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.
4909 Lower Honoapiilani Rd, Unit F7, Napili/kahana/honokowai, HI
MLS® #401246
Listed By: Real Broker LLC Office Contact: hibroker@therealbrokerage.com
The Sale Price Has Been Significantly Reduced Due To Building "f" Being Currently Off-limits And Unavailable For Rent. This Decision Was Made By The Homeowners Association, Acting On The Advice Of Consulting Engineers. A Thorough Inspection By These Enginee...
3559 Lower Honoapiilani Rd, Unit 6f, Napili/kahana/honokowai, HI
MLS® #401386
Listed By: Real Broker LLC Office Contact: hibroker@therealbrokerage.com
Welcome To The Lowest Priced 2 Bedroom Vacation Rental On Maui!! This Is A Fully Remodeled 2-bedroom, 1-bath Condo That Combines Modern Comfort With The Timeless Allure Of West Maui. This Exquisite Property Is Perfectly Situated In The Complex To Offer Brea...
3559 Lower Honoapiilani Rd, Unit 3k, Napili/kahana/honokowai, HI
MLS® #401474
Listed By: Island Sotheby's Int'l Rlty(L) Office Contact: Cell: 808-359-4245
Love The Fresh And Clean Updated Kitchen And Bath, Split A/c, And New Flooring Throughout. A Spacious Open Floor Plan Flows Out To A Private Lanai With Tranquil Views Of The Lush Tropical Grounds And Glimpses Of The Ocean. Take A Dip In The Swimming Pool ...
3543 Lower Honoapiilani Rd, Unit E 109, Napili/kahana/honokowai, HI
MLS® #401056
Listed By: A Million Or More Corp
Clean And Comfortable Ground Floor Leasehold One-bedroom, Just Steps Away Beach And Pool. Upcoming Improvements To The Property Include An Interior Renovation Project, Which Is Scheduled To Begin In June 2024 And Is Currently Expected Within E-109 Somet...
Listed By: Island Sotheby's Int'l Rlty(W) Office Contact: Cell: 808-268-4080
Amazing View! Enjoy The Expansive Ocean View From This Unit On The Top Floor Of The Maalaea Yacht Marina. Enjoy Amazing Panoramic Views Of Maalaea Bay, And Haleakala. Enjoy Daily Dramatic Sunrises. In Season, Watch The Whales From Your Lanai. This One-bedro...
Enjoy The Island Lifestyle In This Modernized One-bedroom, One-bathroom Leasehold Condominium Offering An Array Of Impressive Features. Step Out Onto Your Lanai And Enjoy The Ocean Views And Meticulously Landscaped Tropical Grounds. The Kitchen Stands Out W...
111 E Kahului Beach Road Rd, Unit A-404, Kahului, HI
MLS® #401507
Listed By: REMAX Properties
One Of The Finest Oceanfront Units In The Entire Building. Fully Renovated With New Paint, Plumbing And Electrical. A Brand New Kitchen With New Hardwood Cabinets And Self Closing Drawers. New Counters, Sink And Appliances. New Bathrooms With A Wide Showe...
3559 Lower Honoapiilani Rd, Unit 1f, Napili/kahana/honokowai, HI
MLS® #401217
Listed By: Island Sotheby's International Realty(L) Office Contact: Cell: 808-359-4245
Lovely Garden View 1-bedroom At An Oceanfront Property With A Swimming Pool And Mature Tropical Landscaping. Embrace The Vintage Charm And Start Your Next Chapter At Maui Sands 1f, A Convenient Ground Floor Condominium With Easy Access To Parking. Enjoy Ti...
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
