Aina Nalu News
Presented by Aloha Group Maui
Issue 69, Q4 - 2022
Aloha from your resident experts!
Well, here we are again, another new year with a whole new set of resolutions.
There is an estimated 3 months of inventory on Maui right now which is higher than it was last year at this time, though even with the higher numbers that 3 months still makes it a solid sellers' market. But inventory at Aina Nalu? Well, that is a whole other story.
There were 15 units sold at year end, compared to 21 sold last year. That is a decrease of 29%, and if there had been more inventory, there would have been more sales. While prices seems to have stabilized a bit, units are still being sold at or above record asking prices.
Last year at this time, a 1 bed, 1 bath unit in the G building was sold for $517,500 (which was above asking). Currently there is a 1 bed, 1 bath unit in the A building listed for $729,000. That is a price difference of $211,500!
However, according to experts, the price trajectory for 2023 will be a time of slowing. Interest rates will slowly decline, and prices may start to level off or even decline; albeit slowly. But remember, these experts are commenting on mainland prices; Hawaii is always a little bit behind, so it may be a few months before we see a noticeable shift in our market.
From October 1 to December 31 there were 2 listings and 0 closed sales. There were 0 cancelled listings, and 0 expired listings at the end of the quarter. There was 1 active listing and 1 pending sale at the end of the quarter.
For more details on current Maui real estate prices and sales, go to the Maui Real Estate Advisor for all the stats.