Aloha from your resident experts!

The COVID virus continues to have an impact! Some Aina Nalu owners have been very motivated to sell, and others are "hanging in there". Listing inventory has grown accordingly.

Listings Sales Active at the end of quarter

       Listings                Sales                 Active at the end of quarter

           10                        3                                         0

           10                        7                                         2

            9                         0                                         8

           18                        4                                         9

Over the last year, sold prices for 2/2 units have fallen from $599,000, for unit C203 which closed on February 10, to $505,000 for unit C107 which closed on June 3. At this time, there is one 2/2 unit in escrow priced at $499,000, and there are 7 active 2/2 listings ranging in price from $499,900 (bank owned unit I-203) to $625,000. There is still a 1-bedroom unit listed for $450,000 and a new 2/1 listing priced at $539,850 (H-101).

Maui's overall condo market has shifted from low inventory and strong sales last year to higher inventory and lower sales. At the end of Q3 2020, there were 742 active condo listings compared to 456 active listings at the end of Q3 2019. There were 279 condo sales in Q3 2020 compared to 392 in Q3 2019. Median condo prices in September 2020 were $487,500, compared to median condo prices in September 2019 at $540,000.

Hopefully, the State's decision to allow visitors to avoid quarantine requirements by getting a pre-travel COVID test will soon bring in some revenue to condo owners, but we expect it will take some time. At the same time, some unemployed Maui workers are leaving the island, resulting in a shift to less demand for long term rentals. We don't know how long it will take to bring back demand for condos to last year's levels.

Lahaina Town is still very quiet, with few businesses on Front St. open and a handful of restaurants within walking distance of Aina Nalu that serve in house. We miss our fellow owners and visitors and hope to see you all again soon!

For more details on current Maui real estate prices and sales, to MauiRealEstateMarketReport.com for the latest Maui Real Estate Advisor with all the stats. Watch your inbox for our weekly market updates!

From July 1 to September 30, there were 18 listings and 4 closed sales. There were 3 cancelled listings and 0 expired listings at the end of the quarter. There were 9 active listings and 2 pending sales at the end of the quarter. 

For further information, contact Lee Potts at lee@alohapotts.com or (808) 276-8776 or Barb Potts at barb@alohapotts.com or (808) 344-5008. 

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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, let us know. We'd love to chat with you!

Copyright 2020 L. Lee & Barbara S. Potts
Statistical information in this newsletter is based on actual sales information reported to the R
ealtor’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.