Wailea, Makena, Maui Real Estate market update as of September 22, 2021
A story echoed ever since the beginning of 2021. Buyer demand up, inventory down. Wailea and Makena is mostly dominated by the luxury end. Luxury is defined for our purposes as 2 million and up for single family homes and 1.5 million and up for condominiums. Stay tuned to the end for whats new in Wailea and Makena? This report we will just focus on Wailea and Makena single family homes. The Wailea and Makena Condo report will be posted soon.
This report is as of September 22, 2021 approx. 2:55pm HST.
Now when you look at this graph you want to pay particular attention to the trends and not get too fixated on actual price percentage increase as the median price is affected by what was actually available to buy? This area market is not large so what is available on the market is going to have an impact. In this area, you have the entry level end of Wailea Kai and then the ultra luxe oceanfront homes. There are nuances in the market so it is advised that you have buyer/seller represenation with a realtor who has experience.
Wailea and Makena homes offered for Sale :
There are currently ONLY 11 single family homes in Wailea/Makena on for sale on our MLS. See link here. This link can change as listings get sold etc. Currently Ranging from $1,950,000 to $26,000,000.
Wailea and Makena homes under contract:
Currently only 9 properties are under contract. Given the fact the most of the properties went under contract shortly after being listed, it would be a good guess to say, if there were more properties for sale there would be more under contract. Wailea homes listed at under 3 Million went under contract averaging less than 30 days with the exception of 3150 Waakea. That home was actually listed years prior to pandemic. It was listed in Dec. 2018 for $3,788,888 which was high for that house with no ocean views. It finally hit the sweet spot this past May and still is pending in escrow.
Wailea/Makena single family homes SOLD in 2021 YTD September 22, 2021
51 Properties have sold in Wailea/Makena YTD (Sept 22, 2021). 30 properties sold at $3,000,000 and above. That is over 58% of properties sold for 3 Million and above. Click here to see homes. Just to put the sold data into perspective; same time last year 2021 only 18 properties YTD sold (that is -64% decrease!) and in 2019 YTD only 20 properties sold (60% decrease).
7 out of the 51 Wailea/Makena homes sold for above list price. 12 out of 51 properties sold at list price. That means roughly 37% of the properties sold at or above list price!
Over 70% of the properties sold were cash buyers. This is very helpful in a fast-rising market as it is not normally subject to appraisals.
Of the 51 properties sold, 6 were oceanfront properties. The average sold price of Wailea and Makena oceanfront homes was $13,858,181. Highest Price $24,600,000. Only one was in Wailea, rest in Makena; mostly because Wailea oceanfront properties is dotted with luxury hotels and condominiums. Remember the lack of available land particularly oceanfron. Maui is an island!
Noted here is actually the highest sale of single-family home on Maui YTD is an area often considered to be Wailea (Keawakapu Beach) but actually, it is Kihei. So therefore it is not listed on this report. However, it is worth mentioning because often people do consider that Wailea due to its location. 3200 South Kihei Road sold for $45,000,000 on July 30, 2021 to Weiss Adam Trust. Quick search appears he is a hedge fund tycoon.
My Listing (Jeannie Kong-Evarts) at 340 Pualoa Nani Place in Wailea sold $1559 PSF. Highest price per sq. foot at Wailea Pualani! See photos below. It was a beautifully and thoughtfully designed home. It sold for $3,3450,000. Just one of the special properties that Maui Real Estate Advisors has had the honor to represent sellers and buyers. Call me for a market consultation should you be interested in buying or selling in this unique market.
What’s new in Wailea/Makena? There are some vacant land opportunities that are going fast. Currently ranging from $900,000 to $9,900,000 for land. Makena’s Discovery land project called Makena Golf and Beach Club which is typically not in our MLS may still have opportunities so call me for more info (listed with Discovery Makena Realty LLC). I have written about it so you can refer to an earlier blog with the caveat that updates will be needed. The new Lai’Loa (this is the first phase by Ledcor for the Wailea Hills Collection- listed with Polaris Pacific) is sold out but call me for any resales that may be coming on next year. I can put you on a list for that or for upcoming phases. I can offer buyer representation on any of these projects.
Paradise is waiting but lack of inventory and continued demand seems to be the driving factor. This is evident everywhere on island but a bit more poignant in the Wailea/Makena market due to limited supply. This market is not terribly affected by interest rates since over 70% of properties sold are cash and when you get into uber luxury then almost always cash.
Wailea Single Family Neighborhoods:
Wailea Kai (34 acres, 100 homes. Started in 1981)
Wailea Kialoa (34 Acres, 102 Homes. Started in 1988)
Wailea Pualani (33 acres, 92 Homes, Started in 1995)
Wailea Fairway Estates (14 Acres, 31 homes, started in 1977)
Wailea Golf Estates (30 acres, 61 homes, started in 1984)
Wailea Golf Vistas (18 acres, 48 homes, started in 1995)
Maluhia at Wailea (10 Acres, 14 homes, started in 2000. actually considered Residential Condos)
Bluffs at Wailea (6.93 acres, 12 homes, soime losts still building)
Makena Single Family Hom Neighborhoods:
Black Sands at Makena (6 acres, 7 homesites, started in 2005)
Keahuhou at Makena 2.4 and 4.3 acre lots. & homes, started in 2001)
Makena Place (5 acres, 10 homes, started in 1997)
Maluaka (11acres, 13 homesites, started in 2008)
One Palau’ea Bay (20 acres, 17 homes, started in 2002)
Papa’anui (3.9 acres, 7 homesites, started in 2011)
Call me for a market consultation should you be interested in buying or selling in this unique market.
I will be going into a deeper dive in a later island wide Maui Luxury Home Market Report. So subscribe to my blog and you will receive it. Until next time… a hui hou… stay safe!
All Maui Real estate data information gleaned from Realtors Assoc of Maui. Information deemed reliable but not guaranteed.