According to a recent report from Hawaii’s Data@Work, a real estate data tracking company, fewer Hawaii resort properties were sold in the first quarter of this year compared to the year before, while prices were up 14 percent. The interesting part was which areas of Hawaii were selling well, and as West Maui real estate specialists, it came as no surprise when we learned that Kaanapali was the number one highest selling resort area with an impressive 60 properties sold, especially considering that Maui’s real estate market is much smaller than many other regions in other states.
The total number of resort properties sold in the first quarter came out to 330, which was 13 percent lower than the 378 of last year’s first quarter. The average price of resort homes was $1.17 million, which was up 14 percent compared to $1.03 million in the same period last year. South Maui’s Makena topped the list for most expensive prices at an average of $6 million.
The “resort property” classification is defined as part of a large resort master-planned community, according to the Hawaii Land Use Commission. The Maui resort communities in the report are located in Wailea, Makena, Kaanapali and Kapalua.
Kaanapali real estate comprises a broad range of property types and prices, and it’s a highly desirable area to live, which explains the high demand for resort properties there despite the statewide trend. Whether you prefer a tranquil or lively environment, Kaanapali can provide you with both, and there are many places of interest nearby, including historic sites, world-class beaches and phenomenal restaurants.
If you need assistance finding the right home or condo in this marvelous part of the island, we would be happy to help. You’ll find our contact information at the bottom of the page. Mahalo for reading this week!
mauiluxuryrealestateteam.com – By Robert J. Cartwright, Principal Broker