The ongoing trend of consistent home sales has continued to April 2021. The Realtors Association of Maui (RAM) notes that there’s a high buyer demand for prime real estate with no signs of easing up on rising market trends. West Maui has a high interest for anyone who’s looking to buy a piece of property in Hawaii.
West Maui was once known as a retreat for Hawaiian royalty and is now a prime destination for every tourist, earning its place as an immediate favorite because of the richness in its history and the abundance of restaurants, shopping areas, tourist activities, and resorts. Real estate prices differ in the different parts of Maui depending on how commercially developed it is. Because the demand is going nowhere but up, it’s helpful to be aware of the current trends for West Maui’s real estate market.
West Maui Market Highlights of April 2021
West Maui real estate can be classified into two categories, as most home-owning structures are in other places: single-family homes and condominiums. A condominium grants you the exclusive right to the interior of the unit only, while the building, grounds, and facilities are shared with the other residents of other units within the complex. In contrast, having a single-family home means you own both the building and the land.
Single-family homes and condominiums in West Maui include properties from areas such as Kapalua, Lahaina, Kaanapali, Napili/Kahana/Honokowai. Below are the real estate trends for single-family homes and condominiums in West Maui by the Realtors Association of Maui.
New Listings
There is a 33.6% increase on all properties combined. The total reflects a higher number of properties listed compared to the same month last year, rising from 223 to 296.
- Single-family homes: A total of 103 listings in April 2021, reflecting a 33.8% increase.
- Condominiums: New listings rose from 124 to 166, reflecting a 33.9% increase.
Pending Sales
A 323.5% increase on all properties combined shows a significant rise in the number of pending sales compared to the same period last year, skyrocketing from 85 to 360.
- Single-family: A total of 110, reflecting a 144.4% increase from April 2020’s total of 45.
- Condominium: April 2020’s total of 33 had a 536.4% increase for April 2021’s total of 210.
Closed Sales
A 136.6% increase on all properties combined reflects the large gap from last year’s numbers compared to this month, rising from 186 to 440.
- Single-family: A 59.5% increase of closed sales, doubling from 84 to 134
- Condominium: A 197.7% increase in closed sales, from 87 to 259
Days of Market Until Sale
The days of the market until the sale went from 194 to 137, reflecting a 21.3% decrease on all properties combined.
- Single-family: A 30.3% drop reflects the total going from 155 to 106.
- Condominium: From 194 to 143, there is a 26.3% decrease.
Median Sales Price
A 17.2% increase on all properties combined shows that the prices went from $690,000 to $808,750
- Single-family: A total of $983,500 median sales price, which 30.3% more than April 2020s $754,523 media sales price
- Condominium: Media sales price show a 15.4% increase from $602,494 to $695,000
Average Sales Price
The average sales price rose from $949,126 to $1,266,212, contributing to a 33.4% increase on all properties combined.
- Single-family: A 96.9% increase from April 2020’s average sales price, amounting to $1,983,941
- Condominium: Average sales price show a 2.9% drop from $987,316 to $958,582
Percent of List Price Received
Compared to last year’s 97.2%, there was a 0.8% increase on all properties combined with this year’s 98%.
- Single-family: A 1.8% increase shows the percentage rising from 96.7% to 98.4%
- Condominium: A 0.7% increase reflects April 2021’s 98.1% compared to April 2020’s 97.4%
Housing Affordability Index
A 12.7% decrease on all properties combined is seen in the numbers from April last year to this year, starting from 55 and dropping to 48.
- Single-family: A 22% drop in House Affordability Index, from 50 to 39
- Condominium: Housing Affordability Index reflects a 12.7% drop from 63 to 55
Inventory of Homes for Sale
The inventory of homes for sale went from 1,347 to 685 in a year, showing a 49.1% drop on all properties combined.
- Single-family: A 54% drop reflects the total going from 452 to 206
- Condominium: April 2020’s total of 580 dropped to 291, showing a 49.8% decrease
Months Supply of Inventory
A significant drop from 6.3 to 2.4 reflects a 61.9% decrease on all properties combined.
- Single-family: April 2020’s 5.3 shows a 64.2% to 1.9
- Condominium: April 2020’s drop from 5 to 1.9 reflects a 62% drop
West Maui Real Estate
It’s imperative to know which parts of Maui you appreciate the most and can see yourself living in. Each area has its unique character. For example, Lahaina is the richest in history because it was the former capital of the Kingdom of Hawaii and was also the center of a global whaling village during the 19th century, while Kaanapali Maui has the best resort communities because of its award-winning beaches and luxurious condo units. Olowalu has the smallest population and is an excellent place for diving and snorkeling.
The amount of real estate for sale and the frequency of real estate activities differ in these areas. Places such as Honokohau and Olowalu are sparsely populated and have little real estate for sale. Still, the ones available have lower prices and promise the beautiful solitude of quieter villages. Napili-Kahana, Honokowai, and Kapalua have real estate on the higher end of the spectrum because they’re more commercially developed and more frequented by tourists.
Regardless, West Maui is the pinnacle of tropical paradise, and you simply can’t go wrong no matter where you choose to buy real estate. The first step to making this dream come true is to find the right real estate agent to help you sort out your options, realign your priorities, and make the right choices in investing in luxury properties and prime vacant lots. If you’re in the market for the best property that money can buy, get in touch with our realtors now.
