Real estate on Maui ended on a positive note in 2020; a trend that has continued well into 2021. As always, Maui continues to be a prime destination for tourists and investors who want to buy a piece of property in the beautiful state of Hawaii. This increase in buyer demand is a positive indication that this year is set to be another exciting period for real estate sales in West Maui.
West Maui Highlights of January 2021
Here’s a rundown of the January sales volume in the west side of Maui which comprises of Kaanapali, Kapalua, Lahaina, Olowalu, Napili, Kahana, and Honokowai.
West Maui Single Family Homes
- 4 houses were sold in Lahaina within the median sales price of $1,733,000. Total sales were $7,706,000.
- 3 homes were sold in Kaanapali for the median selling price of $1,950,000. The grand total amounts to $5,850,000.
- 2 properties worth $2,700,000 were sold in Kapalua for a total of $5,400,000
- 1 single-family home worth $8,200,000 was sold in Olowalu.
- 6 properties were sold in Napili/Kahana/Honokowai. Each home has a median selling price of $1,175,000 or a total of $12,694,000.
West Maui Condominiums
The increasing demand for condominiums in West Maui is reflected in the recent record of the Realtors Association of Maui.
- 15 condo units were sold in Lahaina within the Median Sales Price of $556,990 or equivalent to $13,042,405 total sales.
- There were 17 properties sold in Napili/Kahana/Honokowai amounting to a total of $8,915,250. Each unit has a median selling price of $478,500.
- 11 condominium units were sold in Kaanapali worth $820,000 each or a total of $9,785,000.
- 5 units were sold in Kapalua for $1,140,000 or a whopping total of $8,295,000.
West Maui Land
- 8 vacant lots worth $542,500 each or a total of $4,983,007 were sold in Kaanapali.
- 1 land worth $850,000 was sold in Kapalua.
- 1 land in Napili/Kahana/Honokowai areas was sold for $507,275.
All of Maui Highlights for January 2021
In addition to continued demand, limited availability of buildable lots coupled with a higher cost of construction materials for new developments continues to realize healthy prices across the board.
The newest real estate stats showed a 34% decrease in Maui single-family home new listings, while condominium properties had a 4.1% decrease.
- It means that compared to 144 new listings of residential homes in January 2020, there were only 95 properties listed in January 2021.
- The slight decrease in condominium sales was due to 164 new listings compared to 171 last year in the same period.
The data for pending sales of Maui houses showed a 25.8% increase and a 65% increase for condominiums.
- The robust increase in Maui home sales was due to 122 pending sales compared to 97 last January 2020.
- There were 231 pending sales of condominiums compared to 140 in 2020.
Closed transactions in January 2021 were up for residential houses, with a slight decrease in condo sales.
- There were 101 closed sales compared to 85 Maui homes sold last January 2020.
- The percentage decrease for condominiums this year is based on the 115 closed sales this year compared to 128 in the same period last year.
As for inventory, single-family homes saw a dip, while condo inventory increased.
- Compared to 511 last year in the same period, January 2021 stats showed 259 homes for sale.
- The increase in the inventory of condos is based on 579 listings compared to 528 in January 2020.
Median Sales Price
- The median sales price for single-family homes in West Maui has increased to $980,000 or about 26%. December 2020 stats reflected the median home selling price of $859,000.
- For condominiums, the median sales price has decreased to $560,000 or about 0.4%. The median selling price in December 2020 was $629,500.
Average Sales Price
- January 2021 average sales prices for Maui homes showed a 56.3% increase. The average selling price of properties was $1,508,568.
- The average sales price of condominium units saw a 12.7% increase. Units had an average sales price of $795,440.
Days on Market Until Sale
- For Maui homes, the record showed an increase of 5.1%.
- An 8.3% increase in condominium properties in West Maui was also recorded.
The listing showed 164 Single Family homes and 143 condominium units on the market.
Inventory of Homes for Sale
This inventory reveals the telling statistics that drive West Maui housing forecasts. It reflects the active status and availability of properties at the end of the month.
- In January 2021, the inventory for single-family properties fell 49.3%, or equivalent to 259 homes.
- Records of condominium inventory grew to positive 9.7% or equivalent to 579 available units.
For further information about West Maui luxury properties or MLS listings, contact our Maui Luxury Real Estate team to help you navigate the buying process. Mahalo!