While last week’s stats post was the first in a long time, it’s been even longer since I posted a neighborhood specific update. With that in mind, no time better than the present to catch up on the real estate happenings in the Spreckelsville neighborhood on Maui’s North Shore. This beachfront community is a favorite of the Maui Real Estate Team. Our broker Billy calls it his home as does Martin Lenny, one of our agents. The combination of convenient location, great beaches and access to world class wind and water sports make this an incredibly desirable location. Today’s post takes a look at market activity during the Covid-19 era.
Notable Sales Numbers
- Eight properties sold in Spreckelsville between April of 2020 and June of 2021. That includes 6 homes and 2 lots.
- Seven of the eight sales were cash transactions. The one other sale was a trade.
- The Maui Real Estate Team represented the buyer or the seller on seven of the eight sales.
- There was only one off market sale during this period. All of the other sales made it to the MLS.
- The sales activity was spread throughout all but the Kai Holu Subdivision. The sales included one home closed in the Sprecks V area, one home on Stable Road, one home and one lot in E Paepae Ka Puko’a (The Spencer Subdivision). The rest of the sales were in Old Sprecks.
- One oceanfront home closed thus far during Covid. There is a second oceanfront home pending.
- The highest priced transaction to close came in at $4,000,000 for a home on .57 acres on Stable Road. The four bedroom, two bath home sits one lot back from the oceanfront with easy beach access. This transaction closed in March of 2021.
- The highest priced lot closed for $2,750,000. This .789 acre lot is situated off of Nonohe in Old Sprecks is right next to the Maui Country Club with deeded access to Stable Road.
- In addition to the 8 sales, there are three properties under contract including our office’s listing at Sugar Cove.
Thoughts on The Sprecks Market
Maui’s high end real estate market boomed during Covid-19. More accurately, it took off in late 2020 and through the first half of 2021. Home sales over $2,000,000 are up 335% during the first five months of 2021 compared to the same period of 2020. They are up 368% compared to the first five months of 2019. Areas like Kapalua, Ka’anapali and Upcountry Maui saw record sales volume for luxury property. That also meant the occasional bidding war and an above asking sales prices became more common.
The Sprecks market hasn’t hit the same heights as some of the other areas of the island. While the five properties sold for the year to date is the highest since 2014, it wasn’t unprecedented. None of the properties that sold closed above asking price and we only saw one multiple offer situation. This is not an indictment of the Sprecks market or the appeal of the neighborhood. It is more of a reflection of the fact that Spreckelsville is a high demand low sales volume area. Inventory levels consistently remain low with limited turnover. Many of the markets that saw the sharpest increase in activity came into Covid with an abundance of inventory. Plentiful supply combined with strong demand to create record sales volumes.
Spreckelsville Market Outlook
Based on the above, I imagine it isn’t too much of a surprise that I view inventory as the driving factor in the market for the remainder of 2021. There are currently four active listings and three pending listings. Based on recent trends, I would imagine that additional inventory will remain relatively scarce. Check out our Spreckelsville Real Estate listings page for the current inventory of homes for sale. Contact the Maui Real Estate Team if you are interested in buying or selling a property in Spreckelsville. We know the market since it is our own backyard.