Maui Real Estate Blog
August 2022 Spreckelsville Market Update
In our last Maui Market Musings Post, we did a deep dive on the Wailea and Makena areas of Maui. We wanted to use a stand alone post to drill into a smaller neighborhood on Maui’s North Shore. That of course is the Spreckelsville neighborhood located between the airport and Paia. It’s one of the core communities we serve. Both Billy and Martin from our office call the area home. This post looks at year to date sales, current inventory and the outlook for the rest of the year.
The map above helps show sales activity for the year to date in Spreckelsville. Red pins represent sold listings and green pins represent active listings. You can click on the pins for additional details about each of the properties.
Spreckeslville 2022 Sales Overview
- Seven properties sold thus far this year as of August 6th. That includes 5 homes and 2 lots. The same number of properties sold during the same period of 2021. That said, last year’s sales were exclusively homes.
- The highest priced home to close in the neighborhood for the year to date sold for $10,000,000. The oceanfront property included a 4 bedroom, 3 bathroom house with 2,462 square feet of living space, a pool and 1 bedroom, 1 bathroom cottage with 540 square feet of living space.
- The lowest priced sale in the area for the year to date closed for $3,650,000. The home with three bedrooms and two and a half baths on Pa’ani Place is located on a large .876 acre lot.
- The median price of this year’s Spreckelsville home sales is $4,950,000. The average price of the this year’s home sales is $5,920,000. For the same period of last year, the median sales price and average sales price were $3,450,000 and $3,423,714 respectively. Homes in Sprecks aren’t exactly cookie cutter, so it would be a mistake to attribute the big increase in median and average price solely to increased values. The size, lot size, condition and location of the homes sold is also a big factor in the increased average and median prices.
- Three of the homes sold this year are located in the Old Spreckelsville area (Laulea and Pa’ani) and two homes sold are located in E Paepae Ka Puko’a (The Spencer Subdivision). Two of the three old Sprecks homes that sold are oceanfront properties.
- Both lots that sold for the year to date are located in the E Paepae Ka Puko’a subdivision.
- For the better part of the past decade, a number of homes in Spreckelsville sold prior to going to market. That trend continued this year. Two of five homes went under contract prior to hitting the MLS.
- All seven purchases in Spreckelsville thus far this year were cash transactions.
Market Outlook for the Rest of 2022
It’s difficult to forecast market conditions for the rest of the year with any sort of certainty. The market is clearly transitioning from the frenzy of 2021 and the first quarter of 2022. On Maui in general, fewer properties are going under contract as higher interest rates curtail demand. That said, the luxury home market tends to be less interest rate sensitive than other markets. The fact that all sales reported this year in Spreckelsville were cash transactions would tend to support the idea that higher rates would have a minimal impact. Overall economic conditions, the state of equities markets and other factors are likely to be bigger market drivers.
On the supply side, there are currently three active listings on the market. All three properties are pretty extraordinary, and the pricing reflects the quality of the offerings. Both homes listed have asking prices over $9,000,000. The one condo listing in Sugar Cove is a stand alone beachfront building listed for $17,000,000. Buyers hoping for inventory at the lower price points of the Sprecks market in the Sprecks V neighborhood won’t find any options currently. That said, our office is aware of a few properties coming to market in Old Sprecks in the near future. That should give buyers some options at lower price points than the current inventory.
Contact The Maui Real Estate Team
If you are in the market for property in Spreckeslville, contact the Maui Real Estate Team. Our agents know the market well. We would be happy to discuss current inventory or anything we know about that may be coming to the market in the near future. You can find more photos and details on the current inventory of Spreckelsville Real Estate Listings on MauiRealEstate.com.