From Jan 1st to Mar 31st there were 13 listings and 7 closed sales. There weren’t any expired or cancelled listings at the end of the quarter. There were 5 pending sales and 1 active listing at the end of the quarter.
Aloha from your resident experts!
It appears that the market is finally seeing more value in aina nalu! During the first quarter, 7 units sold and 5 went into escrow. We started the quarter with 3 active listings, and we ended the quarter with one. During the quarter there were 13 listings, just as there were in Q4, but with only 4 sales last quarter, the percentage sold in Q1 increased 75%.
Due to the lack of inventory, we are seeing multiple offers on new listings, and the last 2 condos we put into escrow were on the market less than a week when they went into escrow with higher list prices that we have seen in the past.
There were two 1 bedroom units on the market in Q1, both downstairs, priced at $349K and $347K. Unit K105 sold for $325K and unit K105 is in escrow now with an asking price of $349K. (We can’t divulge the sale price yet.)
There were two 2 bedroom 1 bath units listed in Q1, and they both sold. Unit H106 was listed for $379K and sold for $366K, while unit H207 was listed for $379K and sold for $370K.
The big price movement has occurred in the 2 bedroom 2 bath units. List prices in Q1 ranged from $400K to $450K, and closed prices ranged from a low of about $382K to a high of $400K. Three of our pending sales are in escrow with higher asking prices ($410K to $450K) and likely higher sale prices than we have seen in prior quarters. We think these sales will help with future appraisals.
The sales in Q1 were a mix of cash (2), 1031 exchanges (1), and conventional financing (3). We believe that buyers are making offers now to avoid the expected increase in interest rates.
Of the 14 clients involved in the 7 closed transactions in Q1, 10 were represented by an agent with kw Island Living. We have received calls from agents asking if we have new listings coming up because there are still buyers out there looking for aina nalu condos today, and we know of buyers who are still interested in aina nalu but need to sell another property before they can make an offer. The one active listing we have today has received a few offers but the seller is waiting for a better offer; the list price is $450K.
The overall market in Maui seems healthy at this time, however sales on the west side are down about 30%. We, Aloha Group Maui, are seeing increased activity across the board. Buyers seem to be optimistic about the economy and willing to move forward to take advantage of current interest rates.
For further information on properties at aina nalu or anywhere on Maui, contact Lee Potts at lee@alohapotts.com, or call (808) 276-8776.
L. Lee and Barbara S. Potts are The Aloha Potts Team. They, and the other Agents of Aloha, are collectively known as Aloha Group Maui. Aloha Group Maui is a part of KW Island Living, the Keller Williams Maui franchise. Learn more about Maui Real Estate in our Maui Real Estate 101 resources section.
