New Development Fuels West Maui Real Estate in 2019 | Lux Sales Strong
Like with nearly everything, there are 2 sides to every story.
And in this case, it looks like a very banner year for West Maui real estate sales (and it was). According to Maui Board of Realtors, from Olowalu to Kapalua there were 774 transactions — an 11% year over year increase, its highest increase since 2016.
But Did You Know?
Luana Kai, sister property of Honua Kai in Kaanapali sold 8 of those 774 and Stanford Carr’s Kahoma Village in Lahaina accounted for another 56 transactions. The two newly developed but previously sold or “committed to” areas comprised 10% of all condo sales and 8.3% of the total in 2019. Just so we don’t get to blue sky driven, remove those and the +11% increase, decreases to a modest +2.5 – 3%.
However, while not as sexy as first glance, volume along with strong valuations show another healthy year in the real estate world for West Maui.
After all, those 774 transactions made up $776,000,000 in homes, land and condo sales. 50 of which were sold for more than $2M+, and 41 more went for $3M+.
| Year | Units Sold | % + or – |
| 2019 | 774 | 11% |
| 2018 | 695 | 7% |
| 2017 | 652 | -4% |
| 2016 | 681 | 17% |
| 2015 | 581 | -8% |
Other Did You Knows?
West Maui Residential
- 137 sales / range $350K – $9M
- Year over year +7%
- Made up 12% of all sales
- Of those 137 – 61% sold for $1M+
- 5 sold for $5M+
Median price: $1.24M (YoY +2.5%) / Average price: $1.73M (YoY -3%)
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West Maui Residential
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| Year | Median Sold Price | Avg Sold Price | Avg % Yr Gr | DOM |
| 2020 | ||||
| 2019 | $1,236,922 | $1,727,294 | -3.2% | 173 |
| 2018 | $1,207,500 | $1,785,099 | 15.4% | 188 |
| 2017 | $1,100,000 | $1,546,633 | -3.0% | 185 |
| 2016 | $1,050,077 | $1,595,145 | 14.0% | 194 |
| 2015 | $1,000,000 | $1,399,530 | 204 |
More – Kapalua saw the most significant boost in sales in 2019, especially Pineapple Hill with 15 alone. Home sales were a 138% improvement on 2018.
West Maui Land
- 23 sales / range $400K – $2M
- Year over year +10%
Median price: $750K (YoY -7%) / Average price: $990K (YoY +0%)
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West Maui Land
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| Year | Median Sold Price | Avg Sold Price | Avg % Yr Gr | DOM |
| 2020 | ||||
| 2019 | $750,000 | $990,609 | 1.1% | 256 |
| 2018 | $812,375 | $979,829 | 18.1% | 526 |
| 2017 | $825,000 | $829,477 | -5.0% | 293 |
| 2016 | $850,000 | $873,147 | 7.0% | 294 |
| 2015 | $642,500 | $815,858 | -22.7% | 498 |
More: Where is the land selling? Answer — Kaanapali & Launiupoko. The two combined to make up 74% of all land transactions. The $2M sale was a 17 acre land parcel in Launiupoko.
West Maui Condos
- 614 sales / range $172K (FS) – $7.95M
- Year over year +12%
- Made up 79% of all sales
- Of those 614 – 27% sold for $1M+
Median price: $580K (YoY +2%) / Average price: $841K (YoY +1%)
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West Maui Condos
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| Year | Median Sold Price | Avg Sold Price | Avg % Yr Gr | DOM |
| 2020 | ||||
| 2019 | $579,500 | $841,913 | 1.0% | 182 |
| 2018 | $570,000 | $833,812 | 2.8% | 157 |
| 2017 | $547,000 | $811,436 | 9.0% | 164 |
| 2016 | $506,250 | $744,555 | -3.9% | 211 |
| 2015 | $510,000 | $774,910 | -3.1% | 240 |
More: The darling of West Maui resort condo sales continues to be The Montage Residences at Kapalua Bay selling 5 units north of $5M and an excess of $85M+ in 2019. The Whaler at Kaanapali, Aina Nalu Lahaina, Honua Kai & Lahaina Shores values also continue to trend upward in both volume & price.
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.
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