Ka’anapali Luxury Market Update

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Over the last few months, I have been giving updates on the Maui Luxury Real Estate Market. I started with an overall view and have since provided updates on Wailea, Kapalua and the combined North Shore and Upcountry luxury real estate markets. Today, I am going to take a look at Ka’anapali and its luxury market comparing 2008 year to date performance vs. the same span in 2007. Specifically, I am comparing overall homes sold and condos sold for more than $1,000,000. Ka’anapali is West Maui’s original resort community. It is renowned for both its golf and its world class beaches.

  • Ka’anapali Home Sales

Sales between January 1, 2007 -> July 30, 2007 = 14
Sales between January 1, 2008 -> July 30, 2008 = 11

  • Kaanapali Condo Sales over $1,000,000

Sales between January 1, 2007 -> July 30, 2007 = 52
Sales between January 1, 2008 -> July 30, 2008 = 16

Here are some thoughts on the stats. The home market is off 21% in volume from last year. Comparatively, island wide home sales volume is off 27% through the end of June. This appears to support the notion that the luxury market is weathering the current slow down a little better than other parts of the market.

The condo numbers are a bit of a shocker. We have seen a 69% drop in volume from last years numbers. This is obviously a sizable decrease. What makes these numbers interesting is that it does not follow trends in other luxury markets around the island. Kapalua saw a more modest decrease in volume of 27% while Wailea actually saw an increase in sales volume. Wailea’s increase in volume was not insignificant. What does this all mean? Frankly, I am not sure what accounts for the difference and anything I would proffer would be little more than a guess.

For those that are in the market for Ka’anapali Luxury Real Estate, there is pretty good inventory available on the market. Check out MauiRealEstate.com to see the current inventory of Ka’anapali Homes for Sale, Kaanapali Condos for Sale and Land for Sale. Contact us for additional information on Ka’anapali Luxury Real Estate.

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