Maui Real Estate Blog
Makena Real Estate Market Update October 2021
Our local MLS groups the adjoining communities of Wailea and Makena together. While the two areas border each other and both offer high end properties, there are enough differences that they are somewhat distinct markets. While Wailea may be a more recognized name nationally and internationally, Makena tends to see the highest home values on the island. The recent addition of Discovery Land Company’s Makena Golf and Beach Club further cemented this beautiful stretch of coastline as Maui’s most exclusive community. Last week, we posted about the year to date market conditions in Wailea. This post looks at the busy year to date of real estate activity in Makena.
Notable Numbers from This Year’s Makena Home Sales
- Maui Realtors reported 10 home sales in Makena for the year to date as of October 9th.
- This is quite a contrast from the complete lack of sales activity during the same period of 2020.
- It is worth noting that this is the busiest January – October period for Makena Home Sales of any year on MLS records.
- The median price of the ten homes sold is $10,000,000. The average price is $14,151,650.
- A home in the Keauhou subdivision set the high water mark for sales with a $25,000,000 price tag. The newly constructed 6,561 square foot home sits on 2.496 acres of land across the street from the ocean.
- This was one of two reported sales to eclipse the $20,000,000 mark in Makena this year.
- It is worth noting that the coconut wireless is reporting a third unreported sale that came in around $70,000,000. If rumors are correct, the buyer is a rather prominent tech executive.
- A home that sold across the street from Big Beach was the least expensive sale in Makena this year. The 4,080 square foot home on .71 acres closed for $6,337,500.
- Five of eleven home sales in Makena this year are beachfront properties.
- According to MLS records, the Realtors involved reported all sales as cash purchases. It is worth noting that some of these “cash” sales may involve financing in the background with no financing contingencies in the contract.
Thoughts on recent Makena Home Sales and the Makena Home Market Outlook
Like many higher priced home markets around the country, the Makena area experienced robust activity during Covid-19. It just took a little longer for the ball to get rolling. After just one sale in all of 2020, the market really took off after the first of the year. Not only are the 10 sales stronger than any other 9 plus month period, this year’s activity to date is stronger than any full calendar year for Makena on MLS records.
Looking ahead to the rest of the year, inventory figures to be a factor for the Makena home market. At this point in time, there are just two active listings with one home under contract. Barring an influx of new inventory or off market sales, 2021 won’t have too much of an opportunity to pad its record. Assuming there is no drastic change in the overall economic picture, this should be something of a seller’s market as we enter the new year.
Notable Numbers from This Year’s Makena Condo Sales
- Maui Realtors reported 15 condo sales in Makena as of October 9th. That calculates to a 50% increase in activity over the 10 sales that closed during the same period of 2020.
- The median price of the fifteen condo sales is $3,050,000. The average price is $3,973,000. This is actually down from last year’s median and average sales price of $5,069,500 and $4,734,275 respectively.
- Makena Surf was the busiest development for sales activity with eight closes. Na Hale O Makena came next with 5 closed transactions. There were 2 closes at the Kula Villas at Makena Golf and Beach Resort.
- The highest priced transaction closed for $12,500,000. That was for one of the units at the Kula Villas. It is four bedroom, four and a half bathroom condo with 3,625 square feet of living space.
- The lowest priced sale closed for $1,500,000. The 3 bedroom, 2.5 bath unit at Na Hale O Makena has a garden view.
- Nine of fifteen Makena condo sales this year were were cash transactions.
Thoughts on the Makena Condo Market
While the fifteen condo sales in Makena may not seem like a lot, the year to date sales are stronger than any similar time period on MLS records. There is a slight asterisk to those numbers in that for much of the MLS history, there was only one or two condo developments in the area. The addition of the Kula Villas means more potential inventory to sell. Nonetheless, this is still a pretty strong year for buyer activity.
Looking forward to the rest of the year, the Makena market isn’t exactly teeming with inventory with four active listings and no pending sales. This will be the biggest constraint on new sales activity for the rest of the year. The Makena Golf and Beach Resort does tend to have a fair number of properties that never make it on to the MLS. We could see a few sales pop out of that development before the end of the year.
Contact The Maui Real Estate Team
Please contact the Maui Real Estate Team if you are thinking of buying or selling property in Makena. Buyers can search the current inventory of Makena Homes for Sale and Makena Condos for Sale on MauiRealEstate.com. Buyers let us know if there is a specific area of Makena that might be of interest. With the limited inventory available, we would be happy to keep our ears open for unlisted properties. For sellers, limited supply and strong demand make the present a great time to be on the market. Feel free to reach out to us for a free consultation and price opinion on your property.