Aloha! Below, please find my market update for The Maui Kaanapali Villas. The first part of my report deals with the condominium market island-wide on Maui. I then focus on the condominium market for the entire Kaanapali Resort. For these reports, I will apply the data from the year to date sales statistics comparison report provided by the Realtors Association of Maui.
The sales statistics provided by RAM compares the condominium market for the entire island of Maui for the first five months of 2012 with the same period in 2011. The statistics show that unit sales volume is exactly as it was last year with 544 closed transactions. Sales prices were mixed, while the average sales price is down 9%, the median sales price is up 6%. The median is a better gauge for average can be distorted by a few sales
on the upper or lower end of price spectrum.
As for the statistics for Kaanapali, we again compared the number of sales for the first five months of 2012
with the same time frame in 2011. Here the statistics reveal a much different story. Unit sales volume for
condominiums in Kaanapali experienced an increase, up 22%. Unfortunately, the picture is not so bright for
sales prices. The average sales price for condominiums in Kaanapali is down 32% and the median sales price
has decreased by 30%. The decline in sales prices in Kaanapali is primarily due to the heavy discounting
continuing to take place by the developer of the new Honua Kai condominium.
As for the sales data for MKV specifically, I switch from a YTD comparison to comparing the sales statistics
with those that I provided to you in my December 2011 update. The number of closed sales has improved by
two with seven sales recorded. The Maui Multiple Listing Service reports that with 306 real estate companies
on Maui, Whalers Realty participated in 71% of all closed sales at Maui Kaanapali Villas! Although sales
volume is up, as with the Maui market in general, sales prices were mixed. The average sales price is down
14%, but the median sales price is 16% higher than in December. Again, the median is the better gauge. The
number of properties being offered for sale at the MKV has declined from 14 in December to 11 currently.
When considering adding to your investment portfolio, or when you have decided to place your property on
the active market for sale, please remember to “Ask for the Best” and allow Bob & Tess Cartwright and the
crew of professionals at Whalers Realty Inc. to assist you. Please stop by one of our offices, send us an
E-mail, or call us, our contact information can be found below.