End of Summer West Maui Market Report

As it is my commitment to keeping the local community informed, I am pleased to share with you the most recent West Maui home, land and condo sales reports for your review — covering Kaanapali, Kapalua, Lahaina, and Launiupoko. You’ll find real estate sales volume, days on market, list versus sold price, price per square foot, Broker commentary, and more.

August 2019 Headlines

• 53 sales in August – down -27% from the same period last year (2018 average/month: 58)
• 60 properties went active on the market
• Kapalua’s Pineapple Hill sells 3 more – 15 for the year
• Average sales price for homes nearly $2M in August
• Highest priced sales:
  • Home – $4.5M in Kaanapali’s Lanikeha neighborhood
  • Condo – $5.54M at the Montage Kapalua Bay Residences
• Lowest priced sales:
  • Home – $645K in Lahaina Town
  • Condo – $250K at Kahana Manor

August Average Home Sale Prices

• Kaanapali – $2.37M
• Kapalua – $2.38M
• Lahaina – $678K
• Launiupoko – $1.58M
• Honoko/Kahana/Napili – $1.27K

August Average Condo Sale Prices

• Kaanapali – $890K
• Kapalua – $824K
• Lahaina – $674K
• Honoko/Kahana/Napili – $452K

What You Need to Know

Sales volume in West Maui is feeling its first year over year decline since 2017 and sits at currently -4% (yes there was a decline in transactions from 2017/2016). However, 2018 with 695 transactions had a 7% volume increase compared 2017, so it’s easy to say we are still in an actively churning market. From a pricing standpoint, homes saw a significant increase of +32% over the same period last year ($1.9M v $1.44M), while condos saw a slight -.6% decline at $863K v $868K.

For the Year

• Home sales volume is up 1% from 2018
• Condo sales are down -5% (condos make up 78% of transactions)
• Land sales are down -19%
• Total home, condo & land sale = 14% over 2018
• Sales volume for properties over $1M are down -14%

Inventory & Absorption Rate

Absorption rate is the rate at which available homes are sold in a specific market over a specific time. This figure shows how long it will take to exhaust the current inventory supply. As of 9/9/2019, there are 459 active properties for sale with 709 properties selling in the past 12 months.

• West Maui home, land, and condo inventory combined Absorption Rate is 7.5 months
• Home AR – 9.2 months
• Condo AR – 5.7 months
• Land AR – 43.1 months

Want to Know More?

If you are in the market for buying or selling West Maui real estate or have any questions about the area or the market in general, please feel free to contact me. I welcome the opportunity to give you information on my previous sales performance and marketing strategies. Or if you’re curious about what your property is worth in today’s market, it would be my pleasure to provide you with property information and a value assessment free of any sales pitch.