From October 1st to December 31st there were 8 listings and 4 closed sales. There weren’t any expired or cancelled listings at the end of the quarter. There were 2 pending sales and 2 active listings at the end of the quarter.
Aloha from your resident experts!
Prices at aina nalu in the 4th quarter continued inching upwards, and listings are moving quickly! It’s definitely feeling like a seller’s market!
There were 4 closings during the quarter, all 2 bedroom, 2 bath units, with list prices from $450,000 to $475,000 and closing prices from $430,000 to $460,000. This compares to closing prices for 2/2 units in Q3 from $440,000 to $446,000. The unit that sold for $430,000 in Q4 was never marketed on the MLS; the next highest closing price was $455,000. Two of the sales included conventional financing, one was cash, and one was a 1031 exchange.
At the time of this writing, the one upstairs 2/2 listing at $475,000 has received multiple offers and will surely be in escrow shortly.
There were two 1 bedroom units listed in Q4, at prices from $365,000 to $375,000. The $375,000 listing is in escrow and is expected to close before you receive this update. It looks like the sale prices for these units will also surpass the closing price of $350,000 for both of the 1 bedroom units that closed in Q3.
There were 8 listings for sale in the 4th quarter, compared to 6 in Q3 and 13 in Q4 of 2016. Of those 8 listings, 4 are sold, 2 are in escrow, and the remaining two were just listed in December. We will be surprised if they are not in escrow soon. One of the units that was in escrow at the end of the quarter was a studio, which closed on 1/2/18 for $270,000 cash. That unit sold very quickly after being listed.
As of November 30, Maui year-to-date condo sales are up by 10.3%; average sales prices are up 10.8%, while median sales prices are up 7.7%. Aina Nalu had 21 sales in 2017 compared to 15 in 2016, an increase of 33%.
Sales prices for 1 bedroom units in 2017 have ranged from the low sales price of $325,000 in March to the high sales price of $350,000 in August, an increase of 7.7%.
Sales prices for the two 2 bedroom, 1 bath units in 2017 were $366,000 and $370,000, relatively stable compared to last year.
Two bedroom, 2 bath sales prices in 2017 have ranged from the low of $380,000 in May to the high of $460,000 in October, an increase of 21%!
We are looking forward to a great year for aina nalu owners who decide to sell their units in 2018. We still believe aina nalu offers the best value in West Maui for a vacation rental property.
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