Kapalua Resort: A Market Update
While sales in the Kapalua Resort market have been slower than in years past, it's noteworthy that the market is showing signs of improvement over the past month. In fact, there are currently six escrows reported in MLS:
- Golf Villa, 2B/2B, $658,000, Original Condition
- Golf Villa, 2B/2B, $750,000, Original Condition
- Ridge Villa, 1B/2B, $899,900, Renovated
- Bay Villa, 1B/1B, $799,000, Gold Oceanview
- Bay Villa, 1B/1B, $1,395,000, Gold Oceanfront
- Pineapple Hill Home, 4B/4.5B, $2,645,000
The majority of the sales are at the lower end pricepoint of the available inventory/view category for each neighborhood.
For example, the Golf Villas, which are typically the lowest buy in to the resort condominium market, have seen the majority of the sales activity, with four closings and two pending sales. Likewise, homes in Pineapple Hill phase I run a close second, with four sales, and one pending sale. Pineapple Hill tends to be the lowest entry to the residential market in the resort.
The Bay Villas have also seen an increase in activity, with two sales, and two pending sales. The pending sale at the Ridge Villas is the first for this year. The markets at the Ironwoods, Coconut Grove, and Plantation Estates/Honolua Ridge remain flat, with no sales or pending sales year to date.
Here are Market Reports* that you may find helpful in evaluating the Kapalua Resort real estate market, comparing the real estate activity.
2009 vs. 2008 (January 1-August 31):
|Kapalua Resort||2009||2008||Percent Change|
|Total Number of Sales||11*||21||-48%|
|Avg List Price||$1,516,272||$2,083,333||-27%|
|Avg Sale Price||$1,332,636||$1,992,071||-33%|
|Avg Days on Market||214||202||6%|
|Low List Price||$599,000||$675,000||-11%|
|High List Price||$3,350,000||$6,685,000||-50%|
August vs. July 2009
|Kapalua Resort||August||July||Percent Change|
|Avg List Price||$2,702,129||$2,743,064||-1%|
|Avg Days on Market||305||297||3%|
|Low List Price||$499,000||$515,000||-3%|
|High List Price||$19,500,000||$19,500,000||0%|
|Avg List Price||$1,516,272||$1,516,272||0%|
|Avg Sale Price||$1,332,636||$1,332,636||0%|
|Avg Days on Market||214||214||0%|
*this total does not reflect developer sales, namely the four Residences that have sold to private individuals, nor the 15 to Exclusive Resorts