Maui has several areas with oceanfront homes: West Maui, South Maui, North Shore, East Maui and Central Maui. As you will see below, the home prices tend to be highest in the resort areas of West and South Maui.
There are broad fluctuations in price depending on whether the property is beachfront or oceanfront; whether it is on a rocky shoreline or cliff-side without water access; and the age, condition and size of the home.
Over the past five years, oceanfront home sales have consistently seen a volume of around 20 per year, with a low of 13 sales in 2015, and a high of 25 sales in 2017. Looking at this year (YTD vs. 2018), the average sales price remains fairly consistent, yet the average Sales Price ($) per square foot has increased to $1902/sq. ft. It is interesting to note, that oceanfront homes are selling at a lower percentage of the asking price than the prior year as well as with a longer average days on market.
Maui Oceanfront Homes: Market Snapshot by Area
Active Listings, Pending Sales and YTD Sales
*based on past 11 months of sales, with the exception of East Maui, which required going back to 2018. With only one sale in 2018, the sale was then multiplied by a factor of 13.
There is often a misperception that we see more sales in the Wailea/Mākena Market. What is important to note is that there are far fewer oceanfront homes in resort areas in West Maui than in Wailea/Mākena.
For example, there are only six oceanfront home sites in Kāʻanapali’s only oceanfront residential neighborhood, Kai Ala Place. Similarly, there are just five oceanfront home sites in Kapalua Place, Kapalua’s only oceanfront residential neighborhood.
Wailea/Mākena are larger-scale resorts, with more oceanfront residential communities such as Keawekapu Beach, Maluhia, Mākena Place, the Mākena Beach Cottages, and Black Sands, as well as homes scattered along the Mākena coastline that aren’t part of a formal subdivision. Kīhei’s Halama Street is also a popular area with beachfront homes stretching along the shoreline.
Maui Oceanfront Home Sales: Key Metrics
2014 to Present
The highest-priced listing on the island is located in the Kapalua Resort: 9 Bay Drive is an 8B/8.5 acre estate situated on 9.97 acres. It is currently offered at $37,500,000, reduced from $49,000,000. This compares with a high sales price of $27,000,000 for an oceanfront estate in 2011 in Mākena.
7150 Mākena Road is a 4B/5.5B home on 1.69 acres. To date, the largest sale on Maui for a private residence that was actually across the street from the ocean, in Keauhou, Mākena $41,750,000 in 2015 (not in MLS) .
It should be noted–with such a small sampling, the statistics can vary widely at any
given time, and the above are MLS statistics. Additional properties have changed
hands privately and are not entered in MLS. For more information on all areas of Maui
read: Maui Real Estate Statistics.
View current listings here.
*By Courtney Brown, Sotheby’s International Realty. This story was originally published at the following LINK.