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).
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%
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 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.