Presented by Aloha Group Maui
Issue 70, Q1 - 2023
Aloha from your resident experts!
February numbers for tourism came in last week and by all accounts both visitor count and revenue spend were way up compared to this time last year, which isn't too much of a surprise. What was interesting is how close numbers were to 2019. Does everyone remember how busy the island felt and how much traffic there was? Spending was significantly higher this year, even compared to 2019 with slight more visitors, and that isn't too much of a surprise either.
Sales activity at Aina Nalu in the last year seems to happen as fast as a unit goes on the market, or in a few cases, faster because the units were sold before they even made it to the market.
There were no units in escrow at the end of the quarter, and units continue to sell at record prices.
With the exception of A106, each of the other 3 units sold for about asking price. For comparison's sake, G202 was sold for $750,000 in Q1 2022, and similar unit, G209 was sold for $890,000 is Q1 this year, a difference of $140,000. And the comparison between Q1 2023 and Q1 2021? I102 at $865,000 vs I203 at $485,000 (with consideration of floor level), comes in at a difference of $380,000 in just two years. Wow. It doesn't seem like prices could go up much more, but we'll keep watching and keep you informed.
From January 1 to March 31 there were 4 listings and 4 closed sales. There were 0 cancelled listings, and 0 expired listings at the end of the quarter. There were 0 active listings and 0 pending sales at the end of the quarter.
For more details on current Maui real estate prices and sales, go to the Maui Real Estate Advisor for all the stats.