The spectacular views of the blue Pacific Ocean framed by flaming sunsets is just one of the many things that make West Maui one of the most sought after places for real estate investment. The historic town of Lahaina, the wonderful beaches and golf courses of Kaanapali, and the serene calmness of Kapalua offer amazing real estate investment options perfect for a discerning buyer of Hawaii real estate.
However, Maui’s real estate market is constantly changing. Whether it is an oceanfront condo or a luxury beachfront home for sale, it makes sense to keep up with the latest real estate statistics to ensure that you make the right decision. So, let’s assist you in finding out when you should invest in West Maui real estate: Have a look at the latest West Maui real estate market statistics!
A Spike In The Demand For Single Family Homes
According to the Realtors Association of Maui, November saw an increase in the demand for single family homes in the West Maui area. For example, in Lahaina, 12 units were sold in November 2020. The total properties sold in Lahaina were three in December 2019, which increased to four this year.
Similarly, Kapalua and Kaanapali also saw a slight increase in single-family real estate sales. In addition, in the other resort living areas of Napili/Kahana/Honokowai, single-family monthly sales increased from two in November to eight in December.
Condominiums Monthly Sales In West Maui
The monthly condo sales on the island’s west side also look different from the last months. For instance, condo sales in Kapalua saw a tremendous increase from 3 in November to 13 in December. The median sales price increased from $1,035,000 to $1,250,000. This year, condos monthly sales in Kapalua are 7 more than the sales completed during the same time last year. Condos sales in Kaanapali were also high, from 8 sold in November to 13 in December.
Closed Sales and Pending Sales
Pending sales increased by 60.3% for a single-family residence and 23.0% for condominiums sales compared to last year. Pending condo sales saw a decrease from 143 in November 2020 to 139 in December. Also, there is an overall increase in the number of closed sales for all properties (29.4%) which increased by 8.2% for single-family sales and 35.2% for condos in December compared to the last month.
Some Other Notable Statistics
Here are a few more statistical insights for December 2020 to consider:
â— The median sales price for single family residences increased to $865,000 (16.9%) and $629,000 (22.3%) for condominiums.
â— The days on the market for both single family homes and condos also increased to 3.2% and 6.3%, respectively. Monthly inventory supply decreased.
â— Mortgage rates are recorded low, which depicts a strong demand for buyers in the market.
Those are the latest trends in the real estate market in West Maui. The statistics show that the housing market in 2021 will continue to follow the trends seen in the last few months of 2020. If you have any questions related to the real estate stats, please reach out. Aloha!