South Maui lies along the southwestern coast of Maui and stretches from North Kihei down to La Perouse Bay. Famous for its dry and sunny weather, the region draws thousands of visitors each year. Its most popular destinations are Kihei, Makena, and Wailea. Various outstanding accommodations dot the entire South Maui area, but the further south you go, the more luxurious they become.
Wailea, located in the southernmost part of South Maui, is where you will find the most expensive resorts, holiday homes, and golf courses. Kihei has more affordable vacation rentals, condominiums, and residences. Although it is not as affluent as Wailea, it is as charming. Ruggedly beautiful Makena is the least populated of the three tourist destinations but is a prime real estate location in its own right.
South Maui attracts plenty of property investors. However, due to its highly dynamic market, investing here requires in-depth research. The pandemic has affected South Maui’s real estate industry, and despite the signs of financial recovery, the economy remains fragile and unpredictable. The question is: should you risk buying property now or wait until the market improves? Figuring out the right time to purchase a property is difficult if you are unfamiliar with the movement of real estate property in South Maui. Even the most experienced investors refer to the latest Maui real estate market trends for decision-making.
It is not just the breathtaking beaches and lovely weather that bring property investors to South Maui. Buying property in the area is a lucrative and rewarding investment. However, you have to know when and where to invest. With that said, here are the latest Maui real estate market trends to guide you.
The Wailea-Makena area boasts gorgeous sandy beaches, stunning ocean views, and splendid weather. While you are so much closer to nature, you are never far away from state-of-the-art amenities, award-winning restaurants, and world-class shopping centers. This affluent neighborhood offers upscale residential homes, where you can experience the ultimate luxurious living.
Five single-family units in the Wailea-Makena area were sold in January. It is a slight increase from the December 2021 sales of three. The median sales price decreased from $5,350,000 in December to $3,295,000.
Sun-seeking holidaymakers often head to the chic Wailea-Makena area for its stellar golf courses, 5-star resort hotels, and world-class spas. Despite all its luxuries, the neighborhood remains delightfully rustic and blissfully secluded. You will find premium condominiums with easy access to the beach and other must-see attractions. Due to the area’s popularity, some investors buy condos and turn them into vacation rentals. It allows them to make money out of their idle property.
In January, the number of condos sold in Wailea-Makena totaled 10. This figure is a big drop from the 24 units sold in December 2021. The median sales price also fell to $1,690,000 from $2,170,000.
If you are looking for a more affordable option that does not sacrifice comfort, convenience, and accessibility, Kihei is perfect for you. Kihei has a wide range of premium homes, from simple bungalows in quiet communities to lavish villas by the beach. The neighborhood boasts first-rate amenities such as shops, schools, eateries, walking trails, and green spaces. And with over nine kilometers of coastline dotted with beautiful beaches, you can soak up the tropical paradise vibe to your heart’s content.
The number of single-family homes sold in January fell to 14 from 20 in the previous month. However, the median sale price rose from $1,100,000 to $1,272,500. This price increase indicates that single-family units remain in high demand.
Whether you’re looking for a vacation home or a permanent residence, you will find great condominium options in Kihei. Because Kihei is a prime tourist destination, its condos are designed for fun and relaxation. It is typical for these spaces to have resort facilities such as outdoor barbecues, beachfront pools, fitness gyms, and entertainment centers. Still, these units remain homey and cozy. On days when you want to leave the comfort of your property, you can drive to nearby Wailea, Makena, or Central Maui.
Fifty-nine condos were sold in January, a minimal drop from the 65 units bought in December 2021. The median sale price decreased from $699,000 in December to $652,500 in January.
Maalaea lies on the border between central and south Maui. This idyllic seaside community offers a variety of condominiums, including cozy one-bedroom studios to spacious two-bedroom seaside suites. If you want to escape the noisy bustle of the more touristy places, Maalaea provides the serenity and privacy you seek.
Nine condos were sold in Maalaea in January, with a median sale price of $500,000. In December 2021, the same number of units was bought, but the median sale price was $515,000.
General Maui Real Estate Market Overview
The latest Maui real estate market trends show that median sales price for single-family homes soared to $1,157,500, an 18.1 percent growth compared to January 2021. This increase is a new record, surpassing the highest documented price of $1,105,000 in June 2021. For condominiums, the median sales price grew 26.3 percent or $707,500 a unit. The new listings for single-family homes rose 4.5 percent. However, it dropped 13.4 percent for condo units.
With the new year comes the opportunity to purchase the house of your dreams. While acquiring property in South Maui is rewarding, it can also be challenging. For one, the overall supply of inventory remains limited. Due to high demand, condo units in Kihei and Maalaea sold within 75 days of posting. As housing prices steadily rise, affordability continues to decline. However, there is always a possibility the trend will shift within the next few months.
If you are thinking about buying or selling property in South Maui, feel free to contact us for advice. We will be happy to provide you with the information you need and guide you every step along the way.