Wailea Makena Condo Market

How 2015 Fared

In 2015 there were a total of 111 condos sold averaging a sold price of $1,556,762, a figure that has slowly been on the rise over the last few years. Although $1.45M sounds like a steep purchase price, a more accurate picture of the market is the median price of $1,026,880; which means half of the homes sold above the median price while half sold below it. The lowest priced condo to change hands was sold for $475,000, it was a two bed and two bath unit with 949 square feet; there were also two other units that both closed for $495,000.

Our Ho’olei villa pocket listing we sold for $3,100,000 around Halloween time

2014 vs 2015

In comparaison to 2014, 2015 experienced a 20% increase in the number of sales across the Wailea Makena market with the average sold price increasing by $100,000. In terms of pure volume, 2014 did quite well for itself, it saw $133,013,512 done in deals; while 2015 bettered last years total by a little under $40 million. However outliers paint a prettier and inflated picture of the market, a better gauge to use would be analyzing how much the 2015 median price increased vs 2014; 2015 median sales price increased by $5k equating to not much of a significant change. Although median prices reflect at what price points properties are selling for currently, the average sold price numbers are providing positive signs of where the market could be heading. Wailea Beach Villas saw two units sell for $6.1 and $8.5 million which is a great to see movement at the very top of the Wailea condo market, cash buys of that magnitude suggest in the larger picture buyers are slowly regaining their confidence in the market. Even Wailea Point saw two pricey units sell for $4.9 and $5.2 million.

A top row, end unit at Ho’olei we sold for $3.2 million

While the huge price tags and luxury condos grab all the glamour of the Wailea Real Estate market, there is what I would consider an affordable niche (given the Wailea Resort price point) within the market new investors can target. There were 55 units sold for under $1 million with the lowest condo closing for $475,000. Within the affordable niche, vacation rentable condos are an attractive option for investors to go after because the monthly rental income can substantially offset the carrying costs. In particular, vacation rentable complexes favored by investors in 2015 were the Grand Champions, Wailea Ekahi, and Wailea Ekolu to a degree. Also available to long term buyers in the lower price point would be places like Wailea Fairway Villas, Wailea Palms, and the Palms at Wailea.

Wailea Makena Residential Report

2015 Numbers

The Wailea Makena real estate market had a mediocre year with a total of 26 properties trading hands for an average price of just over $2.5 million (without extreme outlier data point). At the lower end of the market, buyers in the price range of $1-$1.5 million can expect usually 3-4 bedrooms with 2-3 baths and anywhere from maybe 1800-3000 square feet; many well appointed and classy homes like so can be found in the neighborhoods of Wailea Kialoa and Wailea Pualani. At the very very top of the market, a magnificent Makena estate sold for $41.7 million completely shattering the record by well over $10 million. For statistical purposes, the $41 million transaction will be excluded from the calculated median price, sold average, median price, etc., to reflect a more accurate picture of the market.

A beautiful family friendly Makena estate we have sold in the past

At the top of what we (Wailea Makena realtors) usually see in the Wailea Makena market is anything above $4 million or so is considered to be on the high end. Neighborhoods like Makena Place, Keahou at Makena, Maluhia at Wailea, Wailea Highlands, and the Wailea Golf Estates to an extent command prices in that kind of price range. One nice thing about Wailea is every residential neighborhood in the area is gated, move down towards Makena and the majority of estates have their own large, private, gated, and secure entries. Aside from the abnormal transaction of $41.7M, the highest priced property sold for $6.9 million ($1.3 million under list price) in the coveted beachfront community of Maluhia at Wailea.

2014 vs 2015

In terms of pure volume 2014 out performed 2015 by a $30 million margin with 2015 producing a total of 26 homes sold for $62.5 million. However, 2014 saw 6 humungous cash deals come together (outliers that skew the data): $5.9, $6.5, $6.85, $8, $8.5, and $9.3 million. If we don’t include those six deals in our 2014 analysis, the market actually underperformed compared to 2015. In terms of a minimum and maximum deals excluding outliers, they were nearly identical with the low end hovering around $1 million.

Contact a Maui Real Estate and Lifestyle Specialist

Ho’olei villas, we are also currently the in house “Sayles” team at Ho’olei Grand Wailea

Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.

Aloha,