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.
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MLS® #407128
Listed By: Keller Williams Realty Maui-L Office Contact: Cell: 808-446-4551
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4471 Lower Honoapiilani Rd, Unit 415, Napili/kahana/honokowai, HI
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Listed By: Hawaii Life (L) Office Contact: Cell: 808-214-0302
Experience True Maui Oceanfront Living In This Top-floor, 1 Bed / 1 Bath Unit Offering 611 Sq. Ft. Of Refined Comfort. Just Steps From The Water’s Edge, Enjoy Panoramic Views Of Moloka‘i And Lana‘i, Where The Sound Of The Waves Creates A Serene Backdrop Fro...
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MLS® #406577
Listed By: Keller Williams Realty Maui-L Office Contact: Cell: 808-250-5073
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MLS® #407216
Listed By: Hawaii Life (L) Office Contact: Cell: 808-280-4881
Oceanview Island Retreat At Kuleana - Modern 1bd/1ba 2nd-floor Condo With 493 Sq Ft, Thoughtfully Remodeled In Island-inspired Style. Enjoy Ocean And Moloka‘i Views Overlooking The Pool, With A Private Lanai Perfect For Sunsets. Turnkey Furnished, With Cura...
3875 Lower Honoapiilani Rd, Unit A104, Napili/kahana/honokowai, HI
MLS® #407205
Listed By: Living Maui Real Estate LLC Office Contact: Cell: 808-359-1161
Residents And Guests Alike Relish The Experience Of Living At Hale Mahina. This Oceanfront Complex Boasts A Low Density, With Fewer Than 60 Owners, Ensuring Ample Space To Soak In The Stunning West Maui Sunsets, Enjoy Expansive Lanais, And Revel In The Priv...
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MLS® #405520
Listed By: Real Broker LLC Office Contact: Cell: 808-298-2030
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3445 Lower Honoapiilani Rd, Unit 551, Napili/kahana/honokowai, HI
MLS® #405553
Listed By: Keller Williams Realty Maui-L Office Contact: Cell: 808-264-4617
This 1 Bed 1 Bath Ocean View Upgraded Unit Is Located Just Minutes Away From World Famous Kaanapali Resort Which Offers World Class Beaches, Upscale Shopping And An Array Of Award-winning Restaurants And 2 Golf Courses. Should You Decide Not To Venture Out,...
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MLS® #405920
Listed By: Keller Williams Realty Maui-Ka Office Contact: Cell: 808-276-8776
Welcome To Kaanapali Shores 939, A Beautiful 1-bedroom, 1-bathroom Condo That Offers A Perfect Blend Of Comfort, Elegance, And The True Spirit Of Island Living. Located On The 9th Floor, This Quiet Retreat Boasts Breathtaking Ocean And Courtyard Views From ...
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Listed By: Coldwell Banker Island Prop(S) Office Contact: Cell: 808-891-8989
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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
