Kaanapali Residential Maui Update – What’s Selling?

Aloha! Yes, the surf up north has been real good so far this winter. Solid north swells have provided the big wave warriors on Maui’s north shore for the Pe’ahi (Jaws) contest won by locals in both the men’s (Billy Kemper) and women’s (Paige Alms) division. Meanwhile on the upper west side, there have already been at least a dozen really sweet Honolua Swells. The kind of direction that lights up all five waves that make up one of the best right-hand waves on the planet, known as Honolua Bay. It just makes you go, “Ahhhh,” and smile.

Honolua Bay 11.03.2016 (left); Little Makaha – Upper West Maui (right)

As for the real estate market update for Kaanapali, where the sunshine meets not only the sand but some fantastic golf courses.

In Kaanapali, presently:

• Active Residential listings: 30 homes, $1.120m – $6m
• Pending Residential listings: 3 homes, $1.5m – $3.5m
• Sold 2016 Residential listings: 20 homes, $900k – $5.7m

The most current Maui Board of Realtors statistic reflects the following for the Kaanapali District:

Single Family Home year to date sales information comparing 1-1-2016 thru 10-31-2016 with 1-1-2015 thru 10-31-2015:

• Number of Sales (Buyer Volume): 20, down 10%
• Average Sales Price: $1.9m, down 3%
• Median Sales Price: $1,7m, down 3%

A look a little further in the Kaanapali homes being offered and sold in 2016 reveal:

Kaanapali Golf Estates TMK 2-4-4-012

• 6 active listings, average $ per sq ft: $783
• 2 pending sales, average $ per sq ft: $728

Lanikeha TMK 2-4-4-019

• 4 active listings, average $ per sq ft: $965
• 1 pending sale, average $ per sq ft: $428 (incomplete home)
• 1 sold home, price per sq ft: $600

Kaanapali Hillside TMK 2-4-4-010 & 011

• 14 active listings, average $ per sq ft: $528
• 1 pending sale, price per sq ft: $390
• 11 sold homes, average $ per sq ft: $389

Summit TMK 2-4-4-017

• 2 active listings, average $ per sq ft: $544
• 3 sold homes, average $ per sq ft: $612

Pinnacle TMK 2-4-4-018

• 3 active listings, average $ per sq ft: $785

Kahua Kai TMK 2-4-4-016

• 1 active listing, average $ per sq ft: $840
• 1 sold home, price per sq ft: $694

Kaanapali Coffee Farms TMK 2-4-4-020

• 1 active listing, average $ per sq ft: $1015
• 1 sold home, price per sq ft: $785

Royal Kaanapali Estates TMK 2-4-4-006

• 1 sold home, price per sq ft: $462

According to the Realtors Association of Maui Chief Staff Executive Terry Tolman:

Increased showings and sales, multiple offers on “well priced” listings, hesitant buyers may become onlookers…Window of opportunity is quickly closing for first-time homebuyers. “CASH is King!” when making an offer. For several months, approximately 37% of all sales were CASH. Well priced properties are attracting multiple offers making for a quick sale.

REO (Foreclosures) and Short Sales are dwindling, with any “hidden inventory” (or overhang) backlog slowly trickling onto the market. Mortgage Interest Rates are inching up slightly, which may help motivate would-be Buyers to go ahead and buy IF they can qualify.

Savvy investors are buying with Cash, giving them a strong negotiating position, no financing/appraisal hassles, and a quick closing. Rising sales prices motivate some “Owners” to become “Sellers,” putting their homes on the market.

Put My Experience to Work For You

My family and I feel very blessed to have called West Maui home for over 25 years. I have been fortunate to have been assisting Maui buyers and sellers here for well over a decade – you can put my experience to work for you too. If you would like to arrange to see this or any other West Maui properties, please don’t hesitate to contact us.