From July 1st to September 30th there were 9 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 3 active listings at the end of the quarter.
Aloha from your resident experts!
Aina Nalu owners have seen positive results in Q3, 2018! During Q3, 5 units sold, compared to 2 in Q2. There were 3 active listings and 1 pending escrow at the end of Q2, compared to zero active listings and 2 pending escrows at the end of Q2. The big news, however, is what’s happened in pricing.
During Q3, there was a 1 bedroom closed sale (K106) at $380,000, compared to the Q2 sale (J106) at $375,000.
There were 3 closed sales in Q3 of 2 bedroom, 1 bath units – the highest priced closing was unit H201, an REO, which closed well over the asking price of $473,200 for $506,000. Unit H206, a nicely upgraded upstairs unit, closed for $477,500 with an asking price of $475K, and unit H204, another upstairs unit, sold for its asking price of $475K without ever being listed on the MLS.
Unit B104, a 2 bedroom, 2 bath downstairs unit, sold at $515,000 with an asking price of $525,000. This was an all cash sale after numerous offers on the property at a lower price point, but the sellers held out for a price closer to asking. After this unit went into escrow there were three other units listed at higher prices, ranging from $528,000 (unit I208, which is now in escrow), to a high asking price of $550,000 for unit K207. Units J203 and J201 are listed for $530,000 and $535,000. We are finally at the point where prices are approaching the original sales prices from the developer in 2005/2006.
On a year-to-date basis, Aina Nalu sales compare well to overall Maui condo sales, but we are still short on inventory to meet demand if it continues at the pace we experienced in Q3.
Here are August statistics for Maui and Aina Nalu:
Maui Aina Nalu
YTD sales volume +24.9% -25% (limited by inventory)
YTD median sales price +10.9% +25.3%
Months of Inventory 4.2 1.8
Interest rates continue to increase, with condotel rates around 5%. We expect to see fewer financed sales than in the past. All of the Q3 sales were cash sales, including one 1031 exchange.
We won’t be surprised to see a slowdown in Maui condo sales due to limited inventory and increasing interest rates, but we are encouraged by a higher value being placed on Aina Nalu and new listings for sale.
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