Kaanapali Villas Winter Market Update | Record Growth Amid Low Inventory
While every other Kaanapali oceanfront resort property currently has an excessive surplus of inventory listed for sale, Maui Kaanapali Villas (MKV) continues to stand out in West Maui’s real estate market, with rising sales prices despite broader market slowdowns. The driving force behind this surge? Extremely limited inventory, which has propelled both studio and 1-bedroom unit prices to new highs.
By analyzing historical data for these unit types separately, we gain insight into how the combination of scarcity and strong demand has shaped pricing at MKV over the past five years.
What’s Driving the Market at MKV?
- Severe Lack of Inventory:
- There were no active listings or units under contract as of early 2024.
- The total number of sales for both studios and 1-bedrooms combined was just five in 2024, reinforcing the scarcity.
- High Demand for Beachfront Condos:
- With fewer options available, buyers are willing to pay premium prices for well-located, high-end units.
- Historical Trends Favor Continued Price Growth:
- When availability is low, prices increase sharply—as seen in the past five years.
Studio Unit Market Trends
Studio units at MKV have experienced significant appreciation, with prices per square foot soaring past $1,400 in 2024. The number of transactions remains low, but each sale sets new pricing benchmarks.
| Year | Avg Sale Price | Yr Growth % | Price/Sq Ft | Avg DOM | Total Sold |
|---|---|---|---|---|---|
| 2024 | $762,667 | +29.3% | $1,402 | 25 | 3 |
| 2023 | N/A | N/A | N/A | N/A | 0 |
| 2022 | $590,000 | +26.9% | $1,278 | 95 | 3 |
| 2021 | $465,000 | -12.7% | $1,049 | 52 | 8 |
| 2020 | $532,880 | +23.9% | $940 | 49 | 5 |
Key Takeaways for Studio Units
- New Pricing Highs: In 2024, the average studio price reached $762,667, a 29.3% increase from 2022.
- Lack of Transactions: No sales occurred in 2023, and only three units sold in 2024, reinforcing limited supply.
- Rapid Price per Sq Ft Growth: In 2024, studio prices surged to $1,402 per square foot, compared to $1,049 in 2021.
The demand for studio units remains exceptionally high, but with so few available, buyers must act fast when opportunities arise.
1-Bedroom Unit Market Trends
One-bedroom units at MKV have also experienced consistent price appreciation, with values surpassing $1 million in 2024.
| Year | Avg Sale Price | Yr Growth % | Price/Sq Ft | Avg DOM | Total Sold |
|---|---|---|---|---|---|
| 2024 | $1,040,000 | +9.7% | $1,279 | 27 | 2 |
| 2023 | N/A | N/A | N/A | N/A | 0 |
| 2022 | $948,333 | +13.6% | $1,031 | 127 | 3 |
| 2021 | $834,767 | +9.5% | $907 | 71 | 9 |
| 2020 | $762,500 | -6.6% | $829 | 58 | 2 |
Key Takeaways for 1-Bedroom Units
- Breaking the $1 Million Barrier: In 2024, 1-bedroom units averaged $1,040,000, marking a 9.7% increase from 2022.
- Sales Scarcity Continues: No units were sold in 2023, and only two transactions occurred in 2024, reinforcing tight supply constraints.
- Strong Price per Sq Ft Growth: 2024’s average reached $1,279 per square foot, a steady increase from $907 in 2021.
What’s Next for Buyers and Sellers?
For Buyers:
- Expect limited opportunities. With no inventory currently available, patience and quick action are essential.
- Be prepared for strong competition. Low supply keeps demand high, making multiple-offer scenarios likely.
- Price trends suggest continued growth. Entering the market sooner rather than later may yield long-term benefits.
For Sellers:
- Now is an ideal time to list. With no active competition, sellers have strong leverage in pricing.
- High price-per-square-foot trends favor strong returns. If inventory remains low, price appreciation will likely continue.
Final Thoughts
Maui Kaanapali Villas remains one of West Maui’s most resilient real estate properties, with upwardly trending prices driven by extremely low supply. Studio and 1-bedroom units have both experienced consistent price growth, and with no active listings currently on the market, demand remains intense.
For buyers, opportunities are rare but potentially rewarding. For sellers, the market conditions present an excellent opportunity to maximize returns. If history is any indication, the next available unit at MKV will move quickly.
Want to Know More?
If you are in the market for buying or selling Kaanapali 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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