Maui Real Estate Market Trends with a Close Eye on South Maui

March 12, 2021

Maui is one of the best Hawaiian island destinations in the world. Not only is it one of the most favored resort communities, but many people consider it as an ideal place for their retirement home. Undoubtedly, the amazing weather, sandy beaches, posh localities, and world-class amenities in the resorts contribute heavily to South Maui’s status as an incredible place for real estate investment. Whether you are looking for a family-type residential environment in Kihei, or Hawaii luxury resort living in Makena or Wailea, Maui has so much to offer.

If you plan to invest in South Maui real estate, it’s good to understand what the latest market trends indicate. Without further ado, here are the latest trends…

Real Estate Market Trend In South Maui

According to the Realtors Association of Maui, January 2021 started off with strong buyer demand. While there was an increase in housing in December, the high cost of materials and limited supply of buildable lotshampered the number of new housing units. Keep reading to know the real estate numbers in single-family, condominiums, new listings, and pending sales.

Single-Family Residential Home Sales

When it comes to single-family monthly home sales, Kihei in South Maui increased in January 2021 compared to the sales completed during the same time last year. Also, the residential home sales increased from 21 in December 2020 to 23 in January this year.

Central Maui’s Wailuku is another place that saw the highest number of single-family home sales following Kihei. In Wailea/Makena, only 6 units were sold in January, whereas Maalaea didn’t see any sales. Thus, Kihei continues to be the focal seller’s market of South Maui.

Furthermore, Wailuku saw a decrease in sales this year from 18 in December 2020 to 12 in January 2021. The number of single-family house sales in Molokai and Upcountry Maui’s Kula/Kanaio/Ulupalakua area is eye-popping, making these places a sometimes affordable and wise real estate investment option.

Maui Condominium Sales

Just like home sales, Kihei in South Maui stole the show in condominium sales too! Though the total number of condo units sold in Kihei was far less in January this year than December, the area saw the most sales in Maui at a median price of $495,000.

Following Kihei, Napili/Kahana/Honokowai in West Maui saw the highest number of condo unit sales, i.e., 17 at a median price of $478,500. There was a sudden decrease in the condo sales in Wailea/Makena compared to December last year, from 28 to 11. When it comes to West Maui’s Lahaina, the monthly sales of condos are getting back on track. Here, condo sales increased from 11 in January 2020 to 15 in January 2021.

Closed And Pending Sales

The real estate stat of West Maui indicates that pending sales increased by 25.8% for residential homes and 65% for condos sales. Moreover, the new real estate listings also decreased by 34% and 4.1% for both house sales and condos respectively.

Other Key Points To Keep In Mind

  • The median sales price for residential homes increased by 26% to $980,000 but decreased by 0.4% to $560,000 for condominium sales.
  • The monthly supply of inventory of homes for sale decreased by 47.2% but increased by 32.5% for condos. This entails a high buyers’ demand for condominiums.
  • The days on market for residential homes increased by 5.1% but decreased 8.3% for condominiums.

In a nutshell, these January 2021 Maui real estate figures point to robust market activity. While the buyers’ demand is high, the supply is limited. There could be an increase in the short sales and foreclosures at some point this year.

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