by Island Sotheby's International Realty
on Sunday, January 26th, 2014 at 3:42pm.
By most reasonable metrics, 2013 proved to be a significant step forward in the Maui real estate market, by which continued demand coupled with decreasing inventory resulted in upwards pressure on values. As leading experts in the Wailea real estate market, the team at Island Sotheby's International Realty have a firm grasp of current Wailea market conditions, projected trends as paralleled by relevant macro-economic outlook, and comparative micro-market proclivity within the overall South Maui market.
As such, let us examine the infograph below to glimpse at the progress:
There are a number of items worthy of further discussion. For example, the median sales price for Wailea Single-Family Residences rose substantially over the previous year, this could be said to be in part to sales partaking into the higher-end subdivisions in 2013 (i.e. Wailea Golf Estates, Maluhia), whereas in 2012 the bulk of the sales were in Wailea Kai, Wailea Pualani Estates, and Kialoa. In addition, 2013 sales volume in Wailea condominiums rose by an earth-shattering $63.4M (or 53%) over the previous year. Although some may credit sales of Andaz Wailea Residences (with two sales, each at over $10M), those sales are a not reflective of the overall shift: NOT taking into account the Andaz sales, the average price per square foot rose by 20.5%, from $760 in 2012 to $916 in 2013. Furthermore, vacant land saw a much higher absorption, with 2012's total of 4 sales easily being topped in 2013 by 10 sales, while the price per square foot was relatively stable, comparing 2012's average of $53.14 to 2013's $57.67. Consequently, it is important to note that even in a micro-market such as the Wailea luxury resort, conditions from one property can vary drastically to another (i.e. Ho'olei versus Ekahi).
For those interested in further exploring the Wailea real estate market, stop by our office at The Shops at Wailea, Suite B-34, or call us at 808-879-2880 to contact one of our Wailea specialists.