Posted
by Courtney M. Brown
on Monday, January 27th, 2020 at 12:57pm.
MAUI OCEANFRONT HOMES Market Update, January 2020
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.
4365 Lower Honoapiilani Rd 801, Napili/kahana/honokowai, HI
MLS® #407636
Listed By: Shore To Shore Realty, Inc.
Welcome To Royal Kahana Unit 801, A Stunning End-unit Two-bedroom, Two-bathroom Residence Offering 1,141 Square Feet Of Beautifully Appointed Living Space In One Of Maui’s Premier Hotel-zoned Oceanfront Communities. From The Moment You Enter, You’ll Be Capt...
4401 Lower Honoapiilani Rd B501, Napili/kahana/honokowai, HI
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Listed By: Jeffrey Samuels Realty
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Listed By: Keller Williams Realty Maui-Ka Office Contact: Cell: 808-276-8776
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4401 Lower Honoapiilani Rd A-103, Napili/kahana/honokowai, HI
MLS® #403984
Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-357-4000
Wonderfully Remodeled Ground Floor 2bd Unit At Hololani, With An Expanded Kitchen To Allow More Counter Space And More Storage. The Floorplan Was Reconfigured To Allow Larger Bedrooms And More Functional Bathrooms. There Really Isn't Another Unit Like A103...
3975 Lower Honoapiilani Rd 221, Napili/kahana/honokowai, HI
MLS® #402225
Listed By: Keller Williams Realty Maui-L Office Contact: Cell: 808-250-3834
You've Got To Come And See Your New Home, Or Your Home Away From Home! There Is No Escaping The Incredible Ocean Views This Condo Has Waiting For You. The View From This Condo Makes The Ocean Look Like It's Your Swimming Pool, Whether You're Sitting On The ...
3823 Lower Honoapiilani Rd 208, Napili/kahana/honokowai, HI
MLS® #404772
Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-281-7313
Great Location In Hale Ono Loa, Located 1 Unit Back From The Ocean There Is The Sound Of The Surf And The Cool Trade Wind Breezes That Make This A Very Comfortable Space With Open Floor Plan. 208 Is Located Close Enough To The Water To Watch Turtles On The ...
Listed By: Keller Williams Realty Maui-L Office Contact: Cell: 808-870-2525
Kaanapali Shores 930 - This Penthouse 9th Floor One-bedroom, One-bath Unit Offers Sensational Ocean Views Towards The Island Of Molokai. Kaanapali Shores Is A Beachfront Resort Ideal For Both Family Vacations And Full-time Living. The Property Features A B...
Hotel Zoned With Breathtaking Ocean And Pool Views, Plus Serene Kealia Pond Views On The Mountainside. Immerse Yourself In A Resort Like Atmosphere With Meticulously Maintained Grounds And An Array Of Amenities. Relax By The Heated Pool, Unwind In The Sauna...
4401 Lower Honoapiilani Rd A604, Napili/kahana/honokowai, HI
MLS® #406653
Listed By: Keller Williams Realty Maui-Ka Office Contact: Cell: 808-276-6473
Priced To Sell, Check ** Hotel Zoned, Check ** Ocean Front Location, Check ** Panoramic Ocean Views, Check ** 2bd/2ba, Check ** Airbnb Ready, Check ** Rarely Offered Corner Stack "a' Building, Check! From The Moment You Step Into This Coveted 6th Floor At ...
4327 Lower Honoapiilani Rd 403, Napili/kahana/honokowai, HI
MLS® #406906
Listed By: Real Broker LLC Office Contact: Cell: 808-298-2030
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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
