The real estate business in Maui is going strong during this last quarter of 2021 compared to last year. It is attributed to the improving economy and recovering from the big impact of unemployment. The buyers’ demand remains high but not as much as the other months because people are now planning how to celebrate Christmas or travel to some places with their families. Two reasons that bolstered this demand were the attractive rates of mortgage and low inventory supply.
The median sales price movement for both condominium and single home properties increased in November. Single-family homes price went up to $1,000,000 from $873,750 (14% growth) while the condominium homes soared to $725,000 per unit or 33% from last year’s $545,000.
The massive movements were recorded in West Maui and South Maui demonstrating a double-digit price growth despite the challenges that include shortage of available lands, supply chain, and labor force. The positive outlook of Maui real estate was further strengthened by the increase of new construction to 83 according to the National Association of Home Builders (NAHB)/ Wells Fargo Housing Market Index (HMI). It was the highest since Spring.
At a glance in November 2021 real estate stats
The November 2021 Realtors Association of Maui (RAM), Inc. market statistics showed that there was a 6.3% growth in the number of Closed Sales in all properties, 16.8% in Median Sales Price, and -67.5% in the number of Homes for Sale.
- New listings of properties for sale have significantly increased. Single-family homes showed a 2.9% growth rate, condominiums had 9.4%, and vacant land received a 7.7% performance boost compared to the numbers in 2020.
- For single-family homes, there was a 14% increase in the number of pending sales and 18.1% for condominium properties.
- Inventory for single-family homes decreased 51.3% while condominium homes reflected a reduction of 81.4%.
- The median sales price for single-family homes showed a 16% increase or equivalent to $989,000. Condominium homes were sold at $725,000, enjoying 19.3% growth. The median price for vacant land increased by 0.5% from last year and reached $500,000.
- The month’s supply of inventory for single-family homes decreased by 63.4% and 90.1% for Condominium homes.
- Days on market for single-family homes grew positively by 3.6% (115 days) while they went down by 42.6% (70 days) for condominium properties. Vacant land days on market had a 21.6% (327 days) increase compared to 2020.
Highlights of the latest RAM report
West Maui is comprised of Kapalua, Kaanapali, Lahaina, Kahana, Napili, Honokowai, and Olowalu.
- Kapalua houses for sale showed 2 sales totaling $13,200,000 based on the Median Sales Price of $6,600,000 per property
- Condos for sale in Kapalua with a median sales price of $1,375,000 showed 12 sales for November amounting to $27,381,500
- Land for sale has a $1,100,000 median sales price, 5 lands were sold with a total of $5,550,000
- The single-family sales year-to-date data showed that in November 2021 27 units were sold (125% growth) compared to 12 sales in November 2020.
- The condominium sales increased 400% from 27 in the same period last year to 135 units in November 2021.
- Land sales rose to 57 this year from 7 in November 2020, manifesting an impressive increase of 714.3%.
- Houses for sale in Kaanapali data showed 1 unit sold for $2,300,000
- Condominium for sale has a Median Sales Price of $1,500,000. The RAM report showed 13 units were sold totaling $27,381,500
- There was a zero record of land
- Single-family sales year to date displayed a 116.7% growth with 52 units sold in November 2021 from 24 during the same period in 2020.
- The condominium sales rose 54.1% in November 2021 with 225 sold units from 146 units in November 2020.
- Land sales showed a 500% increase when it recorded 52 sales in the same period this 2021 from the meager number of 8 in November 2020.
- Single-family sales showed 9 units sold amounting to $14,368,000. The median sales price is $855,000.
- Condominium homes have a median sales price of 650,500. The data revealed that 8 units were sold for a total of $5,060,000.
- One land was sold for $1,500,000.
- Single-family sales year to date had 81.4%% growth. There were 78 units sold in November 2021 from 43 in the same period last year.
- The condominium sales showed 1.4% in November 2021 with 141 units sold from 139 of the same period in 2020.
- Land sales showed a 275% increase from 4 in November 2020 to 15 in the same period this year.
- Single-family sales record had 10 units sold for a total of $15,385,000. The median sales price is $1,014,000.
- Condominium homes in these locations have a median sales price of $588,000. The record showed 25 sold units amounting to $16,410,000.
- There were 3 lands sold to a total of $1,500,000. The median sales price is $500,000.
- Single-family sales year to date had 182.6% growth. 65 units were sold in November 2021 from 23 in the same period last year.
- The condominium sales record showed 138.7% growth in November 2021 when 401 units were sold from 168 in the same period in 2020.
- Land sales showed 0 sales in November 2020 to 7 in 2021.
- Zero sales record for single-family homes
- Condominium homes recorded no sales
- No land was sold in the month of November
General Maui Real Estate Market Overview
This 2021, the real estate market of Maui is more active compared to last year. While the pandemic is not yet over, the new listings and pending sales have shown a significant increase. Other key metrics are also showing positive performance. Generally, today’s atmosphere favors the sellers because the low number of homes for sale drives the price of the existing properties upward on the market. The pendulum may soon swing to favor the buyers and lower the market value of condominiums and residential homes, but it remains to be seen when that will be.