Resort Real Estate Market Update with Courtney Brown
Today’s question has been answered by Courtney Brown, Vice President at Island Sotheby’s International Realty.
Q: How were Maui Real Estate Statistics from January through September 2017 vs. January through September 2016?
Comparing key metrics through September 2017 Year-Over-Year with 2016:
While there are more new home listings, there were fewer new condo listings through September 2017. Other key indicators show increases in pending sales, number of sales, median sales prices, and average sales prices, while days on market til closing is down.
Our busy season begins in mid-November, then tends to quiet down first two weeks of December, and then remains active until the end of Spring.
Below are Resort Market Comparisons showing average and median sales prices for condos, homes and land, as well as sales volume both in number of sales and total dollar amounts.
For more information on all areas of Maui read: Maui Real Estate Statistics.
A Resort Comparison by Area and Property Type:
Average and Median Sales Prices (SP)
Volume (# of Sales and $ Volume)
The resort market trends are also showing an upward trajectory in terms of Volume of Sales ($) for condos in the resort areas of Wailea, Mākena and Kapalua, and down in Kā‘anapali. When looking at both condo and home sales, the volume and average/median sales prices are up in Wailea. However, while volume is up in Kapalua overall, the average and median condo and sales prices are down. Kā‘anapali’s condo market is faring just slightly better than it’s home market. Land sales often falter when home and condo sales are up, as building costs, length of time involved and isn’t immediately ready for use.
It should be noted that with such a small sampling, the statistics can vary widely at any given time.
There is a misperception that the Wailea/Mākena market moves more inventory than the Kapalua market, but what people often forget is the total numbers of condos and homes in each area are vastly different. Wailea/Mākena are larger scale resorts, and Kapalua’s master plan is for far less density.
Surprisingly, the percentage sold of properties YTD is remarkably the same for these two high end resorts, with 5% of total condominiums built selling in Wailea and Mākena and in Kapalua. Homes and Land sold at 2% of total homesites in the Wailea/Mākena areas and 3% of total homesites in Kapalua.
This information is provided by the Realtor’s Association of Maui. It is believed accurate, but subject to change. Readers are advised to do their own due diligence.
*The Wailea/Mākena figures do not include the new Discovery land project
**Kapalua Resort figures exclude Puna I and II. While these fall in the MLS district, they are not part of the resort. There is future development planned, so these figures do not include future development or project releases. One parcel in Plantation Estates II can be further subdivided into 8 parcels.
***Total Homesites–these are original subdivision figures for both condos and home sites. Some condo and some homesites have been combined to be one property. This is not reflected in the number above.
Above information on total properties is provided by Fidelity National Title and is believed to be accurate but is subject to change.
*All information deemed reliable but not guaranteed, and should not be relied upon without independent verification. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any misprints, typographical errors, or misinformation and shall be held totally harmless. Listing(s) information is provided by the REALTORS Association of Maui Inc (C) and is for consumers personal, non-commercial use. Information on this site was last updated (insert publication date). This is not intended as legal or tax advice, and readers are urged to consult with the appropriate professionals to determine the accuracy of information.
The original article was posted by Courtney Brown on Monday, Oct. 16, 2017.