Aloha from your resident experts!
The second quarter of 2021 sure has looked different than the second quarter of 2020! Last year at this time, we were deep in the throes of COVID and a very quiet island - how times have changed! Restaurants and activities are booked out for months and I've heard hotel prices are pretty high, but if there is a silver lining to the crowds, it is that things seem to be moving back to normal.
Things still might feel quiet at Aina Nalu as far as real estate goes, however; there have only been 2 units listed since February and only 5 units listed for sale this year. Two units that closed escrow were listed before 2021. Out of the 6 units that closed this quarter, 3 cash sales.
There is only one unit in escrow currently, a two-bedroom in the G building, and the units that went into escrow this quarter were on the market for 2 months or less.
Units are selling at a higher price than Quarter 2 last year due to demand and lack of inventory. The vacation rental market seems to have recovered with flying colors and visitors are still pouring into Maui in droves; it doesn't look like it is going to slow down anytime soon. It is almost like everyone was confined to their homes for a year?!? However, that doesn't necessarily mean the real estate market is still as hot. Inventory continues to be low and prices continue to increase, which might end up pushing some people out of the market.
Overall, Maui condo sales and pending sales are still very high for this quarter; but inventory continues to be very low. It doesn't seem like it will be sustainable at this rate, but we will keep our eye on the market and keep you updated! For more details on current Maui real estate prices and sales, click here for the latest Maui Real Estate Advisor with all the stats.
From April 1 to June 30, there were 7 listings and 6 closes sales. There were 0 cancelled listings at the end of the quarter. There were 0 active listings and 1 pending sale at the end of the quarter.
Aloha Group Maui is a team headed by L. Lee Potts, MBA, REALTOR® R(B) and Barbara S. Potts, MBA, REALTOR® R(B) and former California CPA. We are businesspeople, and we treat our clients with the same care and service attitude that we would like to receive when we do business – and we do it with Aloha! We are in business for pleasure and profit. We expect that most of our clients will enjoy the property they own in Maui (pleasure), and it would be nice for everyone if your property performs well for you (profit). Real estate can be highly speculative, and profits are never guaranteed. So, if you are buying property in Maui, it’s a good idea to surround yourself with Real Estate Professionals.
Lee Potts holds an MBA and was the President of an international software company. He was also the Marketing VP of a publicly traded company and has been investing in real estate since right out of college.
Barbara Potts holds an MBA, was a CPA with Ernst and Young, held a financial management position at Apple, was Director of Strategic Marketing for Grass Valley Group (a division of Tektronix), was a business broker in California, and has always been a real estate investor.
We would be honored to represent you with a purchase, sale or 1031 Exchange of Maui real estate. If you’re in Lahaina Town, stop in and see us - our office is across the street in Dickenson Square, in Suite 212.
Copyright 2021 L. Lee & Barbara S. Potts
Statistical information in this newsletter is based on actual sales information reported to the Realtor’s Association of Maui, Inc. While this information is deemed reliable, it is not guaranteed. This newsletter is for informational purposes only and not intended as advice for investment or any other purposes. Real estate is considered to be highly volatile and purchasers and sellers of real estate should always seek expert outside advice before investing.