • 21 Acres
  • 2,789 ft²

Residential

1 Bay Dr, Unit 1604, Kapalua, HI

MLS® #400786

Listed By: Compass
Office Contact: Cell: 808-283-3436

Montage Grand Residence Penthouse Ocean Front. Perched On The Top Floor With Unparalleled Views Of The Island Of Mokokai. Home Features 3 Bedrooms 3.5 Baths And And 2789 Square Foot Living Space. Turn Key Ready And Fully Furnished This Is Rare Opportunity...

Welcome To 33 Hana, An Incredible Beach Front E...

REDUCED 9% Photo of Listing #399126

$9,900,000 Active Fee Simple

  • 5 Beds
  • 3 Baths
  • 0.64 Acres
  • 3,220 ft²

Residential

33 Hana Hwy, Spreckelsville/paia/kuau, HI

MLS® #399126

Listed By: The Agency Maui
Office Contact: Cell: 808-344-5575

Welcome To 33 Hana, An Incredible Beach Front Estate With The Widest Access To Paia Beach Currently On The Market. A Stunning Modern Home That Seamlessly Blends Contemporary Architecture With The Timeless Charm Of A Historic 1910 Cottage. This Property Was ...

The Signature Villa Offers The Epitome Of Luxur...

Photo of Listing #400334

$9,900,000 Active Fee Simple

  • 3 Beds
  • Baths
  • 10.74 Acres
  • 2,879 ft²

Residential

3800 Wailea Alanui Blvd, Unit E-201, Wailea/makena, HI

MLS® #400334

Listed By: Compass
Office Contact: Cell: 808-280-0788

The Signature Villa Offers The Epitome Of Luxury At Wailea Beach Villas, A Peerless Beachfront Haven Nestled In The Heart Of Maui's Prestigious Wailea Resort. Every Moment Is An Exquisite Symphony Of Comfort, Convenience, And Unparalleled Luxury.the Villa O...

Wailea's Finest Ocean Front Development Wailea ...

REDUCED 3% Photo of Listing #398409

$9,695,000 Active Fee Simple

  • 3 Beds
  • Baths
  • 10.74 Acres
  • 2,879 ft²

Residential

3800 Wailea Alanui Dr, Unit G201, Wailea/makena, HI

MLS® #398409

Listed By: Coldwell Banker Island Prop-KP
Office Contact: Cell: 808-250-1583

Wailea's Finest Ocean Front Development Wailea Beach Villas! Rare Opportunity To Own A 3 Bedroom And 3.5 Bath Villa With Dramatic Ocean Views! The Elegant And Spacious 2,879 Sqft. Single-level Floor Plan Offers Idyllic Indoor/outdoor Hawaiian-style Living, ...

Wow! The Only Penthouse At The Ritz Carlton Ka...

Photo of Listing #399288

$8,900,000 Active Fee Simple

  • 2 Beds
  • Baths
  • 28.04 Acres
  • 2,558 ft²

Residential

1 Ritz Carlton Dr, Unit 1626, Kapalua, HI

MLS® #399288

Listed By: Coldwell Banker Island Prop-KP
Office Contact: Cell: 808-870-7060

Wow! The Only Penthouse At The Ritz Carlton Kapalua Is Now Available! This Very Unique Condominium Apartment Encompasses The Entire Oceanside Top Floor Of The North Tower With Approximately 2,558 Square Feet Of Interior Living Plus A Lanai Of Approximatel...

Welcome To The Montage Residences Kapalua Bay, ...

Photo of Listing #400675

$8,900,000 Active Fee Simple

  • 3 Beds
  • Baths
  • 21 Acres
  • 2,904 ft²

Residential

1 Bay Dr, Unit 1302, Kapalua, HI

MLS® #400675

Listed By: Coldwell Banker Island Prop-KP
Office Contact: Cell: 808-344-2677

Welcome To The Montage Residences Kapalua Bay, Unit 1302! This Grand Residence 3-bedroom, Den, 3.5 Bathroom Property Is One Of The Most Desirable Residences Within The Montage Community Because Of Its Direct-front Row Location. Its 3rd Floor Location Offers...

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) & Team
Vice President
Island Sotheby's International Realty

 

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