The beginning of the year is typically a very active time of the year for the Maui real estate market, as high season unfolds and untold numbers of visitors fall in love with Maui's unique value proposition. As sales from high season begin to record, it can be reflective of a long-term, sustainable pattern; and in 2014, it seems to be clear that the luxury niche is of to an outstanding start.
Through the first two months of 2013, there were a 13 sales of single-family residences with a sales price over $1M. The same period of this year saw an increase to 30 sales, with sales volume within this niche jumping from $33.34M to $89.76M. And the top tier of the luxury market certainly seems to be well, with 4 sales over $5M closing in the first two months, while the same time period of the past year only had one.
While the SFR market experience a marked improvement in absorption, the condo market also saw a significant increase in sales activity. The 10 sales over $1M in Jan / Feb 2013 almost tripled in 2014 with 28 sales recording. The district with the most momentous shift is Kaanapali, with 2 sales of 2013's first two months surging impressively to 9 sales this year - with the Vintage at Kaanapali posting an imposing 3 sales, while Honua Kai led the way with 4.
With a fast start, the Maui luxury real estate market may prove to be en route to having a historic year, in a number of meaningful metrics. With 21 condominiums over $1M under contract, in addition to a notable 34 single-family homes, and the impending introduction of the Montage Residences, Kapalua Bay and the Andaz Wailea Residences gaining a foothold of the high-end Wailea market, it will be a year that makes a powerful statement.
For more information about the Maui luxury market or for a private consultation with one of our associates, please contact us or stop by one of our conveniently located offices throughout the Island.