Maui's Resort Areas: a 9 Month Review of the Market for Condos and Homes 

How the past nine months compare with the same period in the prior year

Maui has been slowly recovering in the wake of the tragic fire of August 8, 2023.  Many buyers and sellers have asked me how the market is doing, so I've compiled some data for both condominium and home sales by area comparing the period from 8/8/23-5/8/24 with the same period in 22-23.

West and South Maui Condo Sales

The statistics show that sales are down primarily in West Maui, with the condominium market in Kapalua hit the hardest, with number of sales down -66% and dollar volume down 49%.  with uncertainty regarding the future of Short Term Rentals in the apartment zone, we are seeing more sales at hotel-zoned properties.  Kaanapali has more hotel-zoned properties (like Honua Kai, Whaler, Alii, and Mahana) at lower prices than Kapalua, which has the Montage Residences, Kapalua Bay and the Ritz-Carlton, Kapalua, which command higher sales prices.

However, while it appears that condo sales are up in Wailea & Makena, and subsequently, South Maui, they are actually down -19% if you remove the new developer sales. 

It's important to note that two developments began closing in 2022-2023 (Paradise Ridge in Kihei and Makena Golf & Beach Club).  In 2023-204, we continued to see new sales recording at Makena Golf & Beach Club and at Lai Loa.  In the last 9 months, there were 55 sales at Lai Loa and 13 at Makena GBC.  This amounts to 60% of the Wailea/Makena condo sales.  The low sales price was $1,519,250 and the high was $13,000,000.  The total sales volume at these two complexes was $291,586,280 or 60% of the total dollar volume.  It also impacts stats such as days on market, as they typically will go under contract pre-construction.  That is why the average days on market for this period for all of Wailea/Makena is 620, but if the new development is removed, it is actually 95.

It is also important to note where we are seeing the majority of the sales activity.   In the last nine months, the bulk of the condo sales (96%) in West Maui are under $3,000,000.  In fact, 62% were under $1M, 29% from $1-2M, and 5% from $2-3M.  In West Maui, there was only one sale over $5M, a Montage Residence at Kapalua Bay that closed at $12M

In South Maui those stats are a bit different due to the new developments, with 88% under $3M and 12% from $3-13M.

I expect we may see a slowing of sales in the condominium market in the next quarter, particularly in those areas not zoned hotel, on the heels of the Mayor's announcement of a bill to phase out short term rentals in apartment zones.  This affects more than 7000 properties that currently rent legally under Chapter 19.12.020 of the County Code.  Read More about the proposed legislation that is impacting Maui's Short Term Rentals

West and South Maui: Home Sales

In West Maui, 73% of the home sales were under $3M, with the largest percentage in the $1-2M range.  In South Maui, the figure was higher for homes under $3M at 84%.  That said in West Maui, there were only 3 sales over $5M and in South Maui, there were 9 sales over $5M.

It is not surprising to see sales in the lower end of the market, as some of those who received insurance payouts opted to relocate.  Lower priced inventory was harder to come by and home sales (# of Sales) was down everywhere except Wailea and Makena, where sales were up 11%.  In terms of Volume of sales ($) both Wailea and Makena were up, as was Napili/Kahana/Honokowai, which has more affordable housing than the resort areas of Kaanapali and Kapalua.  

It should be noted that Lahaina also includes the areas of Launiupoko and Olowalu.  The sales in Lahaina these last nine months, were largely in Launiupoko (15), though there were 2 sales up in Kelawea which were out of the burn zone.

Note:  This information is taken from the Maui MLS as of 5/10/24.  While care is taken to compile this information, it is not guaranteed and subject to change and some information may be entered at a later date. Any interested party should do their own due diligence.  These are small statistical samples and can swing wildly by a low or high sale.  If you have questions, please contact Courtney.