Wailea / Makena Real Estate Market Update April 2018
Single Family Homes
The average sale price for a single family home in the Wailea / Makena market was down by -20.3 percent at $4,081,250 through April of this year versus the same period last year. The median sales price was down by -2.2 percent at $2,760,000.
New listings going on market dropped through the first 4 months of 2018 by -9.1 percent with 20 new listings of single family homes. Pending sales dropped by -7.1 percent and closed sales are identical to last year through April with 12 closed sales.
With the drop in new listings going on the market, the inventory of homes for sale has dropped by -20.0 percent with 36 homes on the market at the end of April versus 45 at the end of April 2017. The months supply of inventory dropped at the end of April by -6.0 percent to 14.1 months.
Both the average and median sales prices of condominiums in the Wailea / Makena market dropped through April 2018 versus the same period last year. At the end of April, the median sales price was down -4.4 percent at $1,051,082 and the average sales price was down -12.4 percent at $1,456,155.
New listings going on market through April 2018 of condominums was down -17.1 percent. Pending sales for this period were up though by 25.0 percent and closed sales were up by 36.5 percent with 86 closed transactions versus 63 last year for the same period. Major contributors to the increase in both the pending and closed sales have been the sales at Keala ʻO Wailea which is in the final construction phases and releasing units from their intial phases and the pending sales at Makalii.
The inventory of homes for sale dropped by -30.1 percent to 79 properties at the end of April versus 113 last April. The months supply of inventory dropped by -38.8 percent wtih 6.0 months supply on hand.