The real estate climate in West Maui is consistently improving as the new normal sets in across the United States and the vaccination rates rise. The first two quarters of 2021 showed an uptick in activities in the market. Compared to 2019 and 2020 stats, the home sales for the first six months were 33.4% during the same period. The report published by the Realtors Association of Maui (RAM) also showed more than 80% increase in condo sales than the same period of 2020.
For homeowners affected by the pandemic, the recent announcement of the White House to provide assistance to those facing property foreclosure issues through payment reduction and loan modification also brought a positive note in the industry. HUD is offering a 25% reduction on the principal loan and interest to qualified borrowers who don’t have the capability to resume their monthly mortgage. Those with federally backed mortgages have an option to extend the mortgage period or lock in lower rates of interest.
July 2021 Real Estate Statistics at a Glance
There was a 76.9% uptrend in Closed Sales of all properties and a positive 19.9% change in the Median Sales Price. The downtrend happened in the number of Homes for Sale in all properties as it showed a reduction of 62.0%. While there was a slight increase in the nationwide number of sellers listing their properties, the National Association of REALTORS reported that the inventory remained low at 18.8% when compared to the number in 2020.
Highlights of the July 2021 West Maui Real Estate Market
Here’s a rundown of the July 2021 numbers in the west section of Maui which includes Kapalua, Kaanapali, Lahaina, Kahana, Napili, Honokowai, and Olowalu.
New Real Estate Listings
- In Single-Family homes, there were 112 new properties in July 2021, or a 14.5% decrease compared to 131 properties in July 2020.
- In condominiums, 109 properties were on the list compared to 203 last year, or a decrease of 45.3%.
- 878 Single Family homes were listed from January to July, while last year’s stats during the same period was only 811. There was an 8.3% growth.
- For condominiums, a 7.4% increase was seen as the record showed 1,251 new units in seven months compared to 1,165 in 2020.
- There was an increase of 20.4% in Pending Sales in Single Family homes in July 2021 compared to 103 last year.
- One hundred forty-six units of condominiums were on the list of Pending Sales last July 2021, or a 50.5% increase from last year’s 97.
- In total, there was a 48.5% increase in Single-Family Pending Sales or 842 properties from January to July compared to 567 during the same period in 2020.
- For condo properties, there was a 153.3% growth from last year’s 613 to 1,553 during the first seven months of 2021.
Closed Sales or Solds
- 110 Single Family homes were sold in July 2021 compared to 110 in 2020 or an increase of 23.6%.
- 207 condos were sold compared to 93 units sold during the same period last year or 122.6% growth.
- From January to July 2021, 805 Single Family properties were sold, or a 47.4% increase compared to 546 homes sold in July 2020.
- 1,476 condominiums were sold in the first seven months of 2021, which is a 103.9% increase from last year’s 724 units.
In July, there were 5 Single Family properties sold for 2,595,000 each (total of $13,145,000) in Kaanapali homes sold, 2 Kapalua homes sold for $3,672,500 each (total of $7,345,000), 6 in Lahaina for $2,766,000 (total of $17,307,049), and 10 in Napili/Kahana/Honokowai for $1,237,500 each (total of $11,759,000).
18 condominiums were sold for $937,000 each (total of $22,194,500) in Kaanapali condos sold, 15 units in Kapalua condos sold were sold for $1,150,000 each (total of $28,936,533), 8 in Lahaina for $582,500 (total of $5,156,000), and 46 in Napili/Kahana/Honokowai for $552,500 each (total of $31,318,515).
2 estate land sales were sold for $870,000 each (total of $$1,740,000) in Kaanapali land sales, 2 Kapalua land sales for $1,025,000 each (total of $2,050,000), and 1 in Lahaina for $1,450,000.
July Inventory of Maui Homes for Sale
- At the end of the month, 215 Single Family homes were listed compared to 424 in July 2020. There was a 49.3% decrease.
- Only 151 were on the list, which means a downtrend of 78.1% from July 2020 with 689.
Average Sales Price and Median Sales Price
The Average Sales Price of Single-Family homes in July 2021 was $2,301,004. There was an increase of 121.8% since last year’s average price of $1,037,229. Each condo unit was priced at $1,024,836 in July, while the Average Sales Price last year during the same period was $832,603. It means 23.1% growth.
In July 2020, the Median Sales Price of Single-Family homes was $779,690. This year, July’s price rose to $1,050,000, or a 34.7% increase. For condominiums, the report revealed a 41.2% growth as the price increased from $505,000 to $713,000.
The increase in the median price is partly due to the sales composition and also on value changes. With the increased sales of high-end properties, the median sales price moved upwards. In the context of values, the West Maui real estate market offers a unique blend of heterogeneous properties in different structure sizes, finishing, lot size, location, and view.
If you’re searching for the right property that you would like to call home in West Maui, the best way is to work with an experienced real estate agent. Properties in this part of Hawaii can be very hard to get hold of because of many interested buyers. A good agent would help you secure it and navigate the house buying process, so contact Betty and Roy today!