Hau’oli Makahiki Hou (Happy New Year)!
From October 1 to December 31 there were 4 listings and 3 closed sales. There weren't any expired or cancelled listings at the end of the quarter. There was 1 pending sale and 0 active listings at the end of the quarter.
Aina Nalu’s 4th Quarter was interesting since there were only 4 listings, 3 of which were sold during the quarter, and one which remained in escrow at year end. Three of those listings were 2br/2ba units, and one was a 2br/1ba REO unit (H201) that sold for a high price of $506,000. We achieved our highest sales price of $540,000 for a 2br/2ba unit (K207) since the condos were sold by the developer in 2006. We have no active inventory at the current time.
There were 15 sales in 2018, of which 9 were cash transactions, 1 was a 1031 exchange, 1 was sold before being listed on the MLS, and 5 were financed.
One studio unit was sold in January 2018 for $270K. Of the 1 bedroom units sold in 2018, prices ranged from $375K to $380K. The 2br/1ba sales ranged in price from $475K - $506K. The 2br/2ba unit prices ranged from a low in February of $465K to the high in December of $540K. So during the year, the sales prices for 2br/2ba units increased by over 17% from the highest sale price in 2017 of $460K.
Units that are upgraded sell for higher prices. And of course, location of the unit, seller motivation, increasing interest rates for those financing, and rental income all impact sales prices. Interestingly, the highest priced sale was financed, which is great news for sellers because it mitigates concerns about appraisals.
Since we have no inventory available at this time, it’s safe to say that any listings would garner immediate attention in the market. Aina Nalu still compares favorably to other vacation rental properties in West Maui in terms of revenue potential, maintenance fees, the convenience of the location, and amenities.
Overall inventory for Maui condos is down 16% from December 2017; sales are down 14% and median prices are up over 11%. We are still expecting a slowdown in overall sales due to limited inventory and increasing interest rates, but we feel that Aina Nalu is valued in the market and new listings would sell rather quickly.
Twelve of the fifteen 2018 transactions involved an agent from Keller Williams Realty Maui. We are here to help if you have an interest in selling your condo!
Click for more information about Aina Nalu!
Aloha Group Maui - Keller Williams Realty Maui 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.