The latest edition of my Kapalua: Maui Real Estate Newsletter and Market Update is now available at www.LuxuryRealEstateMaui.com
Here's an overview of the market conditions: the overall Kapalua resort market saw a 9% decline in average sale price from 2009 to 2010, but a 52% increase in the number of sales and a 39% increase in total dollar volume. Our market peaked in terms of number of sales and total dollar volume in 2004, with average sale price peaking in 2007.
It's interesting to look at individual markets within the resort, comparing 2010 with 2009:
- The Residential market saw the most dramatic increases, with average sale price up 36%, number of sales up 120%, and dollar volume up 200% over 2009.
- The Condominium market showed a 7% decline in average sale price, though the number of sales was up 40% and total dollar volume was up 30% over 2009.
- The Land market has been hit the hardest by the economic conditions, though with only two sales each year for the past few years, it is hard to get a good sense of the market conditions. For example, average sale price appears to be down more than 80%, but in 2009 there was a large land sale from the developer at $10,000,000, which skews the statistics. It is noteworthy that the land sales in 2010 were $725,000 to $825,000 in line with 2004 prices for land.
For information on the Kapalua Resort real estate market and areas island wide, please don't hesitate to contact me.
Aloha,
Courtney
Courtney M. Brown, R(S)
Kapalua Realty
700 Office Road
Lahaina, HI
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