Total number of units for sale at Kaanapali Shores (Q1 2017):    35
Total number of units sold at Kaanapali Shores (Q1 2017):    4
Total number of units ACTIVE for sale at the end of Q1 2017:    24
Number of studios for sale:    5
Number of 1 bedrooms for sale:    10
Number of 2 bedrooms for sale (including specials):    9

During Q1 2017, there were 4 sales (none of which was a distressed property). There were 5 properties in escrow at the end of the quarter. There was 1 listing that expired and 1 that was cancelled without being re-listed. There is currently 1 bank owned, leasehold studio listed.

Aloha!

There were 4 sales in Q1 of 2017 compared to 7 sales in Q1 of 2016.

There were 3 sales in Q4 of 2016. The Q4 sales consisted of 1 fee simple studio and 2 fee simple one bedrooms. The Q1 sales consisted of 1 fee simple studio, 1 fee simple two bedroom, 1 leasehold one bedroom, and one leasehold 2 bedroom. Prices were not that different from quarter to quarter.


There was a bit more inventory for sale in Q1, with 35 listings, compared to 30 in Q4. The ending inventory hasn’t changed much, with 24 active listings at the end of Q1 compared to 25 at the end of Q4. During the quarter, 1 listing expired and one was canceled.


List prices seem to be inching up in some categories but most list prices have been stable from Q4. There were a few more units in escrow at the end of the quarter than we saw at year end, with 5 pending sales at quarter end compared to 3 at year end.


In Q1 we saw an average of 1.33 sales per month, so with 24 active listings, we have 18 months of inventory on hand. That indicates a buyer’s market.


Overall Maui condo sales increased in Q1 by 17%, with average sales prices increasing by 7% to $661,311 and median sales prices increasing by 12% to $475,825. We have seen a very busy quarter ourselves, and yet we haven’t seen that much activity in Kaanapali Shores.


All 4 of the closed sales in Q1 were cash sales. With the lower maintenance fees and increased revenue, we might be finally approaching a price point at Kaanapali Shores where buyers can finance a purchase and break even. That would be a huge factor towards reducing the current inventory.