Total number of units listed for sale at Kaanapali Shores during Q1 2018: 29
Total number of units sold at Kaanapali Shores during Q1 2018: 5
Total number of units ACTIVE for sale at the end of Q1 2018: 13
Number of studios for sale: 2
Number of 1 bedrooms for sale: 3
Number of 2 bedrooms for sale (including specials): 8
During Q1 2018, there were 5 sales (none of which was a distressed property). There were 9 properties in escrow at the end of the quarter. There were no listings that expired and 2 that were cancelled without being re-listed. There was 1 bank owned, leasehold studio listed, and it is currently in escrow.
Inventory for sale rose in Q1 to 29 listings from 22 in Q4. There were 5 sales in both Q4 and Q1, and 9 units in escrow at the end of both quarters. At the end of Q1 there were 13 active listings, compared to 8 at the end of Q4.
Included in the active listings are 2 fee simple studios, 3 fee simple one bedrooms and 8 two bedroom units (2 leasehold, 6 fee simple).
Of the 5 sales in Q4, 2 were ocean view fee simple studios, and 3 were leasehold units – 1 ocean view one bedroom, 1 garden view one bedroom, and 1 ocean view two bedroom. Three of the 5 sales in the quarter were financed, and 2 were cash sales for leasehold units.
The one distressed property (bank owned leasehold studio) was in escrow at the end of the quarter and closed on 4/13 for $159K with financing.
There does not appear to be a strong pricing trend at Kaanapali Shores one way or another with listings at this time.
There is still strong demand overall for Maui housing in the face of low inventory levels, in spite of increasing interest rates. The Federal Reserve raised its key short-term interest rate by .25 percent in March, citing concerns about inflation. It’s the 6th rate increase by the Fed since December 2015, and at least two more rate increases are expected this year.
Overall Maui condo median prices appear to be somewhat stable. On a year-to-date basis as of the end of Q1 2018, the median price was $475,000, compared to $477,413 a year ago. Months’ supply of inventory is down to 4.7 in March 2018, compared to 7.2 in March 2017.
It’s a great time to sell if you are thinking of doing a tax-free 1031 exchange for a higher priced property or a property in a different location. We can help with the mechanics, timing and strategy for such moves – call or email if you want to know more.
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Aloha Group Maui is a part of KW Island Living, the Keller Williams Maui franchise. We 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.