Makena Real Estate Update 2018 Midyear

Through decades, Makena real estate has proven to be one of the strongest ultra-luxury Hawaii real estate markets in the entire State. With an idyllic location in a comparably undeveloped area (specially when compared to Wailea or Kapalua), yet boasting some of the most pristine coast anywhere in the world and luxury amenities rivaling those of any ultra affluent resort town, it is easy to understand how and why Makena appeals to some of the world's wealthiest and most famous - from Hollywood movie stars, to Silicon Valley entrepreneurs, to Wall Street tycoons and everything in between making Makena their Hawaii getaway.

As we are half way through the year, it is a great time to measure how the Makena market is faring. First, let's look at how 2017 turned out. Last year saw a total of 16 sales take place (an absorption rate of 1.33 sales per month), 10 condos and 6 residences, broken down as follows:

PROPERTY	AVERAGE SALES PRICE	MEDIAN SALES PRICE
10 Condos	$2.37M	$2.208M
6 Homes	$10.375M	$9.9975M

Compared to that, so far through the first half of the year, there have been 15 sales (an absorption rate of 2.5 per month), nearly passing last year's total in only 6 months. Broken down as follows:

PROPERTY	AVERAGE SALES PRICE	MEDIAN SALES PRICE
8 Condos	$2.319M	$2.3M
3 Homes	$9.683M	$9.3M
4 Lots	$7.612M	$7.35M

With 4 more Makena properties, 2 homes and 2 lots, currently in escrow, it is extremely probable that last year's total will be surpassed before the summer is over. In comparison Kapalua, which also a luxury resort community, is not seeing anywhere near the same increase in absorption, with that market keeping pace to how it performed last year - with 77 sales in 2017 followed by 37 in the first half of 2018. 

It is by no coincidence that the highest two sales in the history of Maui, 4446 Makena Alanui Rd ($41.775M) and 7150 Makena Rd ($27M), are in Makena. With more growth in Makena and some of the world's finest amenities, it is reasonable to expect that Makena will continue its share of  the ultra high end Maui market. With combined decades of experience in the Makena and Wailea real estate markets, we are well positioned to assist our clients in their purchase or sale of property. Contact us to discuss.

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