Maui Luxury Homes and Condo Report- 2019 Early Signs?
Big Beach, Makena, Maui. The Island of Kahoolawe in the distance. Photo Credit: Jeannie Kong
Maui Luxury Homes and Condo Report- 2019 Early Signs?
Luxury properties for this report is defined as Maui County properties at $2,000,000 US Dollars and above.
I wrote an article on the Luxury Market for Maui Single Family Homes for 2018, you can read it here.
Maui Luxury Condominiums Market Report for 2018 click here.
Read my Maui Real Estate Market Report here for 2018
There has been alot of chatter on the luxury market across the US and International, so I wanted to check in to see how Maui is faring so far compared to last year. This data was pulled March 14, 2019.
I typically do quarterly reports but I have seen some dramatic differences so I wanted to check in on the numbers. See below.
January 1, 2019-March 14, 2019:
Unit Sold Single Family Homes at 2 million and above = 13 (-35% decrease from same period 2018)
Median sold price is $3,000,000 (-18% decrease from same period 2018)
Total Dollar Volume $51,474,000 (-54.7% decrease from same period 2018)
Sold Condos at 2 million and above =10 (0.0% change from same period 2018)
Median sold price $3,025,000 (-8.3% decrease from same period 2018
Total Dollar Volume $29,618,000 ( -10.2% decrease from same period 2018)
January 1, 2018- March 12, 2018:
Unit Sold Single Family Homes at 2 million and above: 20
Median sold price is $3,675,000
Total Dollar Volume $113,551,000
Unit Sold Condos at 2 million and above =10
Median sold price $3,415, 500
Total Dollar Volume $32,988,000
The most dramatic differences has been in the Maui single family homes in the luxury division.
This is just the beginning of year 2019- so no need to come to hasty conclusions. Remember this-Maui County is made of of 3 habitble islands (Maui, Lanai, Molokai). Population July 2017 US Census is ONLY 166,348 and but it's on the rise. However our housing cannot keep up with the demand. So you can see the numbers we are considering, with that in mind one very large sale can certainly swing the numbers. So again, real estate is very local even on Maui ,so talk to your realtor professional before drawing up firm conclusions.
But it is no surprise that Maui was listed #1 for hotbeds of luxury real estate by Housingwire.com Read here. This report written in February 13, 2019 reveals 5 "power markets" for high-net-worth buyers and sellers. Maui is No Ka Oi!
Doesn't take much convincing on the reasons why. Take a look at this picture I took last month. While there was snow on Haleakala, I was at the beach doing my morning run. How incredible is this island! Experts are saying that growth will be tempered and a more balanced market will come about. The reports from Forbes say that the high net worth individuals are seeking privacy over other things. So the most habitable remote islands in the world which is Hawaii is become the ever covetable star!
I hope everyone's 2019 has started off well. A hui hou (until we meet again). Mahalo (Thank you)
Jeannie Kong
REALTOR ®(S) 808-276-1832
Snow on Maui?! Yes- Photo I took in Feb. 2019. The sight was amazing. Taken from near sea level. Haleakala Mountain is a bit over 10,000 ft above sea level!
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