Maui Real Estate Blog
August 2021 Paia Real Estate Market Update
We thought it might be a good time to check in on the Paia Real Estate market. Our office is based in this North Shore beach town. Paia’s real estate market consistently sees strong demand and limited inventory. Demand stems from the combination of the town’s charms, amenities and its proximity to fantastic ocean sports. It is known for surfing, windsurfing, kite surfing, foiling, stand up paddling and more. The limited inventory is due in part to constrained housing supply. Bordered on one side by ocean and the other three sides by agricultural land, there isn’t much room for growth. The total supply of homes grew only slightly since the early 2000s. Prior to Covid-19, the market experienced lower sales volume due to limited inventory. Activity remained limited during the first half of 2020 with momentum building over the last few months of the year. For the first seven months of 2021, activity surged with the most closed transactions since 2018.
This post looks at the activity for the year to date in Paia. it is worth noting that our local MLS lumps, Spreckelsville, Paia and Kuau together. The focus of this post is just on the Paia and Kuau area. We posted on Spreckelsville 2021 market activity in July.
Paia Real Estate Market 2021 Notable Numbers
- Maui Realtors reported 18 homes sold during the first 7 months of 2021. This is well above the sales volumes over the same periods of both 2019 and 2020.
- The median price of the homes sold is $900,000. The average price is $2,129,832.44.
- The lowest sale price in the community for the year is $705,000 for a home in the Skill Village neighborhood. It has three bedrooms, two and half bathrooms and 978 square feet of living space on a 6,739 square foot lot.
- The highest priced transaction for the year to date is $9,100,000 for a 7,660 square foot home and a 936 square foot cottage on a 1.28 acre oceanfront lot in Kuau. That is the highest ever sales price for a home in Paia or Kuau.
- We also saw the highest ever sales price for a non-oceanfront home in the Paia and Kuau area. A 2.2 acre compound across the street from the ocean with a 3,171 square foot home, a 989 square foot cottage and two pools closed for $8,375,000.
- The Skill Village neighborhood had the most sales activity of any neighborhood with 7 sales for the year to date.
- In addition to the 18 homes sold, there are an additional 6 pending sales at this time.
- There were also two condos at Kuau Plaza that closed in the first 7 months of the year.
As mentioned above, Skill Village saw the most sales activity of any neighborhood in the Paia area. Skill Village typically is the most accessible neighborhood by price in the Paia area. The strong demand for entry level homes in the community helped push up pricing. The three all time highest sales prices in Skill Village all happened during the first six months of 2021. They include a new neighborhood high price of $900,000.
Skill Village wasn’t the only entry level neighborhood with higher activity levels. The Paia Halealani neighborhood had 3 sales. While that doesn’t sound like a lot, this subdivision located between North Shore Village and the Paia Community center typically doesn’t see much in the way of activity. Only 3 homes sold in the five years prior to 2021. Sales prices also went up substantially. A home that closed for $1,200,000 shattered the previous neighborhood high sale.
On the other end of the spectrum, there wasn’t much activity in Kuau Bayview with just one listing and one sale. This is typically one of the more in demand neighborhoods in Paia, but there just aren’t many sellers at this time.
While not a neighborhood per say, I wanted to touch on activity in the Paia oceanfront market. There were two ocean front sales in the first seven months of the year. There are two additional oceanfront properties under contract. As mentioned above, the one oceanfront sale set a new record high for the Paia and Kuau area excluding Spreckelsville.
Outlook for the Rest of 2021
While the Maui market isn’t quite as frenzied as the first few months of 2021, it is still a strong seller’s market. Demand in the Maui Real Estate market remains steady. Well priced properties are still tending to go under contract quickly with multiple offer situations common. At this point, supply is likely to have the biggest impact on sales for the rest of 2021 in the Paia and Kuau area. Like many parts of the Maui market, inventory levels are well below normal. There are currently 16 homes listed for sale and 6 of those are already under contract. The remaining 10 include 4 over $7,000,000 and just 2 under $1,000,000. Buyers looking at the entry levels for Paia will find that inventory is particularly limited.
Some mainland markets are starting to see supplies slowly creep up. On Maui inventory remain at or near all time lows. It will be interesting to see if and when we might see inventory levels start to increase in Paia. Supply constraints were impacting market activity prior to Covid. My suspicion is that inventory will be slower to rise in Paia.
Contact The Maui Real Estate Team if you are interested buying or selling property in Paia. The Maui Real Estate keeps close tabs on our back yard market. We would welcome the chance to discuss your real estate needs.
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Things to do on Maui – By Region
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Paia is consistently a tight real estate market with limited inventory and strong demand. That makes our new Paia listing all the more compelling. It is truly a unique property with nothing equivalent on the market in some time. The property consists of just under a half of acre of land with a three bedroom, two bath home and a two bedroom, one bath home. Each structure has its own water meter and its own septic system. The property has already been through the CPR process. The process converted the property into two separate units that may be sold separately. The seller is opting to sell the property as a whole.
The lot in and of itself makes this property particularly compelling. There aren’t a lot of big lots in this small town. The bulk of the larger lots are more expensive oceanfront properties. This is the biggest lot to come on the market on the Mauka side of Hana Highway since 2010. The lot isn’t unique just due to its size. It is also offers a unique setting with a 753 acre agricultural parcel surrounding the property on three sides. Fewer neighbors means more quiet and more privacy. The well landscaped property includes a stately Monkeypod tree and edibles including Papaya, Banana, Mangoes and Coconuts.
There are two existing, well maintained homes on the property. The one is a two bedroom, one bathroom home with 1.050 square feet of living space. The other is a three bedroom, two bathroom home with 1,130 square feet of living space and an attached car port. Both homes have some view of the ocean. Building up offers the potential for outstanding ocean views.
I already mentioned that a second story could really enhance the views of the homes. I also mentioned that the completed CPR process for the property. That process converted each home and a surrounding area of land into separate condo units that may be sold individually. What I haven’t mentioned is that a future owner could add an additional cottage to the property. The property has the zoning, lot size and water available to build a cottage.
The quiet setting and the surrounding agricultural land make it easy to forget that you are a few minutes walk from Paia. Walk to the post office, restaurants, Mana Foods, shops, and yoga studios in five minutes. Paia Bay Park is about a ten minute walk. This is the type of property where you can leave your car parked in the driveway.
Find out More About 118 and 120 Ulumau
The asking price for this Paia Opportunity is $1,400,000. Find more photos and details on the 118 and 120 Ulumalu Listing Page. Take 3D tours of the three bedroom and the two bedroom homes. Contact The Maui Real Estate Team with questions or to arrange a showing.
Published May 20, 2019
Maui Real Estate Blog
May 2019 Paia Real Estate Market Update
It has been a while since we checked in on the Paia Real Estate Market. Paia town on Maui’s North Shore is where The Maui Real Estate Team office is located. It is one of our office’s core markets. This town has consistently seen strong demand and limited supply. The combination creates steady upward pressure on pricing. This post looks at market activity in the community during the second half of 2018 and the first four months of 2019.
One thing to note. Our local MLS groups Paia, Spreckelsville and Kuau together. We have always thought that Spreckelsville is its own market. As a result, this post looks at Paia and Kuau only. We provided a market update on Spreckelsville in February.
The map above shows sales market activity in Paia and Kuau between July 1, 2018 and May 1, 2019. The red pins represent sales. The yellow pins represent pending sales. The green sales represent active inventory. You can click on individual pins for more details on sales.
Paia Sales Summary
- There were 11 homes and 3 condos sold during the last six months of 2018. By comparison, there were 8 homes and one condo sold in the second half of 2017.
- The median price of the homes sold in the second half of 2018 was $878,000. The median price of homes sold in the same period of 2017 was $747,000.
- During the first four months of 2019, six homes and two condos sold. During the first four months of 2018, there were eight homes sold.
- The median price of the homes sold during the first four months of 2019 is $1,079,062. The median prices for the homes sold in the first third of 2018 was $800,000.
- The high sale for the first four months of 2019 is 50 Kai Place. This home and ohana is located on a 12,166 square foot lot on the ocean side of Hana Highway. The value may have been higher to the purchaser than the general market as it provides a potential second access point to the buyer’s oceanfront property. It closed for $2,150,000.
- The high sale for the last six months of 2018 is 116 Kuau Beach place. This oceanfront property consists of two homes on a lot of approximately 16,335 square feet. It sold for $3,500,000.
- The lowest priced home to sell during the first four months of 2019 is 514 Pahi Ka Street in Skill Village. This four bedroom, two and a half bath home with 1,670 square feet of living space sold for $649,000.
- The lowest priced home to sell in the last 6 months of 2018 sold for $350,000. This home, located located behind Cafe Des Amis, was in very poor condition. It was recently renovated and went under contract for $575,000 before it went to market.
Sales Activity in Specific Paia Neighborhoods
Three sales closed in Kuau Bayview between July 1, 2018 and May 1, 2019. More accurately, all three sales closed in the second half of 2018. That is a slight uptick over the two sales that occurred over the same period between 2017 and 2018. While we haven’t seen any sales in the $900,000 plus range as we have in the previous couple of years, that is more due to the size and location of the units that have sold. This neighborhood continues to see strong buyer demand due to its location and general pride of ownership.
Sales activity has been higher in Skill Village than any other neighborhood in Paia over the last five years. Some of that is due to the size of the neighborhood. It is also due to relative affordability. It typically offers some of the lower priced homes in Paia. Four homes sold in the neighborhood between July 1, 2018 and May 1, 2019. That is a slight dip from the five homes that sold in the year prior. Sales seem to be slowing due to a limited supply of inventory. The decreased inventory is helping to push prices up further.
Kuau Plaza, the thirty unit condo in Paia, saw a fair amount of sales activity with three sales in the last half of 2018 and two sales in the first four months of 2019. There is one additional condo in Kuau Plaza that is currently under contract. Units in the building tend to sell quickly when they come on market. The fact that you can vacation rent these condos legally helps boost demand for the property. That is particularly the case with the recent additional restrictions on vacation renting single family homes on island.
Only one oceanfront home sold in Paia since July 1, 2018. That is down quite a bit from the five sales over the same period of 2017-2018. Some of that stems from lack of inventory. There are only three oceanfront homes on the market at this time. Two of those homes came to market after January first. Oceanfront homes tend to spend more time on the market.
Overall Thoughts on the Statistics and the Paia Market Outlook
Looking at all of the numbers above, the median sales price for the first four months of 2019 is the most striking. Paia broke the million dollar median barrier. The median is driven in part by an increase in values, but also due to a lack of lower priced inventory. At this point, the lowest priced sale for the year is $649,000. I would anticipate that homes priced under $700,000 will remain scarce through the year which will continue the trend of high median sales prices.
If the overall economy continues on its current trajectory, values will continue to push upward. That said, I would not be surprised to see the rate of increase moderate. Homes in Paia are becoming increasingly inaccessible for the average island resident. If prices push up much further, I surmise it will be due to off island vs. local buyers.
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Beautiful Estate in Maunaolu Plantation
The Main House at 193 Ohaoha
The custom built three bedroom, three and a half bathroom main home features 4,200 square feet under roof. There are a choice of two potential master suites with one on the ground floor and one on the second story. The living room features barreled ceilings and a beautiful stone fireplace. The kitchen includes custom cabinetry, granite counters and Viking and Bosch appliances. There is a media room, office, laundry room and utility storage. Central a/c keeps the home cool on the warmest days. A home security system provides additional peace of mind. A three car garage has plenty of space for all of your beach toys or gardening equipment.
The home has a massive solar photovoltaic system with 74 panels. It also includes a 24 kilowat backup generator.
Outdoor Living at 193 Ohaoha
The pool area is a fantastic entertainment space. The pool has a beach entry, spa and waterfall feature. Propane powered tiki torches decorate the pool area. They help to ensure that the fun continues as day slips into night. Propane also powers a pool side barbecue.
The Ohana at 193 Ohaoha
The home’s two bedroom, two bath cottage offers 1,000 square feet of living space and a six hundred square foot garage. The cottage is completely private from the main house with its own separate gated entrance. Quality features include a presidential roof, large stone tiles in the kitchen and bathrooms and poured concrete counters in the kitchen and the master bathroom.
About Maunaolu Plantation
Maunaolu Plantation is a gated community with two to three acre lots. Ideally situated between Makawao and Paia towns, this area of the island is known as Sunnyside. The climate strikes a good balance between warm days and cool evenings. There is enough rainfall to keep things lush throughout the year, but plenty of sun too. It is less than ten minutes to Ho’okipa Beach Park. There are a number of quality schools located nearby.
Find out More About this Maunaolu Plantation Estate
This property is offered for $2,298,000. Check out the 193 Ohaoha Listing page for additional photos and details. Contact The Maui Real Estate Team to discuss the property or to arrange an exclusive preview.
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Close to it All in Kuau
This charming, Hawaii Plantation Style home is located in the heart of the North Shore. The three bedroom, two bath home also has a detached garage. Some of the highlights of the home include newer appliances and a spacious deck that is ideal for entertaining or just enjoying the trade winds.
The location of this home is truly ideal for those that enjoy the North Shore lifestyle. It is within walking distance of surf spots. There are a variety of spots within a mile for SUP, surf, windsurfing, kitesurfing, foiling and more. Ho’okipa Beach Park is less than a half mile from the house. The world renowned Maliko Run for downwind paddling runs just off shore from this stretch of coastline. Paia town is less than a mile from the house. Paia offers restaurants, shopping, the best little health food store around and a number of yoga studios.
This is one unit of a CPR property. This unit includes 8,441 square feet of land.
This home is offered for $879,000. The listing agent of the property is the father of the owner. Check out the 21 Meha listing page for additional photos and details of the property. Contact The Maui Real Estate Team to arrange a showing or to ask questions about the property.