Maui Real Estate Blog

September 2021 Kula Real Estate Market Update

Once again, it’s time to check in on market conditions for another community on Maui. Let’s head Upcountry and look at the Kula real estate market. Kula spans a vast geographic area along the Western Flank of Haleakala. It runs from roughly 1,200 feet in elevation up to 4,000 feet. From an MLS perspective it includes smaller communities like Keokea, Ulupalakua and Kanaio. Kula is an agricultural hub of Maui with a number of fruit, flower and vegetable farms dotting the landscape as well as some larger livestock operations. Homes range from modest plantation style homes on rural or residential lots to substantial estates on big acreage. This post looks at market activity for the year to date as well as a few thoughts on the market outlook.

Notable Numbers from this Year’s Kula Home Sales

  • As of September 13th, 65 homes sold in Kula during 2021. That is a 33% increase over the 49 sold during the same period of 2020.
  • The median price of the homes sold in Kula during 2021 is $1,225,000. The average price of the homes sold is $1,521,778. The median price and average price are up 28% and 38% respectively compared to the same period of 2020.
  • Fifty-seven percent of the homes sold in Kula this year closed for asking price or higher.
  • The highest priced home to sell this year closed for $9,200,000. Home doesn’t quite do the property justice. The sale included two lots totaling 23 acres, two extra large water meters, a 7,809 square foot main house, a pool, a detached 7 car garage and a second 2,712 square foot home. This is the highest ever sales price for a residential property in Kula.
  • This was one of 13 sales over $2,000,000 for the year to date. That compares to 3 during the same period of 2020.
A property in Kula represented by the Maui Real Estate Team that closed for $2,680,000 in June.
This home and cottage on 2 acres closed for $2,680,000 in June. The seller was represented by the Maui Real Estate Team, Inc.

Thoughts on the Kula Home Market for the Year to Date

Like the rest of the island, the Kula home market experienced robust activity over the year to date. Demand was high while supply remained low. Based on the rate of sales, there were 3.3 months supply of home inventory in January. After that, it dropped as low as 2.1 months supply in April and has yet to climb above 3 months supply again. Strong demand and limited supply helped to boost prices significantly. The question is how much? The change in average price and median price don’t just reflect shifts in value. They also reflect an increase in activity at higher price points in the market. Sales of homes over $2,000,000 increased 433% compared to 2020.

Outlook for The Kula Home Market for the Rest of the Year

It’s the classic push pull of supply and demand that should be in play for the rest of the year. At this point, it appears as if demand remains strong. We started unofficially tracking a new metric in our office over the last few weeks. We are looking at how quickly new listings are going under contract. With a high number of properties going under contract in less than a week, it is pretty clear that demand is still pretty strong. The question is whether we might see any relief with new inventory. While inventory is slowly increasing on the mainland, it remains near all time lows in Kula and Maui in general.

The Kula Land Market

Kula is an area of the island where you tend to see more land sales. A handful of new developments over the last few years and smaller subdivisions usually translates into a healthy supply. This year, increased buyer activity put a serious dent in inventory numbers.

Notable Numbers from the Kula Land Market

  • As of September 13th, Maui Realtors reported 35 land sales for the year. That is up 21% from the 26 sales over the same period of 2020.
  • The median sales price of the lots sold is $930,000. The average sales price is $1,058,473. The median price increased 206% from the median of $450,000 during the same period of 2020. The average price increased 24% compared to last year’s average of $853,148.
  • The lowest priced transaction closed for $350,000. That was for a 1/2 acre lot without water.
  • The highest priced lot to sell closed for $4,500,000. That parcel in lower Kula included 148 acres of land.
  • That was one of 11 lots to sell for more than $1,000,000. By comparison, there was just one lot that sold for $1,000,000 or more during the same period of 2020. That one sale was a large land acquisition by the state of Hawaii.

Kula Land Market Activity and Outlook

The Kula land market mirrored many of the other places around the island in terms of market activity for the year to date. Higher demand, shrinking supplies and rising prices. The increase in higher priced sales was another particularly notable aspect of this year’s activity. As mentioned above, there was just the one sale over $1,000,000 in 2020 compared to the 11 sold thus far this year. Seven more properties listed for $1,000,000 show as pending on the MLS. This constitutes a massive increase in demand for higher end properties in Kula.

A lot of the higher end sales activity occurred in the Kula I’o subdivision. This gated community of 2.5 acre-25 acre lots experienced modest sales activity the first couple of years on the market. The development benefited from this year’s increased high end sales activity with 15 closes ranging in sales price between $830,000 and $1,650,000. At this point, most of the developer’s lots in Kula I’o are sold or pending. That said, I imagine we will see resales and CPR lots in the future.

It’s important to keep the increased higher end activity in mind when looking at the big shift in median and average prices. While limited supply and increased demand led to rising values, the 206% increase in median price is largely a reflection of the increased sales activity with high end lots. While the big land, big view lots in Kula I’o heavily influenced the average and median price in 2021. The big driver in 2020 was a subdivision with half acre lots in the $450,000-$500,000 price point.

Moving forward, inventory or lack thereof is going to be the big market driver for the rest of the year. Unless there is a big influx of new inventory, I can’t anticipate a lot of sales activity. If demand remains relatively strong, I anticipate that the combination of demand and low inventory will mean continued upward pressure on pricing.

Contact The Maui Real Estate Team

The Maui Real Estate Team works extensively in the Kula market. Contact The Maui Real Estate Team if you are interested in property in Kula. We would welcome the chance to discuss the market and learn more about your real estate interests and needs. You can search the active inventory of Kula Homes for Sale and Kula Land for Sale on MauiRealEstate.com.

Pete Jalbert

Maui Real Estate Blog

October 26th Weekly Maui Real Estate Market Update

As we move into the middle of October, a lot of new pending sales shows buyer demand for the Maui Real Estate market remains strong. Closed transaction took another anomalous dip. While new inventory ticked up again led by new condo listings. Keep reading for all of the numbers for October 14th-20th.

This Week’s Pending Sales

This is a chart showing the weekly new pending sales by property type in Maui County during the Covid Pandemic.
Weekly new pending sales by property type in Maui County, Hawaii During the Covid-19 Pandemic. New Pending Sales are the best indicator of current market demand .

Maui Realtors reported 61 new pending sales over the six day period between October 14th and October 20th. That is approximately a 2% increase over the seven days prior. It is 15% more activity than the same period of 2019.

Notable Numbers From This Week’s Pending Sales

  • This is the fourth straight week of 60 or more new pending sales
  • The 61 new pending sales included 28 homes, 27 condos and 6 lots.
  • Of the 27 condo pendings, 17 are located in developments that allow vacation rentals.
  • The high end market continues to see heightened levels of activity. Six homes and one condo priced over $2,000,000 went under contract this week.

This Week’s Closed Transactions

This chart shows weekly closed transactions in Maui County during the Covid Nineteen Pandemic.
Weekly closed transactions by property type in Maui County, Hawaii during The Covid-19 pandemic. Keep in mind that sales are a lagging indicator of buyer demand.

Maui Realtors reported 37 properties sold over the seven day period between October 14th and October 20th. This is 36% below the prior seven days. It is 26% below the same seven days of 2019. The low sales numbers were driven largely by a lack of single family home sales. Only 11 homes closed.

I have to say the sales numbers make me scratch my head a little. Dating back to mid-July, the lowest weekly pending sales number is 51. Since the start of September, there have been four weeks with 42 sales or less. We are seeing a few properties fall out of escrow, but not enough to quite explain the difference between pending and sales.

This Week’s New Inventory

Maui Realtors listed 87 properties between October 14th and 20th. This is a 45% increase over last week. It is 14% higher than the same seven days of 2019.

Last week, I asked the question as to whether we might see more condo owners decide to bring their property to market with visitors back on island. The answer to that question is a resounding yes. The 53 condos that came to market is the highest weekly total since the last week of August. The next question is whether we continue to see higher levels of condo inventory going to market or if the surge is limited to immediately around the reopening.

The 53 new condo listings is well over the 27 that went under contract over the same period. After a couple of weeks of slower inventory growth, the condo inventory jumped again. This is going to be really interesting to follow the inventory over the next few weeks. As asked above, will we see a lot of new listings? On the other end of the spectrum, might we see an increase in demand for vacation rental condos with visitors/potential buyers back on island.

The 26 new home listings is less than the 28 new pending home sales. This means another modest decrease in inventory. As with recent weeks, the decrease in inventory is particularly pronounced at lower price points with few home listings coming to market under $800,000. The median price of the new home listings this week came in at $1,422,500. The average price of the new home listings is $2,373,125. Limited inventory and strong buyer demand is pushing up home values in many of the markets around the island.

The land inventory saw another modest increase with 8 new listings compared to 6 new pending sales. Overall, inventory in the land market seems to be pretty steady. If anything, pricing seems to be increasing modestly in a number of markets around the island. This is particularly the case Upcountry and in Haiku. Those markets are seeing more activity.

Contact The Maui Real Estate Team

Market activity remains very strong on island. Buyer demand is fueled by two separate dynamics. Local buyers with steady employment are taking advantage of very low interest rates. There is also a healthy pool of off island buyers who are relocating to the island. The work from anywhere ethos is causing a fair number of people to make the move to Maui. Contact The Maui Real Estate Team if you are thinking of buying or selling property on island. We are working hard to bring our clients success in these dynamic market conditions. We look forward to talking and learning more about your real estate needs.

Pete Jalbert

Maui Real Estate Blog

New York, Paris, London, Tokyo…Makawao?

There are so many attributes at 3035 Baldwin Avenue from the spectacular views, to the thoughtful design and construction, the privacy, the trails, the agriculture, the additional lot allocations etc. that it is easy to perhaps overlook one of the most outstanding features of all.

The location!

Situated at the epicenter of Maui, it is hard to find a more convenient location for a private estate on Maui.

    • 2 minutes and .5 mile to Montessori of Maui
    • 3 minutes and 1.2 miles to Makawao Elementary School
    • 4 minutes and 1.5 miles to Makawao town
    • 6 minutes and 2.4 miles to Seabury Hall
    • 11 minutes and 5.4 miles to Haiku town
    • 14 minutes and less than 5 miles to Makawao forest Mountain Biking
    • 15 minutes and 6 miles to Paia town
    • 17 minutes to Baldwin Beach Park

    • 17 minutes and 7 miles to Hookipa Beach Park
    • 18 minutes and 10.5 miles to Kahului Airport
    • 36 minutes and 28.7 miles to Keawakapu Beach

  • 67 minutes and 29.8 miles to Haleakala Summit
  • 75 minutes and 44.1 miles to Honolua Bay
  • 110 minutes and 42.2 miles to Travaasa, Hana
  • Los Angeles, Silicon Valley and Seattle – Approximately 6 hours
  • Tokyo – < 12 hours
  • New York 14 hours
  • Paris – 20 hours

Whether is be cycling, surf, snorkeling, school, sushi, shopping or more…3035 Baldwin Ave. So Close and Yet So Private.

Check out the listing page for more details and photos.
Contact The Maui Real Estate Team to arrange a private tour of the property. For more eye candy from this special property, watch the youtube video below.

Pete Jalbert

Maui Real Estate Blog

3035 Baldwin Avenue, Makawao

Is this your dream? Does your Hawaiian Dream include a custom crafted home on an expansively beautiful property in one of  Maui’s prime locations?  In your dream, is the home itself a work of art, blending the best of Asian and Hawaiian design elements?  Is there a large modern workshop where maybe your boat or other toys are waiting?

Do you dream of a house that is well suited both to entertaining friends and family and quiet moments of reflection? Can you envision lounging on the lanai looking at the North Shore and the West Maui Mountains, sipping a cool beverage and watching the sun set with friends? The smell of wood smoke and fresh Italian herbs waft across the lanai from your pizza oven. Or, perhaps you’re looking across your fruit orchard at the full glory of Haleakala, clear as a bell. Later, you’ll stargaze from the hot tub.

Often in the dream, you’re exploring the many meandering trails that traverse the landscape, enabling you to truly enjoy the property’s entire 70 acres. The trails pass by a small, organic lettuce farm and a young forest of native koa trees, some of which you’re thinking you’ll harvest one day for their prized wood. You find a running stream and macadamia nut trees and allspice groves. You can smell them in your dream, and they smell like spice cake.

Do you dream of never paying a power bill thanks to a powerful state-of-the-art photovoltaic power system? Does the dream include a lifestyle that combines intrinsic privacy and the convenience of driving 2 minutes to get to great restaurants, stores, spa treatments or yoga classes?

3035 Baldwin Avenue, Makawao, HI | The Maui Real Estate Team, Inc. from The Maui Real Estate Team on Vimeo.

You’ve been dreaming of this property and it is finally available. 3035 Baldwin Avenue is offered for $6,900,000. Check out the listing page for more details and photos. Stay tuned to the Maui Real Estate Blog as we explore the different attributes that distinguish this property. Location, architecture, sustainability, recreation, natural beauty and more are all outstanding elements that make this one of the finest properties in Upcountry Maui. It is what makes 3035 Baldwin Avenue a property of your dreams.

Pete Jalbert

Maui Real Estate Blog

Hale Pono’i Kula 200

Kula 200 is one the best neighborhood’s in Upcountry Maui, and Hale Pono’i is one of the best homes in all of Kula 200. This four bedroom, three and a half bath home has 3,751 square feet of living space. The homes pool, palapa and expansive lanai areas beckon you to head outside and take advantage of the Upcountry weather. Hale Pono’i is situated on a two acre lot with a variety of tropical plants, fruit trees, koa trees, mature banyans and even a Rainbow Eucalyptus. You can get a better sense of all that this home has to offer in this new video that highlights the property.

HALE PONO KULA HOUSE from Martin Lenny on Vimeo.

Hale Pono’i is offered for sale for $2,100,000. Check out the Hale Pono’i listing page for photos and additional details. Contact The Maui Real Estate Team today to discuss the property with an agent or to arrange an exclusive preview.

Pete Jalbert

Maui Real Estate Blog

Olinda Estate with Room to Grow

Three separate parcels, two homes and just under forty acres make our new listing in Olinda an exciting opportunity for someone to own and develop a private, eco-friendly estate property in Maui’s Upcountry. The main home on the property sits on a six acre parcel. It is an updated take on Hawaiian Plantation style with two bedrooms/ two baths and over 3,000 square feet of living space. Amenities in the home include vaulted ceilings, two spa tubs in the bathrooms, Brazilian Cherry Floors, custom kitchen cabinets, a large covered and uncovered lanai, a photovoltaic system, outdoor hot and cold plunge pools and a sauna. The six acre parcel also includes a large producing orchard and what is thought to be the largest slip and slide on all of Maui.

A 30 acre parcel features an older two bedroom, two bath home with a four car carport and attached ag office. This parcel includes a water catchment building with two tanks and an auxiliary water catchment tank. There is also a garden area with a small greenhouse. The 30 acre parcel has huge views of the North Shore, Kahului Harbor, The West Maui Mountains and the East End of Molokai. Both the 6 acre and the 30 acre parcels have been enclosed with deer fencing and are part of a native forest restoration project. The seller has planted over 3,000 native plants on the property including Ohia and Koa Trees.

In addition to the 30 and 6 acre parcels, there is also vacant two acre parcel ready for building.

This legacy estate property has an ideal location in lower Olinda. The area boasts cool nights and sufficient rainfall to keep the area lush. It is just over five minutes drive to downtown Makawao. It is close to a variety of schooling options including Seabury Hall. North Shore Beaches such as Ho’okipa and Baldwin Beach Park are twenty minutes away and you are also within 20-25 minutes of Central Maui and its airport, shopping and medical facilities.

This Olinda Estate property already has all the elements of a spectacular, private estate. The future owners can continue to shape the property in their own vision. This property is offered by the Maui Real Estate Team for $4,400,000. Check out the 1050 Piiholo listing page for additional photos of the property. Contact The Maui Real Estate Team for additional information or to arrange an exclusive preview.

Pete Jalbert