While Kapalua’s residential market has gone AWOL and literally nonexistent for most of 2017, its condominium market, especially at the luxury sector, is blowing the doors off every other West Maui area this year with 43% more transactions sold in 2017 than 2016 (30 units). Of these 30 sales, 18 of these properties sold for under $1M, while 7 sold for over $4M.
The private and exclusive Beach Club at the Montage Residences overlooking Kapalua Bay
2017 West Maui Condominium Market Report *as of 8/1
Condominium sales have represented 74% of the entire West Maui transactional market so far in 2017 – Comparatively speaking Homes 22% and Land 4%. From a sales volume perspective, West Maui condominium sales are collectively are down this year -14%, with Kapalua being the “lone” shining star. Respectively, Kaanapali is down -43%, Lahaina -2% & Honokowai/Kahana/Napili -8%.
- 281 condo sales – days on market average: 165 days
- Average sales price was $805K
- Average sale price of units sold under $1M: $482K (233 units)
- Average sale price of units sold over $1M: $2.4M (48 units)
- Average sale price of a short term vacation rental property: $890K
- Average sale price of a long term rental property: $549K
- Most units sold: Honua Kai & Papakea (18 each)
View from the top floor inner courtyard of the Whaler at Kaanapali – 15 properties are listed for sale priced $650K – $3.2M
The Luxury Market is Going Off
West Maui’s luxury condominium market going very strong, possibly in an unprecedented way. As of 8/1/2017, 14 units in West Maui have sold for over $3M this year and again it’s Kapalua leading the pack with 9 closings at an average sale price of $4.84M. Kaanapali is in 2nd with 5 sales over $3M at an average price of $3.76M.
If you review the chart below, you’ll see 14 units sold in all of last year, and going back further illustrates just how good this year has been in West Maui’s luxury condo arena.
2009-2010 saw Honua Kai’s Konea building came to market. Only halfway through 2017, this year has already surpassed many of those numbers.
In addition to the number of units sold, the days on market data is pretty compelling as well. Maybe it has something to do with limited supply/high demand thing or the proximity to ocean/epic view thing, but when luxury condos have come to market, they have left quick.
As stated earlier, the average days on market for the entire 281 condo inventory sold so far this year in West Maui is 165 days. Days on market for the 14 condos that sold for $3M+ is just 91 days.
The Montage Residences at Kapalua Bay
You thought it couldn’t get any better for the Montage in 2016, when they sold 9 units for the year at an average sale of $4.55M. By comparison, The Montage is right on pace in 2017 and again leading all super lux condominium property sales with (6) sold, twice that of any other property and at an average sale price of $4.88M. They had a 99% list to sell ratio and average days on market was 82. Currently, 1 other unit listed at $4.5M is under contract, and there are 8 active properties for sale.
Coconut Grove
Not the one in South Florida, but the one that sits just steps from the sand and ocean’s edge of Kapalua Bay. Coconut Grove in Kapalua has had more sales in 2017 (3) than the previous 6 years combined and tied for the second most in West Maui for the first 7 months of the year (one other is currently under contract, listed at $5.3M). The smallest/least number of units of all the properties with $3M+ sales, Coconut Grove seems to be the most “in demand” property in the luxury sector with the least number of days on market from listing to closing, at 54 days. Sellers saw a 96% list to sell ratio.
Historical West Maui Luxury Condo Statistics
Kapalua average sale price historically leads Kaanapali in the luxury condo sector by an average of over $1M per sale
