Aloha from your resident experts!
Did anyone else blink and 2021 was over?!? We were hopeful that it would be a better year, and for real estate it certainly was, perhaps even better than we had expected.
Inventory has picked up a little bit in the last quarter, demand for units at Aina Nalu has remained strong, and prices have only continued to increase.
If there is any doubt that it is a Seller's Market, C204, a 2/2 upstairs unit sold in Quarter 1 for $540,000. In Quarter 4, a 2/2 upstairs unit just a few doors down, closed at $700,000. That is a price difference of $160,000!
As you can see, prices are increasing on all units, not just the 2/2 in a great location. As COVID continues to rear its ugly head in apparently an unending chain of variants, it seems more and more people are looking for some place to escape that can also be used as an investment property. As things remain a little uncertain in short-term rentals on Maui, Aina Nalu will only continue to be in demand.
As for real estate overall on Maui, inventory for condos remained steady through Quarter 4. That is pretty amazing since we're selling that many or more each month.
From October 1 to December 31 there were 11 listings and 6 closed sales. There were 0 cancelled listings, and 0 expired listings at the end of the quarter. There were 2 active listings and 3 pending sales at the end of the quarter.
For more Maui real estate information, check out our Maui Real Estate Advisor.