Maui

West Maui Market Report: March Delivers End of Quarter Activity

March kicked off Spring 2017, and to a certain degree, kicked off West Maui’s entire real estate season as 66 properties traded hands in the 3rd month of the year (homes, condo, land). In contrast, only 71 had sold in both January and February combined, so from a units sold or sales volume perspective, West Maui actually began March -27% down from 2016. The number 71 constitutes a 2-month consecutive low going back several years.

West Maui Sales Volume January – March 2017

However, there was an artificial culprit responsible for this intermission and as we get further from that significant political event in early November (169 days and counting), and I know that this is entirely speculative, but it seems that the proverbial “blip” is in our rear view mirror. Other significant events contributing could have been Tom Brady’s suspension, the failed coupe in Turkey, and the Cubs winning the World Series.

Monthly & Quarterly Highlights

For the record, 66 property sales in March equals a 14% increase over the same monthly period in 2016 (homes, condo, land). 2016 averaged 57 sales/month (and last year’s volume was 17% over 2015).

Homes

The residential sector went off in March with 18 transactions. That was after January saw 9, and February closed with only 2 sales. For reference, West Maui averaged 12 sales/month last year. 2 sales in February was also a low going back several years.

West Maui Homes & Land Sales March 2017

The high sale for March was a 5 Bed/5 Bath, 3,980 sqft, Phase-4 Launiupoko home on 7 acres. It sold for $3.35M. The low sale was a 3 Bed/2 Bath, 960 sqft in the Napilihau subdivision on Kupele Pl. It sold for $388K.

Between the Numbers

  • 4 homes sold for $550-$700K
  • 8 homes sold for more than $1M
  • Median Price: $964K
  • Avg Price: $1.32M
  • Avg Days on Market: 103
  • Most Sales: Lahaina & Honokowai/Kahana/Napili tied with 6 each
  • Quarterly Report: sales volume up 16%

Condominiums

47 condos sold. For reference, West Maui averaged 44 sales/month in 2016.

  • The high sale was at Honua Kai in Kaanapali; a 3 Bed/3 Bath, 2,280 sqft unit. It sold for $3.6M.
  • The low sale was a Maui Lani Terraces Studio unit; it was listed for $179K. It sold for $190K.

West Maui Condo Sales March 2017

Between the Numbers

  • 13 condos sold for under $301K
  • 5 condos sold for $1M+
  • Median Price: $525K
  • Avg Price: $607K
  • Avg Days on Market: 167
  • Most Sales: Papakea Resort with 5
  • Quarterly Report: sales volume down -9%

Land

Land sales have been extremely sluggish so far in 2017 with half of the year’s closings in March, meaning only 2 parcels have traded hands all year in West Maui. I say “only” because in contrast, there were 14 at this same point last year. Going back further to 2015 where 8 had sold at this point and even further 2014, there were 13 by March 31.

Let’s not even go between the numbers. Down 86%.

The Luxury Market ($3M+)

  • Homes – Launiupoko continues its hot streak of high-end sales with two transactions over $3M ($3.35M and $3.3M), but it was Pineapple Hill with the highest residential closing in March at $3.55M
  • Condos – Honua Kai in Kaanapali saw a 3 Bed/3 Bath, 2,280 sqft sell for $3.6M, and the next highest was in Puamana where an oceanfront 2 Bed/2 Bath unit went for $1.75M
  • Avg Days on Market: 133
  • 5 – $3M+ Properties went active on the market

Want to Know More?

For resourceful, one of a kind statistics, stories, testimonials, information, and updates relevant to the West Maui real estate market, visit Jeff.HawaiiLife.com – representing the areas of Lahaina, Kaanapali, and Kapalua.

If you are in the market for buying or selling West Maui real estate, or have any questions about the neighborhood or real estate 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 pitches.

About the Author

Jeff Onderko

Jeff Onderko is a REALTOR(B) 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 15 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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