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.

Sugar Cove Building 6 from Above
Sugar Cove Building 6 is one of the three current listings in Spreckelsville. The 8 bedroom, 8 and a half bath condominium is a pretty extraordinary offering. This property is listed by The Maui Real Estate Team, Inc.

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.

52 Nonohe, also known as the Oasis, is one of two homes currently listed in Spreckelsville. This property is listed by The Maui Real Estate Team, Inc.

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.

Pete Jalbert

Maui Real Estate Blog

Spreckelville Real Estate June 2021 Market Update

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.
Aerial view of 581 Stable Road. The highest priced transaction price to close to date in Spreckelsville to date during Covid.
581 Stable Road. The highest Spreckelsville sale to date during Covid-19

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.

Lanai views from Sugar Cove 5C. This is a rare listing in Sugar Cove. It is under contract with a buyer.
The lanai view from Sugar Cove 5C. This is one of those truly rare listings in Sugar Cove. This unit is under contract and scheduled to close in July.

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.

Pete Jalbert

Maui Real Estate Blog

Spreckelsville 2020 Market Update

Now that we are a little over a month into the New Year, I thought it would be a good time to check in on the Spreckelsville Real Estate market. This North Shore Neighborhood remains one of the most desirable locales on the island. It offers good beaches, world class ocean sports just offshore and a very convenient location. Two of the members of the Maui Real Estate Team Call it home. This post takes a quick look at how 2019 shaped up for the neighborhood and how things are looking for 2020.

The map above shows sales activity in Sprecks since January of 2019. Green pins represent active listings. Red pins show sales. Clicking on the individual pins provides details on the properties.

Spreckelsville Sales Overview

  • There were three sales in 2019 in Spreckelsville. The sales included two homes and one lot. Thus far, one home sold in Spreckelsville during 2020.
  • The highest sales price in 2019 went to 316 Pa’ani. This oceanfront sale included an acre of land, a main house and three cottages. It sold for $8,600,000.
  • The one other home that sold was a beachfront property on Stable Road. What was most notable about this transaction was that it was a tenants in common purchase. The buyer was purchasing the rights and use of one home on a two home property. That makes the $4,025,000 purchase price somewhat eye opening.
  • The solitary lot that sold closed for $1,600,000. The lot in the E Paepae Ka Puko’a aka the “Spencer” subdivision included just under an acre of land and deeded beach access.
  • The one home sale for 2020 was in the Sprecks V subdivision that abuts against the Maui Country Club Golf Course. The sales price of $2,300,000 set a new record for the subdivision.
  • The Maui Real Estate Team represented parties on two of the last three home sales in the neighborhood.
Kai Lenny paddling his SUP in front of Pa'ani Point in Spreckelsville
Kai Lenny gets in some SUP training in the waters off Sugar Cove in Spreckelsville.

Spreckelsville 2020 Market Outlook

The 2019 Sprecks Real Estate Market saw relatively meager activity continuing recent trends. The lack of sales don’t reflect a lack of demand. Instead, it speaks to tight inventory. With just three properties on the market at this time, I would expect that the sales totals for 2020 won’t jump off the page. About four to five years ago, a good chunk of the Sprecks sales were unlisted properties. While that has not been the case the last two years, I would not be shocked to see some unlisted sales this year. I know there are some buyers beating the bushes. I also know that there are some unlisted properties that could be available for purchase.

Contact The Maui Real Estate Team if you are interested in buying or selling property in Spreckelsville in 2020. We know the market well and always have our ears to the ground for opportunities. Check out the MauiRealEstate.com for the current Spreckelsville Real Estate listings.

Pete Jalbert