The January 2021 real estate statistics of the Realtors Association of Maui (RAM) reflect the robust ending in 2020. The buyer demand for luxury properties in the beautiful West Maui areas remains strong, empowering the market fundamentals. The real estate industry in Hawaii appears to be solid and high demand is not influenced by the prices of the properties. According to the national average, real estate in this part of the island is more expensive.
West Maui Real Estate Market
This western portion of Maui has become a frontrunner of the housing Renaissance in Hawaii, solidifying the positive trends that make the properties more attractive to investors. The housing market in Maui demonstrated what seems to be the solution to the inventory problems in the industry. Basically, its ability to display a 5-month available inventory has strengthened its position in the market. The healthy real estate market brings back the optimism and confidence of the buyers, sellers, and investors.
Getting the services of professional Maui realtors makes a big difference as you will experience a stress-free journey in finding your ideal home. If you are still undecided, their exclusive multi-million dollar listings of prime Single Family homes, Condominium homes, and vacant lots will prompt you to embrace the investment opportunity and enjoy the Hawaiian lifestyle.
Key takeaways in January 2021 RAM report
A quick look at the significant numbers showed that:
- A 6.3% increase in the number of closed sales of all properties.
It reflected the 237 sold properties in January of this year, which is higher compared to 223 during the same period in 2020.
- A 2.6% increase in the median sales price of all properties.
In January 2020, the median selling price was $699,000. During the same period in 2021, the selling price started off at $717,000.
For Single Family homes, the Median Sales Price increased to $980,000 or equivalent to 26%. For Condominium homes, the Median Sales Price decreased to $560,000 or about 0.4%.
- A 36.4% increase in the average sales price.
January 2021 average selling price of property increased to $1,081,440 compared to the same period last year which was only $793,030.
- New listings decreased by 10.8%.
There were only 313 on the list compared to 351 last January 2020. It decreased 34% for Single-family homes and 4.1% for Condominium homes.
- Pending sales for all properties increased by 61.8%.
The Pending number of properties was 406 in January 2021, a much higher number compared to 251 during the same period last year. For Single Family homes, there was a 25.8% increase and a 65% increase in Condominium homes.
- A 4.1% increase in the days on market until sale.
From 146 during January 2020, the days increased to 152. For Single Family homes, there was a 5.1 increase and an 8.3% increase in Condominium homes.
- A 7.7% increase in the housing affordability index.
The index of 56 in January 2021 was higher than the same period last year which was 52 only.
This index measures the housing affordability in the region under the prevailing interest rates. The higher the number, the greater the capacity to qualify for the median-priced properties.
- A 22.1% in the inventory of homes for sale.
January 2021 listed 1,073 only compared to 1,377 properties in January 2020. The inventory showed a 49.3% decrease in Single Family homes and a 9.7% increase in Condominium properties.
- A 15.8% decrease in the months’ supply of inventory.
The recent number was only 4.8 compared to last year’s 5.7 during the same period. Single-family homes showed a 47.2% decrease, but the condominium homes had a 32.5% increase.
West Maui Luxury Real Estate
West Maui is the sunny northwest portion of Maui. It was once the private retreat for Hawaiian royalties. At present, it is the haven of famous resorts, restaurants, shopping centers, and a lot more. These perks make the towns of Kaanapali, Kapalua, Lahaina, Olowalu, Napili, Kahana, and Honokowai bustle with activities. The luxury real estate properties in these areas are selling like hotcakes because of the strategic locations.
According to the January 2021 report of RAM:
- 2 single family homes were sold at $2,700,000 each or a total of $5,400,000
- 5 condominium homes were sold at $1,140,000 each or equivalent to $8,295,000 (inclusive of other fees)
- 1 land worth $850,000 was sold
One of the nicest places in the area is Kapalua. It has a higher percentage of prime properties in the resort and gated community, where homeowners enjoy the delightful beaches and tropical foliage. Real estate in Kapalua is home to gourmet Maui restaurants, world-class golf courses, amazing spas, and fine art galleries. Real estate in this part of West Maui is living life at its finest, with all the wonders of nature and the modern amenities that bring high-end luxury and peace of mind.
With close proximity to shopping, entertainment, and dining spots, there are plenty of opportunities to experience the Hawaiian style of living. The lower housing density in Kapalua is another wonderful reason to reside in West Maui. It represents an idyllic island lifestyle where you enjoy the panoramic ocean and mountain views as well as the mesmerizing sunsets every day of your life.
Whether you are looking for a condominium unit, a mansion, or a vacant lot, Kapalua has you covered. The condos are located in luxury real estate properties along the slopes of the majestic West Maui Mountains. The condominiums for sale in Kapalua come in a variety of sizes, designs, and prices to suit your preferences and needs. If you prefer a mansion for your family, the Kapalua homes for sale in the Maui MLS search is the place to begin.
Seek the assistance of a trustworthy real estate agent to help you go through the process of investing in luxury homes or a prime vacant lot. Be one of the proud owners of these gorgeous properties, contact your Maui realtor now.