KAPALUA RESORT CONDO SALES: 

KAPALUA VILLAS & THE LUXURY CONDOMINIUM SECTOR

Comparing the YTD sales in the various Kapalua condominium communities, we are seeing increases in some areas and not in others. I have broken the graphs below into two segments: the Kapalua Villas (Bay, Ridge and Golf) and the Luxury Condominium Segment (Montage Residences, Kapalua Bay, Coconut Grove, Ironwoods and the Ritz-Carlton Residences).

KAPALUA RESORT CONDOMINIUM SALES: Key Metrics
CONDO SALES: January 1-July 31, 2017 vs. January 1- July 31, 2016

DOM-DAYS ON MARKET| ABS RATE-ABSORPTION RATE IS THE AVAILABLE INVENTORY IN MONTHS BASED ON THE PRIOR YEAR'S SALES

*At Coconut Grove, no sales in 2016 are recorded in MLS, however, there was one private transaction at $5.25M in July 2017 that is not included in the MLS data.  It is accounted for in the chart above, but not in the graphs below, which are populated by the MLS system.
** At the Ritz-Carlton Residences, the property was recently sold last year.  During the transition, there were no developer sales.  It is now under a new ownership group that has just launched resales.  Much of the developer held listing inventory is not yet in MLS at this time.

KAPALUA CONDO SALES: MARKET OVERVIEW

With the Villas, buyers seem to be very focused on the Kapalua Golf Villas and Kapalua Bay Villas during the first half of this year.  The three communities are within relatively similar price points, age, and one and two bedroom floor plans (there are some three bedrooms where lofts have been enclosed to create additional space).  Each market can affect those around it--for example, the golf villas are seeing far more sales this year, as they are no longer under exterior renovation and all assessments relating to that three year project have been paid. Looking at the number below, it's important to note the absorption rate is lowest at the Kapalua Ridge Villas, as there is very little inventory currently on the market.  

The change in sales volume this year may be in part due to the increase in average sales prices at the Ridge, with lower priced inventory available at the Bay and Golf Villas

At the Ridge there are just 10 villas offered for sale, with one pending sale.   At the Bay and Golf Villas, each community currently has 16 villas offered for sale, with four pending at the Golf Villas and one at the Bay Villas.   In 2016, they all saw similar sales: six at the Golf Villas, and 8 each at the Bay and Ridge Villas.  

Kapalua Villas: Historical Average Sales Prices 

Part of the substantial growth in the Kapalua Condominium Market can be attributed to sales at the Montage Residences Kapalua Bay with 3 sales ranging from $3.795-$6.475M (which is the highest condominium sale on record for 2017 on Maui), and Coconut Grove with 3 sales ranging from $4-$5M Year to Date and one pending.  As there are only 24 oceanfront condominium residences at Coconut Grove Kapalua, there was only one sale last year at $5.25M (not recorded in MLS or included in data below) and it's rare to have so many sell in one year.  

It also should be noted that the Ritz-Carlton is now under new ownership and they have rebranded the condominium residences "The Ritz-Carlton Residences, Kapalua".  The new offering features renovated condominium suites with the option to add full kitchens for the first time.  The data shown below does not reflect sales when the property was known as the the Residential Suites at the Ritz-Carlton.

Luxury Kapalua Condominium Residences:  Historical Average Sales Prices

For more information on the Kapalua condominium market, including active listings and recent sales, please contact me.

With such a small data sample resulting in limited data points, sales of luxury condominiums can increase the overall averages dramatically in resort areas and should be noted.  

Information above is taken from the Realtor's Association of Maui MLS system and is deemed reliable, but is subject to change and not guaranteed.