From January 1st to March 31st there were 7 listings and 5 closed sales. There weren’t any expired or cancelled listings at the end of the quarter. There was 1 pending sale and 1 active listing at the end of the quarter.
Aloha from your resident experts!
At the end of our 1st quarter, there is only one active listing at aina nalu and one in escrow. There were 5 sales in the first quarter, so it is obviously a seller’s market at this time. The sales included a studio, a one bedroom and three upstairs 2 bedroom 2 bath units. All but one of the 2/2 units were cash sales.
Prices have increased, with the one active 2 bedroom 2 bath upstairs listing priced at $500,000 and one 1 bedroom listing in escrow listed at $375,000, the same price as the last 1 bedroom unit closing. The last two sales of 2 bedroom 2 bath units closed at $475,000.
Q1 sales were similar to Q4 sales last year, with 5 closings compared to 4 in Q4. Two of those units that closed in Q1 were in escrow at the end of Q4. If we had more inventory, we could sell more!
There is still strong demand for Maui housing in the face of low inventory levels, in spite of increasing interest rates. The Federal Reserve raised its key short-term interest rate by .25 percent in March, citing concerns about inflation. It’s the sixth rate increase by the Fed since December 2015, and at least two more rate increases are expected this year.
Overall Maui condo median prices appear to be somewhat stable. On a year-to-date basis as of the end of Q1 2018, the median price was $475,000, compared to $477,413 a year ago. Months’ supply of inventory is down to 4.7 in March 2018, compared to 7.2 in March 2017.
It’s a great time to sell if you are thinking of doing a tax-free 1031 exchange for a higher priced property or a property in a different location. We can help with the mechanics, timing and strategy for such moves – call or email if you want to know more.
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Aloha Group Maui is a part of KW Island Living, the Keller Williams Maui franchise. We can help you buy, sell or exchange a home or condo - for you to live in full time, part time or as an investment. Learn more about Maui Real Estate in our Maui Real Estate 101 resources section. Stay informed of market trends by reading the Maui Real Estate Advisor. We are your Maui Real Estate Professionals.
