The luxury resort areas of Wailea and Kapalua maintained strong condo sales through the interest rates hiking of 2022. While the number of sales is down, prices are still trending upward.
The Condos of Wailea
Wailea is one of Maui’s most beautiful and exclusive communities. With its beautiful beaches, three golf courses, and a variety of luxurious accommodations, Wailea holds enduring appeal to those looking for the finer things. The real estate market in Wailea has some of the island’s most exclusive and stunning properties which is why many seek property ownership in the area. When looking for condos for sale in Wailea, it’s easy to notice that prices are still going up and inventory is still extremely low. At the beginning of 2022, the average condo in Wailea sold for roughly 2.1 million.
As of November 2022, the average unit sells for around 2,78M. The all-time low for ‘months supply of inventory’, a key metric used by realtors to determine market supply, was March 2022 when only .7 months inventory was on the market. That means that if no new listings hit the market, all of the available properties would be purchased in less than one month. While inventory was spiking across the United States as interest rates rose in the second half of 2022, the available inventory in the Wailea condos market only went up to 1.6 months of available inventory, meaning if no new units hit the market they will sell out in about a month and a half.
Luxury Condos in Kapalua
The other major luxury resort area of Kapalua experienced similar trends. Kapalua is known for its rugged beauty and incredible view planes. With nightly sunset views framed by the outer islands of Molokai and Lanai, Kapalua is one of Hawaii’s most beautiful places to own real estate. Front the Kapalua resort area, is the iconic Kapalua Coastal Trail that weaves its way from the Ritz Carlton, past the Montage Residences, to Kapalua Bay. Along this stretch, many of Kapalua’s best condo communities are perched. Among these condos, the average sales price stands at 2.44M as of November 2022. Inventory in the Kapalua condo market hasn’t gone up at all since the beginning of the broader shift in the real estate market with only 1.6 months’ supply of inventory at the moment, which is the exact same number from where it was in March of 2022.
What to Expect From the Real Estate Market on Maui in 2023
Inventory is expected to remain low which should continue to support prices. While the total number of sales will be down from 2022, the downward trend of mortgage rates could create a slight uptick in buyer activity. What is known is that the demand for real estate in Maui has remained strong and is likely to continue.
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Company Name: Maui Elite Property
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Phone: 8082144799
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Website: https://www.mauieliteproperty.com