MAUI REAL ESTATE STATISTICS: Jan-Sept 2017 vs. Jan-Sept 2016

THE CONDO AND HOME MARKETS | Key Metrics

Comparing key metrics through September 2017 Year Over Year with 2016:

While there are more new home listings, there were fewer new condo listings through Sept. 2017.  Other key indicators show increases in Pending Sales, Number of Sales, Median Sales Prices, and Average Sales Prices, while Days on Market till closing is down.  Our busy season begins in Mid Nov, tends to quiet down first two weeks of December, and then remains active

The Realtor's Association of Maui has released it's monthly report on Maui's real estate statistics for July 2017.   

While there are fewer properties to sell when compared with 2016 and inventory is down, the Median Sales Price is up.  For more information read: Maui Real Estate Statistics.

The resort market trends are also showing an upward trajectory, particularly condos in the resort areas of Wailea, Makena and Kapalua.  Condo and home sales are down in Kaanapali.  Home sales are also down in Kapalua, while up in Wailea.  Though it should be noted--with such a small sampling, the statistics can vary widely at any given time.  

To put it in perspective, there are 1877 condominiums and 1181 homesites in the Wailea Resort and 219

Image Courtesy of Getty Images and Sentry TOC

NEW TITLE SPONSOR FOR KAPALUA'S PGA TOUR TOURNAMENT OF CHAMPIONS AND PRO-AM INFORMATION

Sentry Insurance has signed a five year agreement as title sponsor for the PGA TOUR's premier event, the invitation only Tournament of Champions.

Golf's brightest and best flock to Maui each year for this winner's only tournament.  The defending champion is Justin Thomas (2017).  Past winners include Jordan Spieth (2016); Patrick Reed (2015); Zach Johnson (2014); and Dustin Johnson (2013).

The prestigious tournament dates back to to 1953, starting at Las Vegas’ Desert Inn Country Club, as an event for winners from the previous season. After moving from Las Vegas to California for thirty years, it finally settled

KAPALUA RESORT CONDO SALES: 

KAPALUA VILLAS & THE LUXURY CONDOMINIUM SECTOR

Comparing the YTD sales in the various Kapalua condominium communities, we are seeing increases in some areas and not in others. I have broken the graphs below into two segments: the Kapalua Villas (Bay, Ridge and Golf) and the Luxury Condominium Segment (Montage Residences, Kapalua Bay, Coconut Grove, Ironwoods and the Ritz-Carlton Residences).

KAPALUA RESORT CONDOMINIUM SALES: Key Metrics
CONDO SALES: January 1-July 31, 2017 vs. January 1- July 31, 2016

A Look at the Resort Markets as compared with the overall Maui Real Estate Market.

Maui's Resort Markets of Kaanapali, Kapalua, Wailea 

January 1-July 31, 2017 vs. January 1- July 31, 2016

Comparing the YTD sales in the resort markets with the same period in 2016, we are seeing more condo sales in Kapalua and Wailea and Makena, while in Kaanpali, condo sales is down. Inventory is increasing in the condo markets, with the exception of Wailea, which has an absorption rate of just 9.2 months.  Part of the substantial growth in the Kapalua Condominium Market can be attributed to sales at the Montage Residences Kapalua Bay with 3 sales ranging from $3.795-$6.475M (which is the highest condominium sale on record for 2017 on Maui), and Coconut Grove

The Plantation Estates, Kapalua, Maui

600 Honokohau: Undeveloped Land for Sale in the Plantation Estates, Kapalua

The golden rule of real estate is Location, Location, Location.  However, on Maui the location's value is enhanced by a rather intangible characteristic that varies based on personal preference: view.

Not all homesites are crated equally...this is particularly true here in Kapalua's Plantation Estates, where view is everything to a buyer and has a tremendous impact on valuations. Added to that are more subtle factors, such orientation with regard to the prevailing trade winds and the sunset, buildable area, and whether there will be a lot of site work involved. The ideal orientation for most in Kapalua is to face the channel between

Kapalua Condominium Sales: Market Spotlight on Coconut Grove Kapalua Bay and Montage Residences Kapalua Bay

For prospective buyers of luxury oceanfront condominium residences in Kapalua, the Coconut Grove Kapalua Bay and Montage Residences Kapalua Bay are often compared and considered for the similarity of size and their location overlooking Maui's much loved Kapalua Bay.  While both offer three bedroom and three bedroom plus den floor plans and are in similar price ranges, there are some very important differences:

The Champagne Hale: Summer Pops Up at Kapalua's Cliff House

THE MONTAGE, KAPALUA BAY, KAPALUA, MAUI, HAWAII

If you find yourself in Kapalua this summer, one of the most special and iconic spots, the Cliff House, is transformed into an exclusive pop-up bar and lounge.  

The Cliff House has long been one of my favorite spots on all of Maui, having first spent time at the historic site with my father prior to the hotel being built.  

Now, Montage Kapalua Bay is partnering with Veuve Cliquot Champagnes and Chef David Viviano for a one of a kind experience.  There's no better place to watch the sunset, all the while enjoying tasty pupus including oysters, poke, local surfing goat cheese, and bubbles...lots and lots of bubbles.

When: June 29

Maui Luxury Real Estate

Maui Ranks Amongst the Top 10 Luxury Real Estate Markets in 2016 and an Overview of Maui Luxury Real Estate Sales in 2018

Per Realtor.com's Luxury Home Index Research Report, Maui ranks 8th in the Nation's Top County Level Luxury Real Estate Markets, behind markets such as San Francisco, Brooklyn, Los Angeles, Manhattan, Santa Clara, San Mateo, and Marin.  The next Hawaii county real estate market to make the list is Kauai at #17.

Maui one of the Hottest Luxury Housing Markets in 2016

Previously Maui had ranked #17 on the list, making it also one of the "Top 20 Movers" which identifies the hottest markets as those that have moved the fastest since last year amongst the highest 100 ranked counties across seven

Maui Property Tax Rates Announced for 2017-2018 Fiscal Year

Per the Maui News article on June 5, 2017, the Maui County Council approved the new property tax rates for the July 1, 2017-June 30, 2018 Fiscal Year.

Maui County Property Tax Rates 2017 to 2018

The figures below show the rates for each year.  Traditionally, the lowest tax rate is for Homeowner, where this is their declared primary residence.  The highest tax rate remains the Time Share Classification.  The figures below are the Rate($)/Million of Assessed Value.

Change in tax rates by classification over 2016-2017 fiscal year:

Taxes increased across all categories from last year to this year, with the larges increase in those properties classified for use as Industrial,