Maui Ranks Amongst the Top 10 Luxury Real Estate Markets in 2016
Posted by Courtney M. Brown on Monday, June 12th, 2017 at 9:27pm.
Maui Luxury Real Estate
Maui Ranks Amongst the Top 10 Luxury Real Estate Markets in 2016 and an Overview of Maui Luxury Real Estate Sales in 2018
Per Realtor.com's Luxury Home Index Research Report, Maui ranks 8th in the Nation's Top County Level Luxury Real Estate Markets, behind markets such as San Francisco, Brooklyn, Los Angeles, Manhattan, Santa Clara, San Mateo, and Marin. The next Hawaii county real estate market to make the list is Kauai at #17.
Maui one of the Hottest Luxury Housing Markets in 2016
Previously Maui had ranked #17 on the list, making it also one of the "Top 20 Movers" which identifies the hottest markets as those that have moved the fastest since last year amongst the highest 100 ranked counties across seven metrics in the index. These metrics include increased value, market velocity and/or sales volume.
The Luxury Home Index by County is comprised of data from 277 counties and there are seven luxury housing metrics utilized to create the report. The Luxury Home Index also has reports on a Metro Index covering 63 metropolitan areas.*
Maui Luxury Real Estate in 2017
So what are the trends overall in Maui County for Condominium, Home, and Land Sales?
All Price Ranges:
Comparing the same period in 2016 vs. 2016, we are seeing an overall increase in Sales Volume (total $) and the Number of Sales. Further, for the most part we are seeing some increases in the Median Sales Price and decreases in the Average Days on Market.
| Condos, Homes & Land (All Prices) | 1/1/17-6/12/17 | 1/1/17-6/12/17 | Percent Change |
| Sales Volume ($) | $944,813,752 | $827,398,372 | +14% |
| Sales Volume (#) | 1177 | 1120 | +5% |
| Median Sales Price | $575,500 | $535,572 | +7% |
| Average Days on Market | 154 | 177 | -13% |
Maui Luxury Real Estate Market (Sales $1,000,000 plus)
Exploring the Luxury Market as defined in the Luxury Index Reports above as sales over $1,000,000, this is how the Maui County Luxury Real Estate Market compares year to date with that of 2016:
| Condos, Homes & Land (Over $1,000,000) | 1/1/17-6/12/17 | 1/1/17-6/12/17 | Percent Change |
| Sales Volume ($) | $435,675,129 | $359,998,050 | +21% |
| Sales Volume (#) | 198 | 179 | +11% |
| Median Sales Price | $1,400,000 | $1,450,000 | -3% |
| Average Days on Market | 167 | 273 | -39% |
Maui Luxury Real Estate Market (Sales $5,000,000 plus)
Further refining it, in 2017, there are 11 sales YTD over $5,000,000, with 8 of those sales in the Kihei/Wailea/Makena area, 2 in Kapalua, and 1 in Kuau. This compares with 9 sales in 2016, with 4 of those in the Kihei/Wailea/Makena area, 2 in Kaanapali, 1 in Kuau, and 1 in Kaanapali.
| Condos, Homes & Land (Over $5,000,000) | 1/1/17-6/12/17 | 1/1/17-6/12/17 | Percent Change |
| Sales Volume ($) | $98,650,999 | $52,703,209 | +87% |
| Sales Volume (#) | 11 | 7 | +57% |
| Median Sales Price | $9,500,000 | $5,700,000 | +67% |
| Average Days on Market | 173 | 318 | -46% |
Of course, as the prices go up the data samples grow smaller. However, there has been a significant increase in the Sales Volume, Number of Sales and Median Sales Price in the ultra-high end market and a corresponding decrease in Average Days on Market.
*The information and the charts shared in this blog post are attributed to Realtor.com and the Luxury Home Index Report. Read More about the Realtor.com Luxury Home Index
Courtney M. Brown, R(S) & Team
Vice President
Island Sotheby's International Realty