Aloha from your resident experts!
The island has settled down somewhat since the "summer of freedom", but whether that is due to the Mayor asking visitors to rebook their travel until the Delta variant has calmed down or just normal October slowdown, we're not really sure. Probably a combination of both.
What about Aina Nalu you ask? Vacation rentals are up, not as much as we would like to see, but units are slowly starting to make some income. Real Estate activity actually doesn't seem too drastically different than the past two years. What is noticeably different is that units are not staying on the market very long and we continue to end each quarter with no active listings.
As you can see, prices are trending up and units are starting to sell at or above asking prices; by all indications it looks like it will continue to go that way. The average days on market for pending units now is only 24, with the last few new listings going into escrow within a day or two.
As noted in the last issue, Maui condo sales and pending sales are still very high; but inventory continues to be very low. At the end of the quarter there were only 127 condos for sale and 234 condos in escrow, and there were 187 condo sales in September. We will continue to keep our eye on things and keep you updated.
From July 1 to Sept 30 there were 6 listings and 3 closed sales. There were 0 cancelled listings, and 0 expired listings at the end of the quarter. There were 0 active listings and 3 pending sales at the end of the quarter. As of 10/7, there are 5 units in escrow (2 new listings that went into escrow after 9/30).
For more Maui real estate information, check out our Maui Real Estate Advisor.