Kaanapali Shores continues to experience strong buyer demand with a low supply of inventory. In the last six months of 2018 there were 18 units sold, and there were only 10 active listings at the end of the year. At that pace, we have a little over 3 months of inventory, which is an indicator of a seller's market. Of the 18 sales, all but one were ocean-view units. 10 were ocean-view one bedroom units, and 2 were leasehold units. The average days on the market for sold units was 134, down from 137 in Q2.
If we compare 2017 to 2018 sales at Kaanapali Shores, here are the statistics:
The number of sales units increased by 37.5% over 2018, and we continue to be constrained by the lack of inventory.
Overall inventory for Maui condos is down 16% from December 2017; sales are down 14%, and median prices are up over 11%. While K.Shores unit sales far outpaced the Maui-wide sales, our price increases lagged, but that was primarily due to a much higher number of leasehold units sold in 2018 over 2017. Our inventory is down now, and we still only have a little more than 3 months of inventory. Not only is demand high, but in spite of increasing interest rates there was a substantial increase in the number of sales that were financed at Kaanapali Shores in 2018. This is evidence that buyers have faith in the future value of the property and the revenue stream from rentals.
With sold prices nearly matching the record highs of 2005 and 2006, this may very well be the time to sell if you've been considering relocating your investment assets or upgrading your investment. We're here to help!