Maui

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%)

West Maui Residential
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%)

West Maui Land
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%)

West Maui Condos
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.

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 over 25 transactions in the past 24 months, a panache for extensive statistical research and 35+ West Maui real estate articles published 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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