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Resort Markets West & South Maui Slow | East Maui, Lanai See Spike

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, and significantly more.

Kaanapali Hillside | One of Maui’s most desirable neighborhoods

West Maui April & May 2020 Headlines

For further details on any of the statements below, please refer to the included sales reports

  • 75 sales total  | April – 45 | May – 30
  • For comparison March alone had 80 | 2019 avg is 65/mo
  • 27 of those 75 were New Development Sales at Luana Kai & Kahoma Village (36%)
  • Condo Market Hits the Skids | More Homes Sold in May Than Condos
  • Million Dollar Maui | High End Real Estate Market Gaining Traction

  • Median Sales Prices:
    • Homes: April $1.3M | May $1.0M
    • Condos: April $885K | May $800K 
    • Land: April $355K | May $1.5M
  • Highest Priced Sales:
    • Home – $3M in Lahaina’s Launiupoko neighborhood 
    • Condominium – $3.1M at Kaanapali’s Honua Kai
  • Lowest Priced Sales:
    • Home – $690K in Lahaina’s Kahoma Village neighborhood 
    • Condo – $370K (FS)  at the Spinnaker in Lahaina & Honokowai’s West Maui Breakers

The Stories Behind The Headlines 

While I hear stories of mainland markets seeing a recent surge of activity as homeowners seek to upgrade their living environment now that working from home, extra space and quality of integrated operational life is the next norm of the world we live in. 

On Maui, as a whole we haven’t quite seen that surge yet, but the activity trend follows a similar pattern in the local resident markets of Kahului & Wailuku or Central Maui – activity numbers not nearly as affected by this pandemic, while the resort areas of West & South Maui where 75-80% of the transactions are condominiums/rentals (aka – mainland Buyers), are drastically affected by comparison. 

West & South Maui markets are fueled by visitors and currently there are zero direct mainland flights, a 14 day quarantine period and moratorium on vacation rentals. 

Conversely, on the positive side remote/isolated & private areas like East Maui and Lanai are seeing a spike in activity and since May 1st, the luxury market is gaining traction.

Let the numbers speak for themselves.

 

New Contract Volume 

Since 3/13/2020

Region # New Contracts New Contract/Day % + or – Norm
Maui 336 3.9 -52%
West Maui 65 0.7 -59%
South Maui 93 1.1 -65%
UpCountry 42 0.5 -48%
Central 93 1.1 -18%
North Shore 28 0.3 -36%
East 3 0.0 24%
Molokai 6 0.1 -78%
Lanai 6 0.1 24%

Historical Median & Average Price Comparison

 

Year Median Sold Price Median Price % Yr Gr Avg Sold Price Avg Price % Yr Gr DOM # Sold
2020 $1,400,000 13.2% $1,922,564 11.3% 146 53
2019 $1,236,922 2.4% $1,727,294 -3.2% 173 137
2018 $1,207,500 9.8% $1,785,099 15.4% 188 130
2017 $1,100,000 4.8% $1,546,633 -3.0% 185 139
2016 $1,050,077 5.0% $1,595,145 14.0% 194 147
2015 $1,000,000 1.5% $1,399,530 -4.6% 204 116

 

Year Median Sold Price Median Price % Yr Gr Avg Sold Price Avg Price % Yr Gr DOM # Sold
2020 $675,000 16.5% $897,081 6.6% 209 223
2019 $579,500 1.7% $841,913 1.0% 182 614
2018 $570,000 4.2% $833,812 2.8% 157 549
2017 $547,000 8.0% $811,436 9.0% 164 482
2016 $506,250 -0.7% $744,555 -3.9% 211 490
2015 $510,000 -1.0% $774,910 -3.1% 240 445

 

Year Median Sold Price Median Price % Yr Gr Avg Sold Price Avg Price % Yr Gr DOM # Sold
2020 $601,788 -19.8% $730,808 -26.2% 125 10
2019 $750,000 -7.7% $990,609 1.1% 256 23
2018 $812,375 -1.5% $979,829 18.1% 526 22
2017 $825,000 -2.9% $829,477 -5.0% 293 33
2016 $850,000 32.3% $873,147 7.0% 294 49
2015 $642,500 -6.9% $815,858 -22.7% 498 30

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.

Related Articles

Maui Real Estate Post Co-Vid | New Contract Volume

Million Dollar Maui | High End Real Estate Gaining Traction

West Maui Real Estate Hitting Wall | Lux Market Still Churning

 

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About the Author

Jeff Onderko

Jeff Onderko is a REALTOR Broker with Hawai'i Life. West Maui Real Estate Broker, and ultra enthusiastic advocate of Maui's Lahaina, Kaanapali and Kapalua areas. I truly believe it's an honor & privilege to call Hawaii home. For 17 years now, West Maui is where I live, work and play. My team and I specialize in resort market home and condominium sales striving to deliver the highest level of professional service possible. With $50M+ sold, a panache for extensive statistical research and 100+ published real estate articles since 2015. I'm relevant, information driven and responsive. I bring a passionate energy, an entrepreneurial understanding and a client-first approach to my real estate business. Prior to becoming a Realtor, I was an independent publisher, starting and operating Maui, Kauai and Hawaii Real Estate Weeklies, Maui Time Weekly (partner), and in 2005, I was a Mayors Small Business Award finalist. In 2009, after seeing the demand and living in an under serviced pet market, alongside my Mom, Susan we opened West Maui Pet Supply. I started my career after college as an account executive with Orlando Weekly ultimately becoming their Advertising Director. Then I moved on to Advertising Sales Manager at Orange County Weekly, in Southern California. I am native of Detroit, Michigan, but grew up in Florida splitting time between Miami, Orlando and Cocoa Beach, Fl. I was a scholarship soccer player at the University of Central Florida and graduated with a BA from their School of Communication. Always attracted to healthy lifestyle, adventure, great weather, water sports and the outdoors, I moved to Maui in the summer of 2002. When the Realtor hat comes off, I'm active in the community coaching U-14 Boys Soccer (AYSO - West Side Pride) and I still play in the West Maui open division. I'm involved along with other fellow Hawaii Life comrades volunteering regularly at the Ka Hale A Ke Ola Shelter in West Maui and I'm on the Board of the Hawaii Life Charitable Fund. Through the outlet of the WM Pet Supply, I was heavily involved with the Maui Humane Society & ASCPA getting animals adopted & spayed/neutered. When I have free time you'll find me surfing, golfing, at the gym, a regular at yoga class, hanging at home with my animals or working in the backyard on my organic micro-farm (aka: food garden). You can email me at JeffOnderko@HawaiiLife.com or via phone at (808) 280-4881.

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