From July 1st to September 30th there were 6 listings and 4 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!
In the 3rd quarter there were 6 listings, and 4 of them sold. At the end of the quarter there is only one active listing and one pending. Inventory levels continue to fall. Many of us remember when there used to be more than just one active listing, right?
Of the 4 sales in Q3, 3 were cash deals. Prices continue to inch up. They aren’t back to the original 2005-2006 sales prices, but there is still room for prices to increase. Aina Nalu is still a good investment, and the 3 cash buyers out of 4 this quarter would support that notion – cash buyers are typically pretty savvy investors.
The 4 sales this quarter included two 1 bedroom units and two 2 bedroom 2 bath units. One of each category was upstairs and one was downstairs. The list prices for the 2 bedroom units have increased from a high of $450K in Q2 to a high of $468K in Q3.
Both one bedroom units sold for $350K in Q3, compared to the closing price in Q2 for a downstairs one bedroom of $329K. That’s a 6.4% increase in one quarter.
The closing prices for the two 2/2 units were $440K for the downstairs unit and $446K for the upstairs unit. The upstairs unit was never listed on the MLS. The closing prices for 2/2 units in Q2 ranged from $380K to $430K. The highest priced closing in Q3 compared to the highest price closing in Q2 represented a 3.7% increase in one quarter.
As of the end of August, the overall inventory level for Maui condos was down 21.9% from August 2016, from 826 units in 2016 to 645 units in 2017. With 5.4 months’ supply of inventory, it’s leaning towards a seller’s market. Median prices are up 4.9% and average prices are up 7.9%.
With interest rates still hovering around 4% and visitor arrivals staying strong, the market is chugging along. Folks still love Maui, and it’s a good time to sell and still a good time to buy.
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Aloha Group Maui is a part of KW Island Living, the Keller Williams Maui franchise. We can help you buy or sell 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.