Total number of units listed for sale at Kaanapali Shores during Q3 2017: 29
Total number of units sold at Kaanapali Shores during Q3 2017: 6
Total number of units ACTIVE for sale at the end of Q3 2017: 11
Number of studios for sale: 4
Number of 1 bedrooms for sale: 2
Number of 2 bedrooms for sale (including specials): 5
During Q3 2017, there were 6 sales (none of which was a distressed property). There were 2 properties in escrow at the end of the quarter. There were 4 listings that expired and 5 that were cancelled without being re-listed. There is still 1 bank owned, leasehold studio listed.
Inventory levels at Kaanapali Shores, with just 5 fee simple and 6 leasehold listings, have declined to the lowest level in recent memory. Sales in the quarter declined along with the dwindling inventory. The 6 sales that closed were smart money. Five of those sales were cash and the other was a 1031 exchange.
Cash investors are typically pretty savvy, and they are buying. With only 11 active listings we have about 5.5 months of inventory, which is leaning towards a seller’s market.
The 6 sales in Q3 included 1 ocean view studio, 1 garden view studio, 1 ocean view one bedroom, one garden view one bedroom, and 2 ocean view two bedroom units - all fee simple units. There were no leasehold sales.
Sold prices for the ocean view studio and one bedroom units increased in Q3. The ocean view studio unit sold for $400K, compared to a sale last quarter for $340K. The ocean view one bedroom sale closed at $625K compared to $550K last quarter. The median sold price for the two bedroom ocean view units decreased to $818K from $840K last quarter.
The average days on market for active listings dropped to 189 at the end of Q3 from 165 last quarter, while the average days on market for listings sold in Q3 was 170, compared to 158 in Q2.
As of the end of August, the overall inventory level for Maui condos was down 21.9% from August 2016, from 826 units in 2016 to 645 units in 2017. With 5.4 months’ supply of inventory, Maui is also leaning towards a seller’s market. Median prices are up 4.9% and average prices are up 7.9% since August 2016.
With interest rates still hovering around 4% and visitor arrivals staying strong, the market is chugging along. Folks still love Maui, and it’s a great time to sell and still a good time to buy.
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