Maui Real Estate LUXURY Market Report 2018-So Far-It’s Looking up!
For the purposes of this report only; below is the definition what is considered “luxury” for Maui Real Estate.
Definition of Luxury Homes and Condominiums on Maui: Residential Homes and Condos listed or sold at $2,000,000 and above
Definition of Ultra Luxury Homes and Condominiums on Maui: Residential Homes and Condos listed or sold at $5,000,000 and above
As noted below. The number of sales for Maui homes at $2,000,000 and above have soared since our downturn of 2009.
End of this report are the links to the most notable sales since 2017 till today March 8, 2018.
Maui County Luxury Residential Homes
From January 1, 2018-March 8, 2018: 19 Homes at $2,000,000 and above have sold. So far in 2018 that is a 111% increase from same time period last year!
Largest Sale so far in 2018 was 3190 S. Kihei Road. Beachfront home on world-class Keawakapu Beach. Sold for $22,800,000 Click here for photos and more info.
Same time last Year January 1, 2017-March 7, 2017: 9 Homes $2,000,000 and above sold.
2017 : Luxury Home 87 Sales. This is about 14% increase from previous year.
2016: Luxury Home 76 Sales
The recent stock market volatility notwithstanding, the economic confidence people are expressing is showing up in our sales. The higher price ranges are not as affected by interest rates since about 74% of these sales were Cash. If the financial markets show more drama then this could certainly affect our numbers. But we are early on in 2018 so we shall see how this plays out.
2017: Luxury Wailea/Makena by far had the highest volume of luxury sales totaling $107,087,888 in 2017. Median Price for Luxury homes was $7,250,000. Average Days on Market was 191 days. Second highest unit sales at 15 homes.
2017: Luxury Lahaina (which includes the Launiupoko area) had the largest unit sales at 20 homes. The second highest volume of luxury sales totaling $62,451,000. Median Price for Luxury homes was $3,139,500. Average days on market 196 days.
The notable part in 2017 was also the North Shore area of Maui got lots of attention. This is the Sprecklesville/Paia/Kuau/Haiku Area. We saw some strong activity. 10 homes sold over $2,000,000. Dollar volume was $55,645,499. That is about a 24% increase from the previous year (2016). North Shore is famous for its big waves. Professional surfers, wind and kite surfers considered this one of worlds best surf spots. Many tech industry folks have found the charm and natural beauty of Maui’s north shore. The lifestyle as you can imagine is one of a kind with the beauty and healthy lifestyle that naturally comes with it. Charming cafes and hip culture vibe has been the norm. It’s not your grandma’s version of formal luxury. Luxury today is very subjective and custom to the demographics.
In 2017 Sellers got an average of 93% of Asking/List price on Luxury homes.
The Luxury Residential Market segment represented about 7% of the entire Maui County market. This is for homes and condos only (does not include vacant land or commercial properties).
Call Jeannie Kong 808-276-1832 for new development projects on Maui. Makena luxury development. Some exciting news to share!
The graphs below show 12-month rolling figures as those typically provide a better illustration of the general direction of market trends (using larger data sets), as opposed to common monthly fluctuations (based on very small data sets). This is particularly important in a small market like Maui. Also, note these are reflecting only sales from our local MLS database. It is deemed to be reliable but not guaranteed.
Maui Luxury Home Median Price
From January 1, 2018-March 8, 2018: $3,700,000 So far in 2018 that is 2.7% increase over same time last year.
Same time last Year January 1, 2017-March 7, 2017: $3,600,000
2017: Luxury Home Median Price $3,250,000
2016: Luxury Home Median Price $3,426,000
Graphs below start on Jan. 2005 to Jan. 2018.
Median Price Per Square Foot
As you will note as shown in below graph, our months supply of homes listed at $2,000,000 and above is on the decline.
Months Supply is defined as: The inventory of homes for sale at the end of a given month, divided by the average monthly Pending Sales from the last 12 months. Also known as absorption rate.
Maui County Luxury Residential Condominiums
From January 1, 2018-March 8, 2018: 10 luxury condos at $2,000,000 and above have sold.
Same time last Year January 1, 2017-March 8, 2017: 13 luxury Condos $2,000,000 and above sold.
2017: Luxury Condo 78 Sales. This is about 32 % increase from the previous year!
2016: Luxury Condo 59 Sales
2017: Luxury Condo Wailea/Makena by far had the highest volume of luxury sales totaling $136,110,718. 40. 78 Unit sales. Median Price: $3,287,500. Average days on market was 222 days.
Graphs below start on Jan. 2005 to Jan. 2018.
Median Price Per Square Foot
2017 Luxury Condo Median Price: $3,287,500
2016 Luxury Condo Median Price: $2,725,000
Months Supply
Pricing and measuring appreciation in the high price ranges is very challenging. Sellers typically in this price range have staying power and buyers in this price range are not many so if one comes along at the right time; to get what they want they will most likely pay for it in the ultra high end. So how do you determine market value? The range of sales prices are just too vast; going from 2 million to above $40,000,000! For the time being 2018 seems to show promising signs for this market segment. Assuming no dramatic changes in the stock market or world event, some of the experts are saying the new tax reform could further heat up this high-end market. As the corporate tax cuts could be good news for this high-end market.
Please note, there are so many factors that come into play on what effects it can have on real estate. We can surely go into further depths than this blog. For more customized in-depth analysis a consultation is advised.
Without further ado here are the most notable sales of 2017 to today in Maui Ultra Luxury Residential Homes. Click here. Call me for more information. Jeannie Kong 808-276-1832
Most notable sales in Maui Ultra Luxury Residential Condominiums from 2017 to today. Click here.
For a current list of some beautiful luxury homes currently for sale on Maui. Click here. Call me for the full list or if you want to be put on auto-notify of properties with your specific criteria in mind.
For a current list of some beautiful luxury condos for sale on Maui. Click here. Call me for the full list or if you want to be put on auto-notify of properties with your specific criteria in mind.
ONE OF THE BEST BUYS ON OCEANFRONT CONDOS IN WAILEA IS THIS-CLICK HERE.
I previewed this gorgeous North Shore Home this past week on 131 Apuwai. MlS #377793 Listed by Coldwell Banker Island Properties. Home listed $2.4 Million. All one level with Guest cottage. Click here for photos and more info.
Here is a picture of Wailea Beach Villa (front entry). I was on my way to dinner and saw the sky ablaze behind the beachfront luxury condominium. Definitely a photo op! Sales have been hot in this complex on Wailea Beach. Call me for details and current active condos for sale.
Contact me for properties not publically listed that may be of interest. Sometimes in the high-end market homes may not be publicized for sale.
Go Here For “Live” Maui Real Estate Market Graph
