Total number of units for sale at Kaanapali Shores (Q2 2017): 35
Total number of units sold at Kaanapali Shores (Q2 2017): 9
Total number of units ACTIVE for sale at the end of Q2 2017: 19
Number of studios for sale: 5
Number of 1 bedrooms for sale: 7
Number of 2 bedrooms for sale (including specials): 7
During Q2 2017, there were 9 sales (none of which was a distressed property). There was 1 property in escrow at the end of the quarter. There were 2 listings that expired and 2 that were cancelled without being re-listed. There is currently 1 bank owned, leasehold studio listed.
The number of closed sales at Kaanapali Shores increased to 9 in Q2 from 4 in Q1 with the same number of listings (35) during both quarters. Of the 9 sales in Q2, 5 were in escrow at the end of Q1. At the end of Q2 there is 1 fee simple ocean view studio in escrow.
Of the 9 sales in Q2, 5 were cash transactions, 2 were 1031 exchanges, and 2 were conventional financings. One leasehold studio with an ocean view sold; fee simple sales included an ocean view studio, 5 ocean view one bedrooms and 3 ocean view 2 bedrooms.
The quarter ended with 19 active listings versus 24 active listings at the end of Q1. Current median list prices in almost every category at the end of the quarter were down just a bit from list prices at the end of Q1. There is still one bank owned leasehold studio listed (unit 434).
The days on market for listings in Q2 ranged from a high of 434 (the bank owned leasehold unit) to 12, with the average days on market for all listings at 165 and for the sold listings at 158.
With 19 active listings and an average of 3 sales a month, there is a little over 6 months of inventory, which is pretty balanced.
Overall condo sales in Maui have increased 10% on a year-to-date basis, and the median price is up 12%. Inventory levels are down, with a total of 867 condos for sale in June 2017 compared to 993 active listings in June 2016.
All indications are that the market is still healthy. Interest rates have increased a bit but are still low compared to historical levels. At the time of this writing, 30 year fixed rates are a little over 4%. So it’s a good time to sell and still a good time to buy!
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