From multimillion dollar luxury properties for sale in places like the Kapalua Resort to luxury homes for sale in Kaanapali, the forecast of Maui’s real estate landscape looks almost as good as the island itself.
According to the latest statistics from the Realtors Association of Maui, more buyers are taking a notice to this truth. Right now it looks like it will be a strong market in 2021, with mortgage rates at record lows and the Dow Jones Industrial Average topping 30,000 for the first time.
In November, we saw quite the spike in demand for single family homes on the west side. In Lahaina, for instance, there were 12 homes sold compared to only three the month before and two during the same time last year. Kapalua and Kaanapali also saw a slight increase in sales. Kapalua for instance saw four homes sold, up from only one in October and in November 2019.
As for homes for sale in the restful resort area of Napili/Honokowai/Kahana, there were two properties sold in November 2020, one in October and none in November 2019.
Condo sales on the island’s west side looked a little different, though, but experts are still anticipating a high demand for homes into 2021.
Condos in Kaanapali for instance were down from the 27 sold in 2019, to only eight in 2020.
Napili/Honokowai/Kahana, Kapalua and Lahaina, remained steady in month-to-month/annual comparisons.
Island-wide the market outlook is positive. The median sales price increased on the island by 33.5 percent for condo homes, and days on the market decreased by 7.5 percent for single family homes and 33.7 percent for condominium homes. There’s also a large jump in supply of inventory for condominium homes to 77.5 percent.
That’s an overview of the latest market statistics for Maui. If you have any questions about real estate on the island, please do not hesitate to reach out to me. You can contact me anytime via my contact page or by phone. I look forward to hearing all about your Maui real estate needs, and how I might be able to assist you with those. Have an outstanding New Year!