We’ve compiled our latest Maui real estate statistics data covering the period between January 1st and November 30th of 2014. This should be helpful to those who are keeping an eye on the Maui market for real estate investment purposes, or any plans to buy or sell.
Below are the residential sales statistics, which reveal a slight overall drop in sales volume for this period year-over-year, along with median and average price increases for the island as a whole. While Maui’s average prices went up by 14% and median prices went up by 8%, West Maui home prices increased more substantially. Average prices rose by 18% and median prices rose by 30% thanks to increases in Kapalua, Lahaina and Kaanapali home prices. Only the Napili/Kahana/Honokowai area had a lower median price during this period, involving a 6% drop, but the average price rose by 45%. As always, we encourage everyone to remember that because these are small markets, the sale of a few properties can cause the percentages to swing substantially, so be sure to look at the number of properties listed under Unit Sales Volume to better understand the percentages. One interesting trend here is the increase in Kaanapali sales volume, which was the only West Maui area to show increasing sales.
Condo sales for this period showed an 11% drop in sales volume for Maui, and a 9% drop for West Maui. Meanwhile, Maui prices were up with an 11% median increase and a 13% average increase. West Maui saw a 17% median increase and a 51% average price increase. What stands out the most is the 30% drop in the number of Lahaina condos sold, based on 57 sales versus 81 in the same period last year. Meanwhile, the average price was up 22% and the median price was up 16%.
Land sale statistics revealed an overall drop in sales volume by 15% for Maui. On the other hand, West Maui land sales volume was up 8% with 41 sales, compared with 38 in the same period last year. Overall, West Maui land prices were up by a median of 60% and an average of 48%, which is pretty substantial. The biggest median price increases came from the Kapalua and Napili/Kahana/Honokowai areas, but those prices were based on just a handful of sales, as you can see below. Kaanapali sales volume increased by 53% from 15 to 23 units.
We hope you’ve found this information helpful. Our next statistics update will complete the big picture for the full year of 2014. Mahalo for reading this week!