January 21, 2022
Following the pace of the 2020 second half of the year, the Maui high-end real estate market grew at a record rate in 2021.
Maui MLS data tells us that the number of transactions in the $3 million to $10+ million luxury category rose from 84 in 2019, to 88 in 2020, to 270 in 2021. From 2020 to 2021 that’s just over 300% increase!
The overall Maui real estate market grew from a sales volume of $4.95 billion in 2020 to over $10 billion in 2021. The previous highest year was in 2005 with a total sales volume of slightly over $5.5 billion.
9 Bay Drive in Kapalua – The Highest Priced Property Currently listed on Maui – $59.5 Million. COLDWELL BANKER
The ultra-luxury market, defined as sales at or above $10 million, made up more than $435 million, without counting Jeff Bezos’ acquisition, of those transactions with 28 sales in 2021 compared to 5 for 2020.
Most of the luxury market’s growth is taking place on South, West and Central Maui.
With a 500% increase in number and a 466% increase in sales volume of luxury properties sold from 2020 to 2021 Central Maui, which cover Wailuku and Up Country, saw the most growth in this segment compared to other regions. For the same period, South Maui luxury and ultra-luxury properties experienced a 344% sales volume increase, 266% increase in number.
West Maui listings include a $15.5 million residence with four bedrooms. COLDWELL BANKER
With 7 transactions at or above $10 million totaling $90 million in 2021, West Maui also saw a substantial jump in the ultra-luxury segment compared to 2020. Overall the luxury and ultra-luxury market in the region experienced a 310% increase in both transactions and sales volume from 2020.
Record Sale on Kaanapali Beach – 40 Kai Ala Drive. MARY ANNE FITCH
Among closings last year was a Kaanapali Beach estate on the West Side of Maui. Mary Anne Fitch sold the 5,348-square-foot residence for $15.75 million, making it the most expensive beachfront home sold on West Maui.
Currently, the highest priced home on Maui, a 6.645 sq. ft. oceanfront estate on almost 10 ac. in Kapalua, is being offered at $59.5 million.
The Island of Maui had the overall largest luxury market share by dollar volume of any island in the chain in 2021 at 34%. In the ultra-luxury segment, Maui trailed slightly behind Hawaii Island in both number of sales and dollar volume.