The uncertainties that sprung from the current pandemic and other variable factors may slow down the economy, but not the real estate industry. The November 2020 real estate statistics from the Realtors Association of Maui (RAM) showed a +12.0% change in the number of Median Sales prices on All Properties. New Listings of All Properties was 267 compared to 366 last year or a 27% decrease. But, there was a +13.7% increase in Closed Sales of All Properties.
The significant new low record of mortgage rates make buyers and investors interested in purchasing West Maui properties. The month of November showed for the first time the Dow Jones Industrial Average top 30,000, making everyone more optimistic about owning homes and condominiums in the picturesque Maui island. It is expected that as the year closes and the new year ushers in, Maui is headed in full steam in real estate transactions.
Why choose West Maui to buy properties?
If you love the sun, sand, and sea, a luxury real estate property on this spectacular Hawaii island is your best bet. It has all the elements you like your dream home to have. The variety of options for individuals or families make it a popular place for people who want a private or secluded life. Those who enjoy the outdoors and adventure have a lot of attractions, especially along the unexplored coast. Social creatures would find the combination of unique luxury hotels and world-class resorts satisfying.
The west side includes Kaanapali, Kahana, Honokowai, Kapalua, Lahaina, Napili, and Olowalu. The total land area of the region is about 37.6 square miles. This sunny coast is home to beautiful beaches. It was once a capital of the Hawaiian kingdom and a popular retreat for royalties. In essence, West Maui is the luxury side of the northwest coast.
If you are interested in buying land, a family home, or a condo in West Maui, the monthly report of RAM would give you the current real estate market. It provides data on the listing sales for the month, as well as year-to-date statistics. Keeping abreast with the growth trends and listings would give you an upper hand in getting potentially lucrative properties. Whether you want to invest in a condo, beach house, or luxury estate, you need to study the growth trends of the market.
Single Family Homes
The Realtors Association of Maui (RAM) disclosed that the Median Sales for Single Family Homes increased by 16.8% or from $729,998 during the same period in 2019 to the current $852, 500. The Average Sales Price also demonstrated a high leap of 28.2% to $1,277,878 compared to November 2019’s $996,629.
Closed Sales data was 102 or 37.8% higher than November 2019 which was only 74. It showed a strong demand to select properties for those who want a space for themselves. Pending Sale was 81 or about -10% of last year’s 90. New Listings this November showed a decrease of 24% compared to 125 listings in the same period last year to this year’s 95.
The Median Sales Price of a condo unit showed a 3.9% increase. This November, the Median selling price was $518,520 compared to $499,000 last year in the same period. As for the Average Sales Price, RAM reported an increase of 25.9%, from $703,717 last year to $886,023 this November 2020.
New Listings showed 144 compared to 212 in the same period in 2019 or -32.1%. While the Pending Sales showed a difference of 1.4%, translating to 144 this year compared to 146 in 2019. Closed Sales was 130, about 8.5% lower than last year’s 142.
West Maui’s Single Family Homes, Condominium, and Land November Sales
West Maui’s breathtaking sights and luxurious living at its finest, it is noteworthy to consider which part you want to enjoy waking up each day.
Single Family Homes Sales Volume
- Kaanapali – 5 homes were bought this November for $1,965,000 Median Sales Price or a total of $ 10,778, 500. A similar period last year showed 0 sales.
- Napili/Kahana/Honokowai – 2 homes were bought, Median Sales Price was $1,065,750 for each property or $2, 131, 500 total sales. Nothing was reflected in November last year.
- Kapalua – 4 homes were bought, Median Sales Price price was $3, 098,000 or a total of $11,946,000. During the same period in 2019, 1 home was sold for $2,550,000.
- Lahaina – 12 homes were bought, the Median Sales Price of each unit was $1,015,000 or a total of $19,129,000. Last November 2019, there were 2 homes sold for $854,500 each or a total of $1,693,000.
Condominium Sales Volume
- Kaanapali – 8 units sold, Median Sales Price per unit was $790,000 or a total of $ 7,439,500. In November 2019, 27 units were sold. Each unit is priced at $1,050,000 or a total of $38,014,500.
- Napili/Kahana/Honokowai – 19 units sold, the Median Sales Price was $525,000 or a total of $11,322,900. Last year, there were 21 units sold for $399,000 or $8,856,500 in all.
- Kapalua – 3 units sold, the Median Sales Price was $1,035,000 or a total of $3, 130,000. During the same month last 2019, 3 units were sold for $481,476 each or a total of $8,289,024.
- Lahaina – 17 units sold. The Median Sales Price was $1,739,239 or a total of $21,876,760. Last November 2019, 16 units were bought for $854,500 each or a total of $1, 693,000.
Land Sales Volume
- Kaanapali – 3 lots were sold, the Median Sales Price was $644,500 or a total of $ 1,944,500. Zero reported sales in November 2019.
- Napili/Kahana/Honokowai – No reported sales.
- Kapalua – 1 land sold for $825,000
- Lahaina – 17 lands sold for a total of $1,700,000. The same period last year showed 1 sold land for $400,000.
Are you contemplating a serene, stress-free life away from the hustle and bustle of city living, feel free to get in touch with any of our real estate agents. We are ready to help you find the best property to match your requirements and needs. Call us today and we will be happy to walk you through the selection and buying process.